MGP Ingredients (NASDAQ:MGPI) Downgraded to “Hold” Rating by Wall Street Zen

Wall Street Zen lowered shares of MGP Ingredients (NASDAQ:MGPI) from a buy rating to a hold rating in a research report released on Sunday.

Several other research firms also recently issued reports on MGPI. Zacks Research downgraded shares of MGP Ingredients from a “hold” rating to a “strong sell” rating in a report on Monday, January 12th. Weiss Ratings reiterated a “sell (d)” rating on shares of MGP Ingredients in a research report on Thursday, January 22nd. Benchmark assumed coverage on MGP Ingredients in a report on Thursday, January 22nd. They set a “buy” rating and a $35.00 price objective on the stock. TD Cowen cut their target price on MGP Ingredients from $27.00 to $24.00 and set a “hold” rating for the company in a research note on Thursday, January 8th. Finally, Wells Fargo & Company decreased their price target on shares of MGP Ingredients from $33.00 to $29.00 and set an “overweight” rating on the stock in a research note on Monday, January 5th. Four analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $33.60.

MGP Ingredients Price Performance

Shares of NASDAQ:MGPI opened at $25.93 on Friday. The company has a market cap of $552.05 million, a price-to-earnings ratio of -38.70 and a beta of 0.42. The business has a 50 day moving average price of $24.94 and a 200 day moving average price of $25.53. The company has a quick ratio of 0.69, a current ratio of 2.78 and a debt-to-equity ratio of 0.31. MGP Ingredients has a twelve month low of $21.67 and a twelve month high of $35.49.

Insider Buying and Selling

In related news, Director Karen Seaberg sold 81,616 shares of the firm’s stock in a transaction on Wednesday, December 10th. The stock was sold at an average price of $25.84, for a total transaction of $2,108,957.44. Following the completion of the sale, the director directly owned 35,285 shares of the company’s stock, valued at $911,764.40. This trade represents a 69.82% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In the last 90 days, insiders sold 304,535 shares of company stock worth $7,509,168. 34.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On MGP Ingredients

A number of hedge funds have recently added to or reduced their stakes in the stock. Osaic Holdings Inc. lifted its position in shares of MGP Ingredients by 130.3% during the second quarter. Osaic Holdings Inc. now owns 935 shares of the company’s stock worth $28,000 after purchasing an additional 529 shares in the last quarter. Nisa Investment Advisors LLC raised its position in MGP Ingredients by 653.8% in the 4th quarter. Nisa Investment Advisors LLC now owns 1,304 shares of the company’s stock worth $32,000 after purchasing an additional 1,131 shares during the last quarter. Global Retirement Partners LLC bought a new position in MGP Ingredients in the 4th quarter worth approximately $32,000. Quadrant Capital Group LLC boosted its position in MGP Ingredients by 237.0% in the 4th quarter. Quadrant Capital Group LLC now owns 1,830 shares of the company’s stock valued at $44,000 after buying an additional 1,287 shares during the last quarter. Finally, Tower Research Capital LLC TRC boosted its position in MGP Ingredients by 278.9% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,883 shares of the company’s stock valued at $56,000 after buying an additional 1,386 shares during the last quarter. Institutional investors own 77.11% of the company’s stock.

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.