MGP Ingredients (NASDAQ:MGPI) Price Target Cut to $65.00 by Analysts at Roth Mkm

MGP Ingredients (NASDAQ:MGPI) had its price objective reduced by equities research analysts at Roth Mkm from $69.00 to $65.00 in a research note issued on Monday, Benzinga reports. The firm currently has a “buy” rating on the stock. Roth Mkm’s price objective would indicate a potential upside of 38.45% from the company’s previous close.

Several other research analysts have also weighed in on the stock. StockNews.com raised shares of MGP Ingredients from a “sell” rating to a “hold” rating in a research note on Friday, November 1st. Lake Street Capital cut shares of MGP Ingredients from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $135.00 to $75.00 in a research report on Friday, October 18th. Truist Financial cut their target price 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 target on MGP Ingredients in a research note on Friday, October 18th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, MGP Ingredients has a consensus rating of “Moderate Buy” and an average target price of $82.00.

MGP Ingredients Trading Up 1.0 %

MGPI opened at $46.95 on Monday. The stock has a market capitalization of $1.03 billion, a PE ratio of 9.76, a P/E/G ratio of 0.74 and a beta of 0.66. MGP Ingredients has a one year low of $45.44 and a one year high of $102.42. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.94 and a current ratio of 6.46. The business’s 50 day moving average price is $75.97 and its 200 day moving average price is $77.95.

MGP Ingredients (NASDAQ:MGPI) last posted its earnings results on Thursday, October 31st. The company reported $1.29 EPS for the quarter, beating analysts’ consensus estimates of $1.27 by $0.02. The company had revenue of $161.50 million for the quarter, compared to the consensus estimate of $161.55 million. MGP Ingredients had a return on equity of 14.39% and a net margin of 14.44%. The company’s revenue for the quarter was down 23.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.34 earnings per share. As a group, equities research analysts expect that MGP Ingredients will post 5.58 EPS for the current year.

Insiders Place Their Bets

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

Institutional Investors Weigh In On MGP Ingredients

Hedge funds have recently bought and sold shares of the stock. Scout Investments Inc. increased its stake in shares of MGP Ingredients by 30.5% during the first quarter. Scout Investments Inc. now owns 85,820 shares of the company’s stock worth $7,325,000 after buying an additional 20,073 shares during the period. Mutual of America Capital Management LLC raised its holdings in shares of MGP Ingredients by 239.2% in the 1st quarter. Mutual of America Capital Management LLC now owns 64,557 shares of the company’s stock valued at $5,560,000 after purchasing an additional 45,527 shares in the last quarter. Natixis Advisors LLC raised its holdings in shares of MGP Ingredients by 107.9% in the 2nd quarter. Natixis Advisors LLC now owns 25,686 shares of the company’s stock valued at $1,911,000 after purchasing an additional 13,332 shares in the last quarter. ZWJ Investment Counsel Inc. lifted its position 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 worth $24,440,000 after purchasing an additional 7,042 shares during the last quarter. Finally, Envestnet Asset Management Inc. grew its stake in shares of MGP Ingredients by 20.3% during the second quarter. Envestnet Asset Management Inc. now owns 113,672 shares of the company’s stock worth $8,457,000 after purchasing an additional 19,203 shares in the last quarter. Institutional investors and hedge funds 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.