MGP Ingredients (NASDAQ:MGPI) Cut to Hold at TD Cowen

MGP Ingredients (NASDAQ:MGPI) was downgraded by research analysts at TD Cowen from a “buy” rating to a “hold” rating in a note issued to investors on Wednesday, FinViz reports. They currently have a $50.00 target price on the stock, down from their prior target price of $66.00. TD Cowen’s price target would suggest a potential upside of 6.50% from the company’s previous close.

Several other equities analysts have also commented on the stock. Lake Street Capital lowered shares of MGP Ingredients from a “buy” rating to a “hold” rating and reduced their target price 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 research note on Friday, November 1st. Roth Mkm reduced their price target on MGP Ingredients from $69.00 to $65.00 and set a “buy” rating on the stock in a research report on Monday. Truist Financial lowered their price objective on MGP Ingredients from $85.00 to $75.00 and set a “buy” rating for the company in a research report on Friday, November 1st. Finally, Loop Capital set a $75.00 target price on shares of MGP Ingredients in a report on Friday, October 18th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $76.67.

MGP Ingredients Stock Up 1.0 %

MGPI opened at $46.95 on Wednesday. The business’s fifty day simple moving average is $75.97 and its 200 day simple moving average is $77.95. MGP Ingredients has a 52 week low of $45.44 and a 52 week high of $102.42. 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 has a market cap 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 (NASDAQ:MGPI) last released its earnings results on Thursday, October 31st. The company reported $1.29 earnings per share for the quarter, topping 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 company had revenue of $161.50 million during the quarter, compared to the consensus estimate of $161.55 million. During the same quarter in the previous year, the company posted $1.34 EPS. MGP Ingredients’s quarterly revenue was down 23.7% compared to the same quarter last year. As a group, research analysts expect that MGP Ingredients will post 5.58 earnings per share for the current fiscal year.

Insider Activity at MGP Ingredients

In related news, Director Karen Seaberg sold 1,109 shares of the firm’s stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $90.14, for a total value of $99,965.26. Following the completion of the sale, the director now owns 134,969 shares of the company’s stock, valued at $12,166,105.66. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 36.20% of the stock is owned by corporate insiders.

Institutional Trading of MGP Ingredients

Several large investors have recently bought and sold shares of the company. CWM LLC lifted its stake in shares of MGP Ingredients by 477.9% in the 2nd quarter. CWM LLC now owns 393 shares of the company’s stock valued at $29,000 after purchasing an additional 325 shares during the period. Isthmus Partners LLC boosted its holdings in shares of MGP Ingredients by 2.1% during the 2nd quarter. Isthmus Partners LLC now owns 41,427 shares of the company’s stock valued at $31,000 after buying an additional 860 shares in the last quarter. Innealta Capital LLC purchased a new stake in shares of MGP Ingredients in the 2nd quarter worth about $42,000. LRI Investments LLC purchased a new stake in shares of MGP Ingredients in the 1st quarter worth about $43,000. Finally, Farther Finance Advisors LLC increased its stake in shares of MGP Ingredients by 45.3% in the 3rd quarter. Farther Finance Advisors LLC now owns 597 shares of the company’s stock worth $50,000 after acquiring an additional 186 shares in the last quarter. 77.11% of the stock is owned by institutional investors.

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.