MGP Ingredients (NASDAQ:MGPI) Rating Lowered to Sell at StockNews.com

MGP Ingredients (NASDAQ:MGPI) was downgraded by equities researchers at StockNews.com from a “hold” rating to a “sell” rating in a research note issued on Friday.

MGPI has been the subject of a number of other reports. Lake Street Capital upgraded shares of MGP Ingredients from a “hold” rating to a “buy” rating and dropped their target price for the stock from $55.00 to $45.00 in a report on Thursday. TD Cowen lowered shares of MGP Ingredients from a “buy” rating to a “hold” rating and dropped their target price for the stock from $66.00 to $50.00 in a report on Wednesday, November 6th. Roth Mkm dropped their target price on shares of MGP Ingredients from $65.00 to $60.00 and set a “buy” rating for the company in a report on Monday, December 23rd. Truist Financial dropped their target price on shares of MGP Ingredients from $85.00 to $75.00 and set a “buy” rating for the company in a report on Friday, November 1st. Finally, Wells Fargo & Company lowered their price objective on shares of MGP Ingredients from $58.00 to $44.00 and set an “overweight” rating for the company in a report on Tuesday, January 7th. One research 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, MGP Ingredients presently has a consensus rating of “Moderate Buy” and a consensus target price of $67.00.

MGP Ingredients Stock Performance

MGP Ingredients stock opened at $32.74 on Friday. The company has a current ratio of 6.46, a quick ratio of 1.94 and a debt-to-equity ratio of 0.31. The firm has a 50-day moving average of $35.53 and a 200-day moving average of $55.92. The firm has a market cap of $718.74 million, a P/E ratio of 6.81 and a beta of 0.62. MGP Ingredients has a 1-year low of $31.31 and a 1-year high of $92.52.

Hedge Funds Weigh In On MGP Ingredients

Institutional investors and hedge funds have recently made changes to their positions in the business. Farther Finance Advisors LLC increased its position in shares of MGP Ingredients by 45.3% during the third quarter. Farther Finance Advisors LLC now owns 597 shares of the company’s stock valued at $50,000 after acquiring an additional 186 shares in the last quarter. First Horizon Advisors Inc. increased its position in shares of MGP Ingredients by 73.5% during the third quarter. First Horizon Advisors Inc. now owns 760 shares of the company’s stock valued at $63,000 after acquiring an additional 322 shares in the last quarter. GAMMA Investing LLC increased its position in shares of MGP Ingredients by 162.0% during the fourth quarter. GAMMA Investing LLC now owns 697 shares of the company’s stock valued at $27,000 after acquiring an additional 431 shares in the last quarter. Versant Capital Management Inc increased its position in shares of MGP Ingredients by 192.5% during the fourth quarter. Versant Capital Management Inc now owns 699 shares of the company’s stock valued at $28,000 after acquiring an additional 460 shares in the last quarter. Finally, Isthmus Partners LLC increased its position in shares of MGP Ingredients by 1.8% during the fourth quarter. Isthmus Partners LLC now owns 38,379 shares of the company’s stock valued at $1,511,000 after acquiring an additional 684 shares in the last quarter. Institutional investors own 77.11% of the company’s stock.

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.