Wells Fargo & Company Issues Pessimistic Forecast for MGP Ingredients (NASDAQ:MGPI) Stock Price

MGP Ingredients (NASDAQ:MGPI) had its price target lowered by equities researchers at Wells Fargo & Company from $58.00 to $44.00 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price target suggests a potential upside of 20.19% from the company’s current price.

MGPI has been the subject of a number of other reports. Roth Mkm decreased their price objective on MGP Ingredients from $65.00 to $60.00 and set a “buy” rating for the company in a report on Monday, December 23rd. Loop Capital set a $75.00 price target on MGP Ingredients in a research note on Friday, October 18th. TD Cowen cut shares of MGP Ingredients from a “buy” rating to a “hold” rating and cut their price objective for the company from $66.00 to $50.00 in a research note on Wednesday, November 6th. Lake Street Capital lowered shares of MGP Ingredients from a “buy” rating to a “hold” rating and decreased their target price for the company from $135.00 to $75.00 in a research report on Friday, October 18th. Finally, Truist Financial dropped their price target on shares of MGP Ingredients from $85.00 to $75.00 and set a “buy” rating on the stock in a research report on Friday, November 1st. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $71.29.

MGP Ingredients Price Performance

Shares of NASDAQ MGPI opened at $36.61 on Tuesday. The company has a debt-to-equity ratio of 0.31, a current ratio of 6.46 and a quick ratio of 1.94. The firm has a market capitalization of $803.70 million, a PE ratio of 7.61, a P/E/G ratio of 0.74 and a beta of 0.65. MGP Ingredients has a 1-year low of $35.40 and a 1-year high of $95.12. The business’s fifty day moving average price is $44.55 and its two-hundred day moving average price is $67.26.

MGP Ingredients (NASDAQ:MGPI) last released its quarterly earnings data on Thursday, October 31st. The company reported $1.29 earnings per share for the quarter, topping analysts’ consensus estimates 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 company’s revenue for the quarter was down 23.7% compared to the same quarter last year. During the same quarter last year, the company earned $1.34 EPS. On average, research analysts expect that MGP Ingredients will post 5.57 EPS for the current year.

Insider Activity

In other news, Director Lori L.S. Mingus sold 7,050 shares of MGP Ingredients 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 transaction, the director now directly owns 37,373 shares of the company’s stock, valued at $1,720,279.19. This trade represents a 15.87 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 36.20% of the company’s stock.

Hedge Funds Weigh In On MGP Ingredients

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. GAMMA Investing LLC lifted its holdings in shares of MGP Ingredients by 162.0% in the fourth quarter. GAMMA Investing LLC now owns 697 shares of the company’s stock valued at $27,000 after purchasing an additional 431 shares in the last quarter. Versant Capital Management Inc boosted its position in MGP Ingredients by 192.5% during the 4th quarter. Versant Capital Management Inc now owns 699 shares of the company’s stock worth $28,000 after acquiring an additional 460 shares during the period. JPMorgan Chase & Co. grew its stake in MGP Ingredients by 201.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 64,723 shares of the company’s stock valued at $5,388,000 after acquiring an additional 43,233 shares in the last quarter. World Investment Advisors LLC acquired a new position in shares of MGP Ingredients in the 3rd quarter valued at about $6,100,000. Finally, Virtu Financial LLC acquired a new position in shares of MGP Ingredients in the 3rd quarter valued at about $373,000. 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.