Roth Mkm Has Lowered Expectations for MGP Ingredients (NASDAQ:MGPI) Stock Price

MGP Ingredients (NASDAQ:MGPI) had its price target cut by Roth Mkm from $65.00 to $60.00 in a report released on Monday,Benzinga reports. The firm currently has a “buy” rating on the stock. Roth Mkm’s price target suggests a potential upside of 50.56% from the stock’s previous close.

A number of other research firms have also commented on MGPI. Loop Capital set a $75.00 price target on MGP Ingredients in a research report on Friday, October 18th. TD Cowen cut shares of MGP Ingredients from a “buy” rating to a “hold” rating and dropped their target price for the stock from $66.00 to $50.00 in a research report on Wednesday, November 6th. Lake Street Capital downgraded MGP Ingredients from a “buy” rating to a “hold” rating and decreased their price target for the company from $135.00 to $75.00 in a research report on Friday, October 18th. StockNews.com raised MGP Ingredients from a “sell” rating to a “hold” rating in a research report on Friday, November 1st. Finally, Truist Financial lowered their target price on MGP Ingredients from $85.00 to $75.00 and set a “buy” rating on the stock in a research note on Friday, November 1st. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, MGP Ingredients has a consensus rating of “Moderate Buy” and an average price target of $75.83.

MGP Ingredients Stock Performance

MGPI opened at $39.85 on Monday. MGP Ingredients has a 1-year low of $38.65 and a 1-year high of $102.42. The company has a market cap of $874.83 million, a price-to-earnings ratio of 8.28, a PEG ratio of 0.74 and a beta of 0.63. The company’s fifty day moving average price is $49.71 and its two-hundred day moving average price is $69.93. The company has a current ratio of 6.46, a quick ratio of 1.94 and a debt-to-equity ratio of 0.31.

MGP Ingredients (NASDAQ:MGPI) last announced its quarterly earnings results on Thursday, October 31st. The company reported $1.29 earnings per share for the quarter, beating the consensus estimate of $1.27 by $0.02. The business had revenue of $161.50 million for the quarter, compared to analysts’ expectations of $161.55 million. MGP Ingredients had a net margin of 14.44% and a return on equity of 14.39%. The firm’s revenue for the quarter was down 23.7% compared to the same quarter last year. During the same quarter last year, the firm earned $1.34 EPS. On average, analysts expect that MGP Ingredients will post 5.57 EPS for the current fiscal year.

Insider Activity

In related news, Director Lori L.S. Mingus sold 7,050 shares of the firm’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 directly owns 37,373 shares of the company’s stock, valued at approximately $1,720,279.19. This trade represents a 15.87 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 36.20% of the company’s stock.

Hedge Funds Weigh In On MGP Ingredients

A number of large investors have recently modified their holdings of MGPI. Isthmus Partners LLC lifted its holdings in MGP Ingredients by 2.1% in the 2nd quarter. Isthmus Partners LLC now owns 41,427 shares of the company’s stock worth $31,000 after buying an additional 860 shares during the period. Innealta Capital LLC purchased a new stake in MGP Ingredients in the second quarter worth $42,000. Farther Finance Advisors LLC boosted its holdings in MGP Ingredients by 45.3% in the third quarter. Farther Finance Advisors LLC now owns 597 shares of the company’s stock valued at $50,000 after acquiring an additional 186 shares in the last quarter. First Horizon Advisors Inc. increased its position in MGP Ingredients by 73.5% during the 3rd quarter. First Horizon Advisors Inc. now owns 760 shares of the company’s stock valued at $63,000 after purchasing an additional 322 shares during the period. Finally, nVerses Capital LLC bought a new position in MGP Ingredients in the 2nd quarter worth $82,000. 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.