MGP Ingredients (NASDAQ:MGPI) Cut to Sell at StockNews.com

MGP Ingredients (NASDAQ:MGPI - Get Free Report) was downgraded by stock analysts at StockNews.com from a "hold" rating to a "sell" rating in a research note issued on Saturday.

A number of other equities analysts also recently weighed in on the company. Wells Fargo & Company cut their target price on MGP Ingredients from $40.00 to $37.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 2nd. Lake Street Capital upgraded shares of MGP Ingredients from a "hold" rating to a "buy" rating and decreased their price target for the stock from $55.00 to $45.00 in a research note on Thursday, February 27th. Finally, Truist Financial decreased their target price on MGP Ingredients from $40.00 to $35.00 and set a "buy" rating for the company in a research report on Thursday, April 24th. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $50.33.

MGP Ingredients Stock Down 2.0%

Shares of NASDAQ MGPI traded down $0.67 during midday trading on Friday, hitting $32.89. 328,268 shares of the stock traded hands, compared to its average volume of 337,677. MGP Ingredients has a one year low of $25.12 and a one year high of $92.52. The business has a 50 day moving average price of $29.73 and a two-hundred day moving average price of $36.74. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.94 and a current ratio of 6.46. The company has a market cap of $699.64 million, a PE ratio of 6.84 and a beta of 0.32.

MGP Ingredients (NASDAQ:MGPI - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The company reported $0.36 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.31 by $0.05. The firm had revenue of $121.65 million during the quarter, compared to analysts' expectations of $119.14 million. MGP Ingredients had a net margin of 14.44% and a return on equity of 14.39%. The business's revenue was down 28.7% on a year-over-year basis. During the same period last year, the company earned $1.07 earnings per share. On average, equities analysts predict that MGP Ingredients will post 5.56 EPS for the current year.

Insider Activity

In related news, Director Martin Roper acquired 15,000 shares of the firm's stock in a transaction that occurred on Thursday, May 8th. The shares were bought at an average cost of $33.10 per share, for a total transaction of $496,500.00. Following the completion of the transaction, the director now owns 18,180 shares in the company, valued at approximately $601,758. This trade represents a 471.70% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Karen Seaberg sold 28,304 shares of the company's stock in a transaction on Thursday, March 13th. The stock was sold at an average price of $30.82, for a total transaction of $872,329.28. Following the completion of the transaction, the director now owns 283,569 shares of the company's stock, valued at $8,739,596.58. This trade represents a 9.08% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 29,417 shares of company stock worth $905,556 over the last ninety days. Company insiders own 36.20% of the company's stock.

Hedge Funds Weigh In On MGP Ingredients

A number of hedge funds and other institutional investors have recently modified their holdings of MGPI. Penserra Capital Management LLC lifted its position in MGP Ingredients by 333.3% in the 1st quarter. Penserra Capital Management LLC now owns 897 shares of the company's stock worth $26,000 after buying an additional 690 shares during the last quarter. GAMMA Investing LLC raised its stake in shares of MGP Ingredients by 162.0% during the fourth quarter. GAMMA Investing LLC now owns 697 shares of the company's stock worth $27,000 after acquiring an additional 431 shares in the last quarter. CWM LLC lifted its holdings in shares of MGP Ingredients by 127.4% in the 1st quarter. CWM LLC now owns 2,051 shares of the company's stock worth $60,000 after acquiring an additional 1,149 shares during the last quarter. Signaturefd LLC boosted its stake in shares of MGP Ingredients by 1,055.2% in the 1st quarter. Signaturefd LLC now owns 2,218 shares of the company's stock valued at $65,000 after purchasing an additional 2,026 shares in the last quarter. Finally, PNC Financial Services Group Inc. grew its holdings in shares of MGP Ingredients by 56.0% during the 4th quarter. PNC Financial Services Group Inc. now owns 1,913 shares of the company's stock valued at $75,000 after purchasing an additional 687 shares during the last quarter. 77.11% of the stock is currently 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.