MGP Ingredients (NASDAQ:MGPI) Price Target Cut to $88.00

MGP Ingredients (NASDAQ:MGPI) had its target price dropped by stock analysts at Roth Mkm from $92.00 to $88.00 in a note issued to investors on Friday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Roth Mkm’s target price indicates a potential upside of 42.26% from the stock’s previous close.

Several other research firms also recently issued reports on MGPI. StockNews.com upgraded MGP Ingredients from a “sell” rating to a “hold” rating in a research note on Monday, August 5th. Lake Street Capital downgraded MGP Ingredients from a “buy” rating to a “hold” rating and decreased their price target for the stock from $135.00 to $75.00 in a research note on Friday. Finally, Truist Financial decreased their target price on MGP Ingredients from $125.00 to $95.00 and set a “buy” rating for the company in a research note on Wednesday. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $90.60.

MGP Ingredients Stock Performance

Shares of MGPI stock opened at $61.86 on Friday. The firm has a market cap of $1.36 billion, a P/E ratio of 14.29, a PEG ratio of 1.16 and a beta of 0.59. The stock’s 50-day moving average is $84.13 and its two-hundred day moving average is $80.15. MGP Ingredients has a fifty-two week low of $59.10 and a fifty-two week high of $102.42. The company has a debt-to-equity ratio of 0.34, a current ratio of 6.44 and a quick ratio of 2.22.

MGP Ingredients (NASDAQ:MGPI) last released its quarterly earnings results on Thursday, August 1st. The company reported $1.71 earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm’s revenue was down 8.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.49 EPS. Analysts predict that MGP Ingredients will post 6.25 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other MGP Ingredients news, Director Karen Seaberg sold 1,109 shares of the firm’s stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $90.14, for a total value of $99,965.26. Following the completion of the sale, the director now owns 134,969 shares in the company, valued at approximately $12,166,105.66. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 36.20% of the company’s stock.

Institutional Trading of MGP Ingredients

A number of hedge funds have recently modified their holdings of the company. Covestor Ltd lifted its position in shares of MGP Ingredients by 23.3% in the 1st quarter. Covestor Ltd now owns 795 shares of the company’s stock worth $68,000 after acquiring an additional 150 shares during the period. Texas Permanent School Fund Corp raised its holdings in shares of MGP Ingredients by 1.3% in the 1st quarter. Texas Permanent School Fund Corp now owns 13,680 shares of the company’s stock worth $1,178,000 after buying an additional 177 shares in the last quarter. Louisiana State Employees Retirement System raised its holdings in shares of MGP Ingredients by 2.6% in the 2nd quarter. Louisiana State Employees Retirement System now owns 7,900 shares of the company’s stock worth $588,000 after buying an additional 200 shares in the last quarter. ProShare Advisors LLC raised its holdings in shares of MGP Ingredients by 7.4% in the 1st quarter. ProShare Advisors LLC now owns 3,193 shares of the company’s stock worth $275,000 after buying an additional 220 shares in the last quarter. Finally, CWM LLC raised its holdings in shares of MGP Ingredients by 477.9% in the 2nd quarter. CWM LLC now owns 393 shares of the company’s stock worth $29,000 after buying an additional 325 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.