Wells Fargo & Company Cuts MGP Ingredients (NASDAQ:MGPI) Price Target to $44.00

MGP Ingredients (NASDAQ:MGPI) had its price objective trimmed by Wells Fargo & Company from $58.00 to $44.00 in a research report report published on Tuesday morning,Benzinga reports. The brokerage currently has an overweight rating on the stock.

MGPI has been the subject of several other reports. Roth Mkm lowered their price objective on MGP Ingredients from $65.00 to $60.00 and set a “buy” rating for the company in a research report on Monday, December 23rd. Lake Street Capital lowered MGP Ingredients from a “buy” rating to a “hold” rating and dropped their price target for the company from $135.00 to $75.00 in a research note on Friday, October 18th. Loop Capital set a $75.00 price objective on shares of MGP Ingredients in a research report on Friday, October 18th. Truist Financial dropped their target price on shares of 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, TD Cowen cut shares of MGP Ingredients from a “buy” rating to a “hold” rating and reduced their price target for the stock from $66.00 to $50.00 in a report on Wednesday, November 6th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $71.29.

MGP Ingredients Stock Up 0.1 %

Shares of NASDAQ MGPI opened at $36.61 on Tuesday. The company has a 50 day simple moving average of $44.32 and a 200 day simple moving average of $67.04. The firm has a market cap of $803.70 million, a PE ratio of 7.61, a price-to-earnings-growth ratio of 0.74 and a beta of 0.65. MGP Ingredients has a 1 year low of $35.40 and a 1 year high of $95.12. The company has a debt-to-equity ratio of 0.31, a current ratio of 6.46 and a quick ratio of 1.94.

MGP Ingredients (NASDAQ:MGPI) last announced its earnings results on Thursday, October 31st. The company reported $1.29 EPS for the quarter, topping the consensus estimate 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 the consensus estimate of $161.55 million. During the same period in the previous year, the business earned $1.34 EPS. The business’s quarterly revenue was down 23.7% compared to the same quarter last year. On average, research analysts forecast that MGP Ingredients will post 5.57 EPS for the current year.

MGP Ingredients Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Friday, November 15th were paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis 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 Transactions at MGP Ingredients

In related news, Director Lori L.S. Mingus sold 7,050 shares of the company’s stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $46.03, for a total transaction of $324,511.50. Following the completion of the sale, the director now owns 37,373 shares in the company, valued at approximately $1,720,279.19. This represents a 15.87 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 36.20% of the stock is currently owned by insiders.

Institutional Trading of MGP Ingredients

Several institutional investors have recently made changes to their positions in the company. FMR LLC boosted its holdings in MGP Ingredients by 14.2% during the third quarter. FMR LLC now owns 1,102,985 shares of the company’s stock worth $91,824,000 after purchasing an additional 137,292 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of MGP Ingredients by 9.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 790,339 shares of the company’s stock worth $58,801,000 after buying an additional 68,278 shares during the last quarter. State Street Corp grew its holdings in shares of MGP Ingredients by 22.4% in the third quarter. State Street Corp now owns 717,675 shares of the company’s stock valued at $59,746,000 after acquiring an additional 131,542 shares in the last quarter. Ariel Investments LLC increased its position in shares of MGP Ingredients by 92.7% during the second quarter. Ariel Investments LLC now owns 515,796 shares of the company’s stock valued at $38,375,000 after acquiring an additional 248,076 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its holdings in MGP Ingredients by 67.4% during the third quarter. Massachusetts Financial Services Co. MA now owns 495,622 shares of the company’s stock worth $41,261,000 after acquiring an additional 199,550 shares during the period. Institutional investors 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.