MGP Ingredients, Inc. (NASDAQ:MGPI) Receives $26.50 Consensus Price Target from Brokerages

MGP Ingredients, Inc. (NASDAQ:MGPI) has earned a consensus recommendation of “Hold” from the six analysts that are currently covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating on the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $26.50.

MGPI has been the subject of several recent research reports. Zacks Research upgraded MGP Ingredients from a “strong sell” rating to a “hold” rating in a research note on Tuesday, April 28th. Weiss Ratings cut MGP Ingredients from a “sell (d)” rating to a “sell (d-)” rating in a research report on Monday, May 4th. TD Cowen dropped their target price on MGP Ingredients from $20.00 to $18.00 and set a “hold” rating for the company in a report on Friday, June 26th. Finally, Wells Fargo & Company reduced their target price on shares of MGP Ingredients from $24.00 to $21.00 and set an “overweight” rating for the company in a research report on Wednesday, July 8th.

MGP Ingredients Trading Up 4.2%

Shares of NASDAQ:MGPI opened at $18.71 on Wednesday. MGP Ingredients has a 12-month low of $15.72 and a 12-month high of $31.75. The business has a 50 day moving average of $17.15 and a 200-day moving average of $19.76. The company has a quick ratio of 0.56, a current ratio of 2.74 and a debt-to-equity ratio of 0.41. The stock has a market cap of $399.83 million, a PE ratio of -1.68 and a beta of 0.46.

MGP Ingredients (NASDAQ:MGPI) last announced its earnings results on Wednesday, April 29th. The company reported $0.15 earnings per share for the quarter, topping analysts’ consensus estimates of $0.04 by $0.11. The company had revenue of $106.43 million for the quarter, compared to analyst estimates of $105.32 million. MGP Ingredients had a positive return on equity of 7.48% and a negative net margin of 45.70%.The firm’s quarterly revenue was down 12.5% compared to the same quarter last year. During the same quarter last year, the company earned $0.36 earnings per share. As a group, equities research analysts forecast that MGP Ingredients will post 1.6 earnings per share for the current year.

Insiders Place Their Bets

In other MGP Ingredients news, major shareholder Caroline Lux Kaplan sold 30,000 shares of MGP Ingredients stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $17.82, for a total value of $534,600.00. Following the completion of the sale, the insider owned 500,958 shares in the company, valued at $8,927,071.56. The trade was a 5.65% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 31.70% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Osaic Holdings Inc. raised its position in shares of MGP Ingredients by 130.3% in the second quarter. Osaic Holdings Inc. now owns 935 shares of the company’s stock valued at $28,000 after buying an additional 529 shares in the last quarter. Nisa Investment Advisors LLC grew its position in MGP Ingredients by 653.8% during the fourth quarter. Nisa Investment Advisors LLC now owns 1,304 shares of the company’s stock worth $32,000 after buying an additional 1,131 shares in the last quarter. Global Retirement Partners LLC bought a new position in MGP Ingredients during the 4th quarter worth $32,000. Quadrant Capital Group LLC increased its stake in MGP Ingredients by 237.0% during the 4th quarter. Quadrant Capital Group LLC now owns 1,830 shares of the company’s stock worth $44,000 after acquiring an additional 1,287 shares during the period. Finally, Tower Research Capital LLC TRC raised its holdings in MGP Ingredients by 278.9% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,883 shares of the company’s stock valued at $56,000 after acquiring an additional 1,386 shares in the last quarter. 77.11% of the stock is owned by institutional investors.

MGP Ingredients Company Profile

MGP Ingredients, Inc (NASDAQ: MGPI) is a leading producer of distilled spirits and specialty ingredient solutions for the food, beverage and consumer products industries. Headquartered in Atchison, Kansas, the company operates two main facilities—its historic Atchison plant, founded in 1941 as Midwest Grain Products, and a modern distillery in Lawrenceburg, Indiana. MGP Ingredients supplies an array of distillation products under its beverage and ingredient segments, serving brand owners, private-label producers and co-packers worldwide.

The beverage segment features a broad portfolio of premium spirits, including bourbon and rye whiskies, vodka, gin and neutral spirits.