MGP Ingredients, Inc. (NASDAQ:MGPI) Receives $33.60 Consensus Target Price from Analysts

MGP Ingredients, Inc. (NASDAQ:MGPI) has been assigned a consensus recommendation of “Hold” from the seven brokerages that are presently covering the company, Marketbeat reports. Two equities research analysts have rated the stock with a sell recommendation, one has given a hold recommendation and four have issued a buy recommendation on the company. The average 12-month target price among analysts that have covered the stock in the last year is $33.60.

Several analysts have recently commented on MGPI shares. TD Cowen decreased their target price on MGP Ingredients from $27.00 to $24.00 and set a “hold” rating on the stock in a report on Thursday, January 8th. Weiss Ratings reiterated a “sell (d)” rating on shares of MGP Ingredients in a research report on Thursday, January 22nd. Benchmark initiated coverage on shares of MGP Ingredients in a research report on Thursday, January 22nd. They set a “buy” rating and a $35.00 price target on the stock. Wells Fargo & Company decreased their price objective on shares of MGP Ingredients from $33.00 to $29.00 and set an “overweight” rating on the stock in a report on Monday, January 5th. Finally, Zacks Research downgraded shares of MGP Ingredients from a “hold” rating to a “strong sell” rating in a research note on Monday, January 12th.

Insiders Place Their Bets

In related news, Director Karen Seaberg sold 181,095 shares of the business’s stock in a transaction that occurred on Tuesday, December 9th. The shares were sold at an average price of $24.24, for a total value of $4,389,742.80. Following the completion of the transaction, the director owned 37,417 shares in the company, valued at $906,988.08. The trade was a 82.88% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In the last three months, insiders have sold 304,535 shares of company stock valued at $7,509,168. Insiders own 34.40% of the company’s stock.

Hedge Funds Weigh In On MGP Ingredients

Several large investors have recently bought and sold shares of the business. Villanova Investment Management Co LLC increased its stake in shares of MGP Ingredients by 7.2% in the 4th quarter. Villanova Investment Management Co LLC now owns 78,583 shares of the company’s stock valued at $1,910,000 after acquiring an additional 5,258 shares during the last quarter. Pacer Advisors Inc. acquired a new position in MGP Ingredients during the fourth quarter valued at approximately $2,278,000. Millennium Management LLC increased its stake in MGP Ingredients by 349.9% in the fourth quarter. Millennium Management LLC now owns 128,752 shares of the company’s stock valued at $3,129,000 after purchasing an additional 100,131 shares in the last quarter. Engineers Gate Manager LP increased its stake in MGP Ingredients by 144.9% in the fourth quarter. Engineers Gate Manager LP now owns 38,286 shares of the company’s stock valued at $930,000 after purchasing an additional 22,652 shares in the last quarter. Finally, Balyasny Asset Management L.P. raised its holdings in MGP Ingredients by 172.1% in the fourth quarter. Balyasny Asset Management L.P. now owns 49,973 shares of the company’s stock worth $1,214,000 after purchasing an additional 31,609 shares during the period. 77.11% of the stock is currently owned by institutional investors and hedge funds.

MGP Ingredients Stock Up 1.9%

Shares of MGPI opened at $25.81 on Friday. The company has a market capitalization of $549.49 million, a P/E ratio of -38.52 and a beta of 0.42. MGP Ingredients has a one year low of $21.67 and a one year high of $35.49. The business’s 50 day simple moving average is $24.94 and its 200-day simple moving average is $25.50. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.78 and a quick ratio of 0.69.

MGP Ingredients Company Profile

MGP Ingredients, Inc (NASDAQ: MGPI) is a leading producer of distilled spirits and specialty ingredient solutions for the food, beverage and consumer products industries. Headquartered in Atchison, Kansas, the company operates two main facilities—its historic Atchison plant, founded in 1941 as Midwest Grain Products, and a modern distillery in Lawrenceburg, Indiana. MGP Ingredients supplies an array of distillation products under its beverage and ingredient segments, serving brand owners, private-label producers and co-packers worldwide.

The beverage segment features a broad portfolio of premium spirits, including bourbon and rye whiskies, vodka, gin and neutral spirits.