Wells Fargo & Company Cuts MGP Ingredients (NASDAQ:MGPI) Price Target to $24.00

MGP Ingredients (NASDAQ:MGPI) had its target price cut by Wells Fargo & Company from $29.00 to $24.00 in a research report released on Thursday morning,Benzinga reports. They currently have an overweight rating on the stock.

A number of other brokerages have also recently issued reports on MGPI. Weiss Ratings reissued a “sell (d)” rating on shares of MGP Ingredients in a research note on Thursday, January 22nd. Benchmark assumed coverage on shares of MGP Ingredients in a report on Thursday, January 22nd. They issued a “buy” rating and a $35.00 target price for the company. TD Cowen cut their price target 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. Wall Street Zen cut MGP Ingredients from a “buy” rating to a “hold” rating in a report on Sunday, February 22nd. Finally, Zacks Research lowered MGP Ingredients from a “hold” rating to a “strong sell” rating in a research note on Monday, January 12th. Four equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $30.00.

MGP Ingredients Price Performance

NASDAQ MGPI opened at $19.00 on Thursday. The company has a market capitalization of $405.84 million, a PE ratio of -3.82 and a beta of 0.42. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.69 and a current ratio of 2.61. The business’s fifty day moving average is $24.65 and its 200 day moving average is $25.35. MGP Ingredients has a fifty-two week low of $18.48 and a fifty-two week high of $35.49.

MGP Ingredients (NASDAQ:MGPI) last issued its quarterly earnings results on Wednesday, February 25th. The company reported $0.63 EPS for the quarter, topping analysts’ consensus estimates of $0.49 by $0.14. MGP Ingredients had a positive return on equity of 7.46% and a negative net margin of 19.82%.The business had revenue of $138.32 million during the quarter, compared to analysts’ expectations of $132.84 million. During the same quarter in the prior year, the business posted $1.57 earnings per share. The business’s quarterly revenue was down 23.5% on a year-over-year basis. MGP Ingredients has set its FY 2026 guidance at 1.500-1.800 EPS. Sell-side analysts predict that MGP Ingredients will post 5.56 earnings per share for the current year.

MGP Ingredients Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 27th. Stockholders of record on Friday, March 13th will be issued a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 2.5%. The ex-dividend date of this dividend is Friday, March 13th. MGP Ingredients’s payout ratio is -9.64%.

Insider Buying and Selling

In related news, Director Karen Seaberg sold 181,095 shares of the stock in a transaction that occurred on Tuesday, December 9th. The stock was sold at an average price of $24.24, for a total transaction of $4,389,742.80. Following the completion of the transaction, the director directly owned 37,417 shares of the company’s stock, valued at approximately $906,988.08. This represents a 82.88% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders sold 304,535 shares of company stock worth $7,509,168 over the last three months. 34.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Osaic Holdings Inc. increased its position in MGP Ingredients by 130.3% in the second quarter. Osaic Holdings Inc. now owns 935 shares of the company’s stock worth $28,000 after purchasing an additional 529 shares during the last quarter. Nisa Investment Advisors LLC increased its holdings in shares of 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 buying an additional 1,131 shares during the last quarter. Global Retirement Partners LLC purchased a new stake in shares of MGP Ingredients during the 4th quarter valued at about $32,000. Quadrant Capital Group LLC raised its position in shares of MGP Ingredients by 237.0% during 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 in the last quarter. Finally, Tower Research Capital LLC TRC lifted its holdings in shares of 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 acquiring an additional 1,386 shares during the last quarter. 77.11% of the stock is currently owned by institutional investors.

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.