Wells Fargo & Company Has Lowered Expectations for MGP Ingredients (NASDAQ:MGPI) Stock Price

MGP Ingredients (NASDAQ:MGPI) had its target price trimmed by Wells Fargo & Company from $40.00 to $37.00 in a research report released on Wednesday morning,Benzinga reports. The firm currently has an overweight rating on the stock.

A number of other brokerages have also recently commented on MGPI. Roth Mkm reduced their price objective on MGP Ingredients from $65.00 to $60.00 and set a “buy” rating for the company in a research note on Monday, December 23rd. Lake Street Capital upgraded shares of MGP Ingredients from a “hold” rating to a “buy” rating and decreased their price target for the company from $55.00 to $45.00 in a research note on Thursday, February 27th. Finally, StockNews.com downgraded shares of MGP Ingredients from a “hold” rating to a “sell” rating in a report on Friday, February 28th. One analyst has rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, MGP Ingredients has an average rating of “Moderate Buy” and a consensus target price of $66.00.

MGP Ingredients Stock Performance

Shares of MGPI opened at $27.09 on Wednesday. MGP Ingredients has a one year low of $25.62 and a one year high of $92.52. The company has a market cap of $576.20 million, a PE ratio of 5.63 and a beta of 0.61. The stock has a 50-day moving average of $32.07 and a 200-day moving average of $46.27. The company has a debt-to-equity ratio of 0.31, a current ratio of 6.46 and a quick ratio of 1.94.

MGP Ingredients Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 14th were given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 1.77%. The ex-dividend date was Friday, March 14th. MGP Ingredients’s payout ratio is currently 31.79%.

Insider Buying and Selling at MGP Ingredients

In other MGP Ingredients news, Director Karen Seaberg sold 28,304 shares of the stock in a transaction dated Thursday, March 13th. The shares were sold at an average price of $30.82, for a total value of $872,329.28. Following the completion of the sale, the director now owns 283,569 shares in the company, valued at approximately $8,739,596.58. This trade represents a 9.08 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 36.20% of the company’s stock.

Hedge Funds Weigh In On MGP Ingredients

Several institutional investors have recently modified their holdings of the business. GAMMA Investing LLC lifted its holdings in MGP Ingredients by 162.0% during the fourth quarter. GAMMA Investing LLC now owns 697 shares of the company’s stock worth $27,000 after acquiring an additional 431 shares during the period. Versant Capital Management Inc increased its position in shares of MGP Ingredients by 192.5% during the 4th quarter. Versant Capital Management Inc now owns 699 shares of the company’s stock valued at $28,000 after purchasing an additional 460 shares during the last quarter. PNC Financial Services Group Inc. increased its position in shares of MGP Ingredients by 56.0% during the 4th quarter. PNC Financial Services Group Inc. now owns 1,913 shares of the company’s stock valued at $75,000 after purchasing an additional 687 shares during the last quarter. Quarry LP bought a new stake in shares of MGP Ingredients during the 4th quarter worth $75,000. Finally, Point72 Asia Singapore Pte. Ltd. boosted its holdings in shares of MGP Ingredients by 58.3% in the 4th quarter. Point72 Asia Singapore Pte. Ltd. now owns 1,996 shares of the company’s stock worth $79,000 after buying an additional 735 shares during the last quarter. 77.11% of the stock is owned by 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.