MGP Ingredients (NASDAQ:MGPI) Given New $44.00 Price Target at Wells Fargo & Company

MGP Ingredients (NASDAQ:MGPI) had its price objective reduced by Wells Fargo & Company from $58.00 to $44.00 in a report released on Tuesday morning,Benzinga reports. They currently have an overweight rating on the stock.

Other equities research analysts also recently issued reports about the stock. Roth Mkm dropped their price objective on shares of MGP Ingredients from $65.00 to $60.00 and set a “buy” rating on the stock in a report on Monday, December 23rd. TD Cowen lowered shares of MGP Ingredients from a “buy” rating to a “hold” rating and reduced their price objective for the company from $66.00 to $50.00 in a research note on Wednesday, November 6th. StockNews.com raised MGP Ingredients from a “sell” rating to a “hold” rating in a report on Friday, November 1st. Truist Financial decreased their price target on MGP Ingredients from $85.00 to $75.00 and set a “buy” rating on the stock in a research report on Friday, November 1st. Finally, Loop Capital set a $75.00 price objective on shares of MGP Ingredients in a research note on Friday, October 18th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $71.29.

MGP Ingredients Trading Up 0.1 %

Shares of MGPI stock opened at $36.61 on Tuesday. 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 has a market cap of $803.70 million, a P/E ratio of 7.61, a PEG ratio of 0.74 and a beta of 0.65. The company has a 50 day moving average of $44.32 and a 200-day moving average of $67.04. MGP Ingredients has a 12-month low of $35.40 and a 12-month high of $95.12.

MGP Ingredients (NASDAQ:MGPI) last released its earnings results on Thursday, October 31st. The company reported $1.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.27 by $0.02. MGP Ingredients had a return on equity of 14.39% and a net margin of 14.44%. The business had revenue of $161.50 million during the quarter, compared to the consensus estimate of $161.55 million. During the same period last year, the business posted $1.34 earnings per share. The business’s revenue for the quarter was down 23.7% on a year-over-year basis. Sell-side analysts anticipate that MGP Ingredients will post 5.57 earnings per share for the current year.

MGP Ingredients Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Friday, November 15th were given a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 1.31%. The ex-dividend date of this dividend was Friday, November 15th. MGP Ingredients’s dividend payout ratio (DPR) is 9.98%.

Insider Buying and Selling at MGP Ingredients

In other MGP Ingredients news, Director Lori L.S. Mingus sold 7,050 shares of the firm’s stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $46.03, for a total transaction of $324,511.50. Following the sale, the director now owns 37,373 shares in the company, 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 document filed with the SEC, which is available at this hyperlink. 36.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On MGP Ingredients

Several institutional investors have recently modified their holdings of MGPI. Natixis Advisors LLC grew its position in MGP Ingredients by 107.9% during the second quarter. Natixis Advisors LLC now owns 25,686 shares of the company’s stock valued at $1,911,000 after acquiring an additional 13,332 shares during the last quarter. ZWJ Investment Counsel Inc. grew its holdings in shares of MGP Ingredients by 2.5% during the 3rd quarter. ZWJ Investment Counsel Inc. now owns 293,580 shares of the company’s stock valued at $24,440,000 after purchasing an additional 7,042 shares during the last quarter. GSA Capital Partners LLP purchased a new position in MGP Ingredients in the 3rd quarter worth $1,010,000. MML Investors Services LLC lifted its stake in MGP Ingredients by 28.2% in the third quarter. MML Investors Services LLC now owns 4,920 shares of the company’s stock worth $410,000 after purchasing an additional 1,083 shares during the last quarter. Finally, NFJ Investment Group LLC purchased a new stake in MGP Ingredients during the third quarter valued at about $3,181,000. 77.11% of the stock is currently owned by institutional investors.

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.