MGP Ingredients (NASDAQ:MGPI) Price Target Cut to $33.00 by Analysts at Wells Fargo & Company

Key Points

• Wells Fargo & Company has reduced the price target for MGP Ingredients from $38.00 to $33.00, maintaining an "overweight" rating which indicates a potential upside of approximately 29% from its current price.
• MGP Ingredients reported $0.97 earnings per share, exceeding analysts' estimates of $0.64, but faced a 23.7% decline in quarterly revenue compared to the previous year.
• Institutional investors have increased their stakes in MGP Ingredients significantly, with 77.11% of the stock now owned by hedge funds and other institutional investors.

MGP Ingredients (NASDAQ:MGPI - Get Free Report) had its price target dropped by research analysts at Wells Fargo & Company from $38.00 to $33.00 in a report issued on Thursday,Benzinga reports. The firm presently has an "overweight" rating on the stock. Wells Fargo & Company's target price would suggest a potential upside of 28.97% from the stock's current price.

MGP Ingredients Trading Down 1.7%

NASDAQ:MGPI opened at $25.59 on Thursday. The company has a market cap of $544.85 million, a PE ratio of -82.90 and a beta of 0.35. MGP Ingredients has a one year low of $25.12 and a one year high of $84.76. The firm has a 50-day moving average of $28.86 and a 200-day moving average of $29.65. The company has a debt-to-equity ratio of 0.35, a current ratio of 2.91 and a quick ratio of 0.79.

MGP Ingredients (NASDAQ:MGPI - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The company reported $0.97 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.64 by $0.33. The business had revenue of $145.49 million during the quarter, compared to the consensus estimate of $138.70 million. MGP Ingredients had a negative net margin of 1.08% and a positive return on equity of 10.66%. The firm's quarterly revenue was down 23.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.71 EPS. MGP Ingredients has set its FY 2025 guidance at 2.450-2.750 EPS. As a group, equities research analysts expect that MGP Ingredients will post 5.56 EPS for the current fiscal year.

Institutional Investors Weigh In On MGP Ingredients

Several institutional investors have recently added to or reduced their stakes in MGPI. Brooklyn Investment Group boosted its holdings in MGP Ingredients by 2,365.7% in the 1st quarter. Brooklyn Investment Group now owns 863 shares of the company's stock worth $25,000 after buying an additional 828 shares during the period. Penserra Capital Management LLC grew its position in MGP Ingredients by 333.3% during the first quarter. Penserra Capital Management LLC now owns 897 shares of the company's stock worth $26,000 after buying an additional 690 shares in the last quarter. Osaic Holdings Inc. boosted its position in shares of MGP Ingredients by 130.3% during the 2nd quarter. Osaic Holdings Inc. now owns 935 shares of the company's stock valued at $28,000 after acquiring an additional 529 shares during the last quarter. GAMMA Investing LLC grew its holdings in shares of MGP Ingredients by 114.8% during the first quarter. GAMMA Investing LLC now owns 1,497 shares of the company's stock worth $44,000 after purchasing an additional 800 shares in the last quarter. Finally, Tower Research Capital LLC TRC increased its position in shares of MGP Ingredients by 278.9% in the second quarter. Tower Research Capital LLC TRC now owns 1,883 shares of the company's stock worth $56,000 after purchasing an additional 1,386 shares during the last quarter. 77.11% of the stock is owned by hedge funds and other 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.

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