Roth Mkm Cuts MGP Ingredients (NASDAQ:MGPI) Price Target to $60.00

MGP Ingredients (NASDAQ:MGPI) had its target price decreased by Roth Mkm from $65.00 to $60.00 in a research note issued to investors on Monday,Benzinga reports. The firm currently has a “buy” rating on the stock. Roth Mkm’s price target suggests a potential upside of 53.06% from the stock’s previous close.

MGPI has been the subject of several other research reports. Truist Financial dropped their price objective 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. StockNews.com upgraded shares of MGP Ingredients from a “sell” rating to a “hold” rating in a research report on Friday, November 1st. Lake Street Capital cut shares of MGP Ingredients from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $135.00 to $75.00 in a research note on Friday, October 18th. Loop Capital set a $75.00 price target on shares of MGP Ingredients in a report on Friday, October 18th. Finally, TD Cowen downgraded MGP Ingredients from a “buy” rating to a “hold” rating and decreased their price objective for the company from $66.00 to $50.00 in a research report on Wednesday, November 6th. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $75.83.

MGP Ingredients Stock Performance

Shares of MGPI stock traded down $0.80 during mid-day trading on Monday, reaching $39.20. 69,136 shares of the company’s stock traded hands, compared to its average volume of 263,595. The firm has a market capitalization of $860.56 million, a PE ratio of 8.15, a price-to-earnings-growth ratio of 0.74 and a beta of 0.63. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.94 and a current ratio of 6.46. The firm has a 50 day moving average price of $51.31 and a two-hundred day moving average price of $70.40. MGP Ingredients has a 12 month low of $38.84 and a 12 month high of $102.42.

MGP Ingredients (NASDAQ:MGPI) last posted its quarterly earnings results on Thursday, October 31st. The company reported $1.29 earnings per share for the quarter, topping analysts’ consensus estimates of $1.27 by $0.02. The business had revenue of $161.50 million during the quarter, compared to analyst estimates of $161.55 million. MGP Ingredients had a net margin of 14.44% and a return on equity of 14.39%. The company’s revenue was down 23.7% on a year-over-year basis. During the same period in the prior year, the business posted $1.34 earnings per share. On average, research analysts forecast that MGP Ingredients will post 5.57 EPS for the current year.

Insider Transactions at MGP Ingredients

In related news, Director Lori L.S. Mingus sold 7,050 shares of the business’s stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $46.03, for a total value of $324,511.50. Following the completion of the transaction, the director now owns 37,373 shares of the company’s stock, valued at $1,720,279.19. The trade was a 15.87 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 36.20% of the company’s stock.

Institutional Trading of MGP Ingredients

Hedge funds have recently modified their holdings of the company. Louisiana State Employees Retirement System lifted its holdings in shares of MGP Ingredients by 2.6% during the 2nd quarter. Louisiana State Employees Retirement System now owns 7,900 shares of the company’s stock valued at $588,000 after purchasing an additional 200 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in MGP Ingredients by 25.9% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,681 shares of the company’s stock valued at $348,000 after buying an additional 962 shares during the last quarter. Innealta Capital LLC acquired a new stake in MGP Ingredients in the second quarter worth about $42,000. nVerses Capital LLC purchased a new stake in shares of MGP Ingredients during the second quarter worth about $82,000. Finally, Natixis Advisors LLC increased its holdings in shares of MGP Ingredients by 107.9% during the second quarter. Natixis Advisors LLC now owns 25,686 shares of the company’s stock valued at $1,911,000 after acquiring an additional 13,332 shares in the last quarter. 77.11% of the stock is owned by hedge funds and other institutional investors.

MGP Ingredients Company Profile

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.