Truist Financial Lowers MGP Ingredients (NASDAQ:MGPI) Price Target to $75.00

MGP Ingredients (NASDAQ:MGPI) had its price objective dropped by equities research analysts at Truist Financial from $85.00 to $75.00 in a report released on Friday, Benzinga reports. The firm presently has a “buy” rating on the stock. Truist Financial’s price target suggests a potential upside of 56.94% from the company’s previous close.

MGPI has been the subject of several other research reports. Lake Street Capital lowered shares of MGP Ingredients from a “buy” rating to a “hold” rating and reduced their price target for the company from $135.00 to $75.00 in a research report on Friday, October 18th. StockNews.com cut shares of MGP Ingredients from a “hold” rating to a “sell” rating in a report on Monday, October 21st. Roth Mkm dropped their price target on MGP Ingredients from $92.00 to $88.00 and set a “buy” rating on the stock in a research report on Friday, October 18th. Finally, Loop Capital set a $75.00 target price on shares of MGP Ingredients in a research report on Friday, October 18th. One analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, MGP Ingredients presently has a consensus rating of “Hold” and an average target price of $86.60.

MGP Ingredients Stock Down 0.5 %

Shares of NASDAQ:MGPI traded down $0.25 during mid-day trading on Friday, hitting $47.79. 184,735 shares of the company traded hands, compared to its average volume of 228,164. The stock has a market cap of $1.05 billion, a P/E ratio of 11.06, a P/E/G ratio of 0.92 and a beta of 0.59. The stock has a 50-day moving average price of $79.47 and a two-hundred day moving average price of $78.85. MGP Ingredients has a 12-month low of $47.62 and a 12-month high of $102.42. The company has a current ratio of 6.44, a quick ratio of 2.22 and a debt-to-equity ratio of 0.34.

MGP Ingredients (NASDAQ:MGPI) last issued its quarterly earnings data 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 net margin of 12.18% and a return on equity of 14.98%. The business had revenue of $161.50 million during the quarter, compared to the consensus estimate of $161.55 million. During the same period in the prior year, the firm posted $1.34 EPS. The firm’s quarterly revenue was down 23.7% compared to the same quarter last year. On average, equities research analysts forecast that MGP Ingredients will post 5.58 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Karen Seaberg sold 1,109 shares of MGP Ingredients stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $90.14, for a total value of $99,965.26. Following the transaction, the director now owns 134,969 shares in the company, valued at approximately $12,166,105.66. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 36.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. CWM LLC increased its stake in shares of MGP Ingredients by 477.9% during the second quarter. CWM LLC now owns 393 shares of the company’s stock valued at $29,000 after buying an additional 325 shares during the period. Isthmus Partners LLC boosted its position in shares of MGP Ingredients by 2.1% in the 2nd quarter. Isthmus Partners LLC now owns 41,427 shares of the company’s stock worth $31,000 after purchasing an additional 860 shares in the last quarter. Innealta Capital LLC bought a new position in shares of MGP Ingredients during the second quarter valued at $42,000. LRI Investments LLC purchased a new position in shares of MGP Ingredients in the 1st quarter worth about $43,000. Finally, Farther Finance Advisors LLC increased its stake in MGP Ingredients by 45.3% during the 3rd quarter. Farther Finance Advisors LLC now owns 597 shares of the company’s stock valued at $50,000 after purchasing an additional 186 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.