Truist Financial Has Lowered Expectations for MGP Ingredients (NASDAQ:MGPI) Stock Price

MGP Ingredients (NASDAQ:MGPI) had its price target decreased by equities research analysts at Truist Financial from $85.00 to $75.00 in a research note issued on Friday, Benzinga reports. The firm presently has a “buy” rating on the stock. Truist Financial’s target price points to a potential upside of 64.76% from the stock’s current price.

Other equities analysts have also recently issued research reports about the stock. Roth Mkm reduced their price target on shares of MGP Ingredients from $92.00 to $88.00 and set a “buy” rating on the stock in a research report on Friday, October 18th. StockNews.com downgraded MGP Ingredients from a “hold” rating to a “sell” rating in a report on Monday, October 21st. Loop Capital set a $75.00 price target on MGP Ingredients in a report on Friday, October 18th. Finally, Lake Street Capital lowered MGP Ingredients from a “buy” rating to a “hold” rating and dropped their price target for the company from $135.00 to $75.00 in a research report on Friday, October 18th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $86.60.

MGP Ingredients Trading Down 5.2 %

Shares of MGPI opened at $45.52 on Friday. MGP Ingredients has a one year low of $45.48 and a one year high of $102.42. The stock has a 50-day moving average price of $77.75 and a 200 day moving average price of $78.41. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.22 and a current ratio of 6.46. The company has a market capitalization of $1.00 billion, a P/E ratio of 9.46, a P/E/G ratio of 0.78 and a beta of 0.66.

MGP Ingredients (NASDAQ:MGPI) last released its earnings results on Thursday, October 31st. The company reported $1.29 EPS for the quarter, beating the consensus estimate of $1.27 by $0.02. The company had revenue of $161.50 million during the quarter, compared to analysts’ expectations of $161.55 million. MGP Ingredients had a return on equity of 14.39% and a net margin of 14.44%. The business’s revenue was down 23.7% on a year-over-year basis. During the same period in the prior year, the business posted $1.34 EPS. Sell-side analysts forecast that MGP Ingredients will post 5.58 EPS for the current fiscal year.

Insider Activity at MGP Ingredients

In other MGP Ingredients news, Director Karen Seaberg sold 1,109 shares of the 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 sale, the director now directly 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 filing with the Securities & Exchange Commission, which is available at this link. Insiders own 36.20% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Atria Investments Inc acquired a new position in shares of MGP Ingredients during the third quarter worth approximately $304,000. Assetmark Inc. raised its stake in MGP Ingredients by 6.5% during the 3rd quarter. Assetmark Inc. now owns 11,383 shares of the company’s stock valued at $948,000 after acquiring an additional 699 shares in the last quarter. Farther Finance Advisors LLC boosted its position in MGP Ingredients by 45.3% during 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 during the period. Rice Hall James & Associates LLC bought a new position in shares of MGP Ingredients in the third quarter worth $6,545,000. Finally, Congress Asset Management Co. increased its holdings in shares of MGP Ingredients by 18.6% during the third quarter. Congress Asset Management Co. now owns 490,546 shares of the company’s stock valued at $40,838,000 after purchasing an additional 76,835 shares during the period. 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.