MGP Ingredients (NASDAQ:MGPI) Rating Lowered to “Sell” at StockNews.com

StockNews.com cut shares of MGP Ingredients (NASDAQ:MGPI) from a hold rating to a sell rating in a research report report published on Friday morning.

A number of other research firms also recently commented on MGPI. TD Cowen downgraded shares of MGP Ingredients from a “buy” rating to a “hold” rating and reduced their price objective for the company from $66.00 to $50.00 in a research note on Wednesday, November 6th. Wells Fargo & Company reduced their price target on shares of MGP Ingredients from $58.00 to $44.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 7th. Roth Mkm dropped their price objective on shares of MGP Ingredients from $65.00 to $60.00 and set a “buy” rating on the stock in a report on Monday, December 23rd. Truist Financial cut their price objective on shares of MGP Ingredients from $85.00 to $75.00 and set a “buy” rating on the stock in a research report on Friday, November 1st. Finally, Lake Street Capital upgraded shares of MGP Ingredients from a “hold” rating to a “buy” rating and cut their price objective for the company from $55.00 to $45.00 in a research report on Thursday. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $67.00.

MGP Ingredients Price Performance

Shares of MGPI stock opened at $32.74 on Friday. MGP Ingredients has a twelve month low of $31.31 and a twelve month high of $92.52. The company has a current ratio of 6.46, a quick ratio of 1.94 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $718.74 million, a PE ratio of 6.81 and a beta of 0.62. The firm has a fifty day simple moving average of $35.67 and a 200-day simple moving average of $56.47.

MGP Ingredients Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 14th will be issued a $0.12 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.47%. MGP Ingredients’s payout ratio is currently 31.79%.

Institutional Trading of MGP Ingredients

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. GAMMA Investing LLC boosted its stake in MGP Ingredients by 162.0% in the 4th quarter. GAMMA Investing LLC now owns 697 shares of the company’s stock worth $27,000 after purchasing an additional 431 shares during the period. Versant Capital Management Inc grew its stake in MGP Ingredients by 192.5% during the 4th quarter. Versant Capital Management Inc now owns 699 shares of the company’s stock valued at $28,000 after acquiring an additional 460 shares in the last quarter. Farther Finance Advisors LLC increased 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 valued at $50,000 after purchasing an additional 186 shares during the period. First Horizon Advisors Inc. lifted its position in shares of MGP Ingredients by 73.5% in the third quarter. First Horizon Advisors Inc. now owns 760 shares of the company’s stock worth $63,000 after purchasing an additional 322 shares in the last quarter. Finally, PNC Financial Services Group Inc. boosted its holdings in shares of MGP Ingredients by 56.0% during the fourth quarter. PNC Financial Services Group Inc. now owns 1,913 shares of the company’s stock worth $75,000 after purchasing an additional 687 shares during the period. 77.11% of the stock is currently owned by institutional investors.

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.