MGP Ingredients (NASDAQ:MGPI) Stock Rating Lowered by StockNews.com

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

Several other equities analysts also recently weighed in on the stock. Lake Street Capital upgraded shares of MGP Ingredients from a “hold” rating to a “buy” rating and cut their price target for the stock from $55.00 to $45.00 in a report on Thursday, February 27th. Truist Financial lowered their price target on shares of MGP Ingredients from $40.00 to $35.00 and set a “buy” rating on the stock in a report on Thursday, April 24th. Finally, Wells Fargo & Company lowered their target price on MGP Ingredients from $40.00 to $37.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 2nd. One analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, MGP Ingredients presently has an average rating of “Moderate Buy” and a consensus target price of $50.33.

MGP Ingredients Stock Performance

MGPI opened at $32.98 on Friday. The company has a market cap of $701.55 million, a P/E ratio of 6.86 and a beta of 0.32. MGP Ingredients has a 52-week low of $25.12 and a 52-week high of $92.52. The company has a quick ratio of 1.94, a current ratio of 6.46 and a debt-to-equity ratio of 0.31. The firm’s 50-day moving average price is $29.72 and its 200-day moving average price is $37.19.

MGP Ingredients (NASDAQ:MGPI) last announced its quarterly earnings data on Thursday, May 1st. The company reported $0.36 earnings per share for the quarter, beating analysts’ consensus estimates of $0.31 by $0.05. The firm had revenue of $121.65 million for the quarter, compared to analyst estimates of $119.14 million. MGP Ingredients had a net margin of 14.44% and a return on equity of 14.39%. The business’s quarterly revenue was down 28.7% compared to the same quarter last year. During the same period in the previous year, the company earned $1.07 earnings per share. As a group, equities analysts anticipate that MGP Ingredients will post 5.56 EPS for the current fiscal year.

Insider Activity

In related news, Director Karen Seaberg sold 28,304 shares of MGP Ingredients stock in a transaction dated Thursday, March 13th. The stock was sold at an average price of $30.82, for a total value of $872,329.28. Following the sale, the director now directly owns 283,569 shares in the company, valued at approximately $8,739,596.58. The trade was a 9.08 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Martin Roper bought 15,000 shares of MGP Ingredients stock in a transaction on Thursday, May 8th. The shares were purchased at an average cost of $33.10 per share, with a total value of $496,500.00. Following the acquisition, the director now directly owns 18,180 shares of the company’s stock, valued at approximately $601,758. The trade was a 471.70 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold 29,417 shares of company stock worth $905,556 in the last quarter. Corporate insiders own 36.20% of the company’s stock.

Institutional Investors Weigh In On MGP Ingredients

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. GAMMA Investing LLC grew its position in MGP Ingredients by 162.0% in 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. Isthmus Partners LLC raised its holdings in MGP Ingredients by 1.8% in the 4th quarter. Isthmus Partners LLC now owns 38,379 shares of the company’s stock valued at $1,511,000 after buying an additional 684 shares during the period. PNC Financial Services Group Inc. boosted its stake in MGP Ingredients by 56.0% during the fourth quarter. PNC Financial Services Group Inc. now owns 1,913 shares of the company’s stock worth $75,000 after buying an additional 687 shares during the period. Penserra Capital Management LLC increased its position in shares of MGP Ingredients by 333.3% during the first quarter. Penserra Capital Management LLC now owns 897 shares of the company’s stock valued at $26,000 after acquiring an additional 690 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. raised its stake 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 valued at $79,000 after acquiring an additional 735 shares during the period. Institutional investors and hedge funds own 77.11% of the company’s stock.

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.