MGP Ingredients (NASDAQ:MGPI) Stock Rating Upgraded by Lake Street Capital

MGP Ingredients (NASDAQ:MGPI) was upgraded by research analysts at Lake Street Capital from a “hold” rating to a “buy” rating in a report released on Thursday, MarketBeat.com reports. The firm currently has a $45.00 price target on the stock, down from their prior price target of $55.00. Lake Street Capital’s target price would suggest a potential upside of 37.45% from the company’s current price.

Several other analysts have also issued reports on MGPI. StockNews.com upgraded MGP Ingredients from a “sell” rating to a “hold” rating in a report on Friday, November 1st. Roth Mkm dropped their price objective on MGP Ingredients from $65.00 to $60.00 and set a “buy” rating on the stock in a research note on Monday, December 23rd. TD Cowen downgraded MGP Ingredients from a “buy” rating to a “hold” rating and decreased their target price for the company from $66.00 to $50.00 in a research report on Wednesday, November 6th. Truist Financial reduced their price target on MGP Ingredients from $85.00 to $75.00 and set a “buy” rating on the stock in a research report on Friday, November 1st. Finally, Wells Fargo & Company reduced their price target on MGP Ingredients from $58.00 to $44.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $67.00.

MGP Ingredients Stock Performance

Shares of MGP Ingredients stock opened at $32.74 on Thursday. MGP Ingredients has a one year low of $31.31 and a one year high of $92.52. The firm has a market cap of $718.74 million, a price-to-earnings ratio of 6.81 and a beta of 0.62. The company has a debt-to-equity ratio of 0.31, a current ratio of 6.46 and a quick ratio of 1.94. The stock’s 50-day moving average is $35.67 and its 200-day moving average is $56.47.

Institutional Investors Weigh In On MGP Ingredients

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. lifted its stake in MGP Ingredients by 201.2% during the third quarter. JPMorgan Chase & Co. now owns 64,723 shares of the company’s stock worth $5,388,000 after purchasing an additional 43,233 shares during the last quarter. GSA Capital Partners LLP bought a new stake in MGP Ingredients during the third quarter worth $1,010,000. Entropy Technologies LP bought a new position in shares of MGP Ingredients in the 4th quarter valued at $335,000. MML Investors Services LLC lifted its stake in shares of MGP Ingredients by 28.2% in the 3rd quarter. MML Investors Services LLC now owns 4,920 shares of the company’s stock valued at $410,000 after acquiring an additional 1,083 shares during the last quarter. Finally, NFJ Investment Group LLC bought a new position in shares of MGP Ingredients in the 3rd quarter valued at $3,181,000. 77.11% of the stock is currently owned by institutional investors.

About MGP Ingredients

MGP Ingredients, Inc, together with its subsidiaries, engages in the production and supply of distilled spirits, branded spirits, and food ingredients in the United States and internationally. The company operates through three segments: Distillery Solutions; Branded Spirits; and Ingredient Solutions.