MGP Ingredients (NASDAQ:MGPI) Price Target Cut to $37.00 by Analysts at Wells Fargo & Company

MGP Ingredients (NASDAQ:MGPI) had its price target cut by analysts at Wells Fargo & Company from $40.00 to $37.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price indicates a potential upside of 39.57% from the stock’s current price.

Several other analysts have also issued reports on MGPI. StockNews.com lowered shares of MGP Ingredients from a “hold” rating to a “sell” rating in a research report on Friday, February 28th. Roth Mkm cut their target price on shares of MGP Ingredients from $65.00 to $60.00 and set a “buy” rating for the company in a research report on Monday, December 23rd. Finally, Lake Street Capital raised MGP Ingredients from a “hold” rating to a “buy” rating and reduced their price objective for the company from $55.00 to $45.00 in a research note on Thursday, February 27th. One analyst has rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $66.00.

MGP Ingredients Trading Down 6.3 %

MGPI traded down $1.78 during trading on Wednesday, reaching $26.51. 112,047 shares of the stock traded hands, compared to its average volume of 310,288. The stock has a market capitalization of $563.87 million, a PE ratio of 5.51 and a beta of 0.61. 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 stock’s 50-day moving average is $32.44 and its 200 day moving average is $46.81. MGP Ingredients has a 12 month low of $26.43 and a 12 month high of $92.52.

Insider Transactions at MGP Ingredients

In other news, Director Karen Seaberg sold 28,304 shares of the stock in a transaction that occurred on Thursday, March 13th. The stock was sold at an average price of $30.82, for a total value of $872,329.28. Following the sale, the director now directly owns 283,569 shares in the company, valued at approximately $8,739,596.58. This represents a 9.08 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 36.20% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Wasatch Advisors LP purchased a new position in MGP Ingredients during the 4th quarter valued at about $28,388,000. Raymond James Financial Inc. bought a new stake in MGP Ingredients during the 4th quarter valued at $13,125,000. Voloridge Investment Management LLC purchased a new position in shares of MGP Ingredients in the 4th quarter valued at $12,932,000. Cubist Systematic Strategies LLC bought a new position in shares of MGP Ingredients in the 4th quarter worth $7,164,000. Finally, Assenagon Asset Management S.A. boosted its position in MGP Ingredients by 1,292.5% during the fourth quarter. Assenagon Asset Management S.A. now owns 188,693 shares of the company’s stock valued at $7,429,000 after purchasing an additional 175,142 shares in the last quarter. Institutional investors 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.