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

MGP Ingredients (NASDAQ:MGPI) had its price target decreased by Wells Fargo & Company from $58.00 to $44.00 in a report released on Tuesday,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

A number of other equities analysts have also commented on MGPI. TD Cowen lowered shares of MGP Ingredients from a “buy” rating to a “hold” rating and decreased their price target for the stock from $66.00 to $50.00 in a report on Wednesday, November 6th. StockNews.com upgraded MGP Ingredients from a “sell” rating to a “hold” rating in a research report on Friday, November 1st. Truist Financial dropped their target price 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. Roth Mkm decreased their price target on shares of MGP Ingredients from $65.00 to $60.00 and set a “buy” rating on the stock in a research note on Monday, December 23rd. 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 four have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $71.29.

MGP Ingredients Stock Performance

NASDAQ:MGPI opened at $36.57 on Tuesday. MGP Ingredients has a 52-week low of $36.52 and a 52-week high of $95.83. 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 firm has a market cap of $802.82 million, a price-to-earnings ratio of 7.60, a PEG ratio of 0.74 and a beta of 0.65. The business’s fifty day moving average is $44.94 and its 200 day moving average is $67.47.

MGP Ingredients (NASDAQ:MGPI) last issued its quarterly earnings results on Thursday, October 31st. The company reported $1.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.27 by $0.02. The firm had revenue of $161.50 million during the quarter, compared to the consensus estimate of $161.55 million. MGP Ingredients had a return on equity of 14.39% and a net margin of 14.44%. The company’s revenue for the quarter was down 23.7% on a year-over-year basis. During the same quarter last year, the company posted $1.34 EPS. Research analysts predict that MGP Ingredients will post 5.57 EPS for the current year.

MGP Ingredients Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Friday, November 15th were paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 1.31%. The ex-dividend date was Friday, November 15th. MGP Ingredients’s dividend payout ratio (DPR) is 9.98%.

Insider Buying and Selling

In other MGP Ingredients news, Director Lori L.S. Mingus sold 7,050 shares of the company’s stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $46.03, for a total value of $324,511.50. Following the completion of the transaction, the director now directly owns 37,373 shares in the company, valued at approximately $1,720,279.19. This represents a 15.87 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 36.20% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in MGPI. Natixis Advisors LLC boosted its holdings in shares of MGP Ingredients by 107.9% during the 2nd quarter. Natixis Advisors LLC now owns 25,686 shares of the company’s stock valued at $1,911,000 after buying an additional 13,332 shares in the last quarter. Texas Permanent School Fund Corp boosted its stake in MGP Ingredients by 22.4% during the second quarter. Texas Permanent School Fund Corp now owns 16,746 shares of the company’s stock worth $1,246,000 after acquiring an additional 3,066 shares in the last quarter. Thoroughbred Financial Services LLC purchased a new stake in MGP Ingredients in the second quarter worth about $277,000. Envestnet Asset Management Inc. increased its stake in shares of MGP Ingredients by 20.3% during the second quarter. Envestnet Asset Management Inc. now owns 113,672 shares of the company’s stock valued at $8,457,000 after purchasing an additional 19,203 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA bought a new position in shares of MGP Ingredients during the second quarter valued at approximately $22,028,000. 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.