MGP Ingredients (NASDAQ:MGPI) Rating Lowered to Hold at Lake Street Capital

MGP Ingredients (NASDAQ:MGPI) was downgraded by Lake Street Capital from a “buy” rating to a “hold” rating in a note issued to investors on Friday, MarketBeat.com reports. They presently have a $75.00 price objective on the stock, down from their prior price objective of $135.00. Lake Street Capital’s target price indicates a potential upside of 21.24% from the company’s current price.

Other equities analysts have also issued research reports about the company. Roth Mkm reiterated a “buy” rating and issued a $92.00 price target on shares of MGP Ingredients in a research report on Thursday, July 25th. Truist Financial decreased their target price on shares of MGP Ingredients from $125.00 to $95.00 and set a “buy” rating for the company in a report on Wednesday. Finally, StockNews.com upgraded shares of MGP Ingredients from a “sell” rating to a “hold” rating in a report on Monday, August 5th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $90.60.

MGP Ingredients Stock Down 24.2 %

MGPI stock opened at $61.86 on Friday. The company has a debt-to-equity ratio of 0.34, a current ratio of 6.44 and a quick ratio of 2.22. The firm has a market cap of $1.36 billion, a PE ratio of 14.29, a P/E/G ratio of 1.16 and a beta of 0.59. MGP Ingredients has a 12 month low of $59.10 and a 12 month high of $102.42. The firm has a 50 day simple moving average of $84.13 and a 200 day simple moving average of $80.15.

MGP Ingredients (NASDAQ:MGPI) last announced its quarterly earnings data on Thursday, August 1st. The company reported $1.71 EPS for the quarter, beating analysts’ consensus estimates of $1.54 by $0.17. The company had revenue of $190.80 million during the quarter, compared to the consensus estimate of $189.06 million. MGP Ingredients had a return on equity of 14.98% and a net margin of 12.18%. The company’s quarterly revenue was down 8.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.49 EPS. Equities research analysts forecast that MGP Ingredients will post 6.25 earnings per share for the current fiscal year.

Insider Buying and Selling at MGP Ingredients

In other news, Director Karen Seaberg sold 12,092 shares of the stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $90.65, for a total value of $1,096,139.80. Following the completion of the sale, the director now directly owns 54,542 shares of the company’s stock, valued at $4,944,232.30. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 36.20% of the company’s stock.

Hedge Funds Weigh In On MGP Ingredients

A number of hedge funds have recently modified their holdings of the stock. CWM LLC boosted its position in MGP Ingredients by 477.9% during the second quarter. CWM LLC now owns 393 shares of the company’s stock valued at $29,000 after purchasing an additional 325 shares during the last quarter. Isthmus Partners LLC lifted its holdings in shares of MGP Ingredients by 2.1% during the 2nd quarter. Isthmus Partners LLC now owns 41,427 shares of the company’s stock valued at $31,000 after buying an additional 860 shares during the last quarter. Innealta Capital LLC bought a new stake in shares of MGP Ingredients in the 2nd quarter valued at approximately $42,000. LRI Investments LLC acquired a new position in MGP Ingredients in the first quarter worth approximately $43,000. Finally, Covestor Ltd raised its position in MGP Ingredients by 23.3% during the first quarter. Covestor Ltd now owns 795 shares of the company’s stock valued at $68,000 after acquiring an additional 150 shares in the last quarter. 77.11% of the stock is owned by institutional investors and hedge funds.

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.