MGP Ingredients (NASDAQ:MGPI) Upgraded at Lake Street Capital

MGP Ingredients (NASDAQ:MGPI) was upgraded by equities research analysts at Lake Street Capital from a “hold” rating to a “buy” rating in a research report issued on Thursday,Finviz reports. The firm presently has a $45.00 price objective on the stock, down from their previous price objective of $55.00. Lake Street Capital’s target price would suggest a potential upside of 39.66% from the company’s current price.

A number of other equities analysts have also commented on MGPI. StockNews.com upgraded shares of MGP Ingredients from a “sell” rating to a “hold” rating in a report on Friday, November 1st. Roth Mkm reduced their price target on MGP Ingredients from $65.00 to $60.00 and set a “buy” rating on the stock in a research report on Monday, December 23rd. Wells Fargo & Company decreased their price target on MGP Ingredients from $58.00 to $44.00 and set an “overweight” rating for the company in a research note on Tuesday, January 7th. Truist Financial cut their price objective on MGP Ingredients from $85.00 to $75.00 and set a “buy” rating on the stock in a research note on Friday, November 1st. Finally, TD Cowen cut shares of MGP Ingredients from a “buy” rating to a “hold” rating and cut their price target for the company from $66.00 to $50.00 in a research report on Wednesday, November 6th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, MGP Ingredients has a consensus rating of “Moderate Buy” and an average target price of $67.00.

MGP Ingredients Stock Down 1.1 %

NASDAQ:MGPI opened at $32.22 on Thursday. MGP Ingredients has a one year low of $31.31 and a one year high of $92.52. The company has a debt-to-equity ratio of 0.31, a current ratio of 6.46 and a quick ratio of 1.94. The company has a market cap of $707.33 million, a PE ratio of 6.70 and a beta of 0.62. The firm’s 50 day simple moving average is $35.85 and its 200 day simple moving average is $56.63.

Hedge Funds Weigh In On MGP Ingredients

Several institutional investors have recently made changes to their positions in the stock. Creative Planning raised its stake in MGP Ingredients by 66.3% during the 3rd quarter. Creative Planning now owns 13,145 shares of the company’s stock worth $1,094,000 after buying an additional 5,241 shares during the period. 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 acquiring an additional 76,835 shares in the last quarter. Rice Hall James & Associates LLC acquired a new position in shares of MGP Ingredients during the third quarter worth approximately $6,545,000. Farther Finance Advisors LLC lifted its holdings in shares of MGP Ingredients by 45.3% in the 3rd quarter. Farther Finance Advisors LLC now owns 597 shares of the company’s stock worth $50,000 after purchasing an additional 186 shares in the last quarter. Finally, Assetmark Inc. grew its position in MGP Ingredients by 6.5% in the 3rd quarter. Assetmark Inc. now owns 11,383 shares of the company’s stock valued at $948,000 after purchasing an additional 699 shares during the period. Institutional investors and hedge funds own 77.11% of the company’s stock.

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.