MGP Ingredients (NASDAQ:MGPI) Price Target Cut to $60.00 by Analysts at Roth Mkm

MGP Ingredients (NASDAQ:MGPI) had its price target decreased by research analysts at 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 objective would suggest a potential upside of 53.06% from the stock’s previous close.

A number of other research analysts also recently issued reports on MGPI. TD Cowen downgraded shares of MGP Ingredients from a “buy” rating to a “hold” rating and decreased their target price for the company from $66.00 to $50.00 in a research report on Wednesday, November 6th. Lake Street Capital cut MGP Ingredients from a “buy” rating to a “hold” rating and decreased their price objective for the company from $135.00 to $75.00 in a report on Friday, October 18th. StockNews.com raised MGP Ingredients from a “sell” rating to a “hold” rating in a report on Friday, November 1st. Loop Capital set a $75.00 price target on MGP Ingredients in a report on Friday, October 18th. Finally, Truist Financial dropped their price objective on shares of 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 investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. 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

MGP Ingredients stock traded down $0.80 during trading hours on Monday, hitting $39.20. 69,136 shares of the stock traded hands, compared to its average volume of 263,595. The firm’s 50 day moving average price is $51.31 and its 200-day moving average price is $70.40. 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 stock has a market capitalization of $860.56 million, a price-to-earnings ratio of 8.15, a P/E/G ratio of 0.74 and a beta of 0.63. MGP Ingredients has a 1 year low of $38.84 and a 1 year high of $102.42.

MGP Ingredients (NASDAQ:MGPI) last issued 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. MGP Ingredients had a return on equity of 14.39% and a net margin of 14.44%. The firm had revenue of $161.50 million for the quarter, compared to analyst estimates of $161.55 million. During the same quarter in the prior year, the firm earned $1.34 earnings per share. MGP Ingredients’s revenue for the quarter was down 23.7% on a year-over-year basis. As a group, equities 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 company’s stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $46.03, for a total transaction of $324,511.50. Following the completion of the transaction, the director now owns 37,373 shares in the company, valued at $1,720,279.19. This represents a 15.87 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 36.20% of the company’s stock.

Institutional Investors Weigh In On MGP Ingredients

Several institutional investors have recently bought and sold shares of MGPI. Louisiana State Employees Retirement System lifted its position in shares of MGP Ingredients by 2.6% in the second quarter. Louisiana State Employees Retirement System now owns 7,900 shares of the company’s stock valued at $588,000 after acquiring an additional 200 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in MGP Ingredients by 25.9% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,681 shares of the company’s stock valued at $348,000 after purchasing an additional 962 shares during the last quarter. Innealta Capital LLC purchased a new position in MGP Ingredients in the 2nd quarter valued at $42,000. nVerses Capital LLC acquired a new stake in MGP Ingredients during the 2nd quarter worth $82,000. Finally, Natixis Advisors LLC grew its holdings in shares of MGP Ingredients by 107.9% during the second quarter. Natixis Advisors LLC now owns 25,686 shares of the company’s stock worth $1,911,000 after buying an additional 13,332 shares in the last quarter. 77.11% of the stock is currently owned by institutional investors and hedge funds.

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.