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

MGP Ingredients (NASDAQ:MGPI) was downgraded by equities research analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Sunday.

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

MGP Ingredients Stock Up 1.5%

Shares of MGPI stock opened at $25.93 on Friday. MGP Ingredients has a 1 year low of $21.67 and a 1 year high of $35.49. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.69 and a current ratio of 2.78. The business’s fifty day moving average is $24.94 and its 200-day moving average is $25.55. The stock has a market cap of $552.05 million, a PE ratio of -38.70 and a beta of 0.42.

Insider Buying and Selling

In other news, Director Karen Seaberg sold 181,095 shares of the business’s stock in a transaction dated Tuesday, December 9th. The shares were sold at an average price of $24.24, for a total transaction of $4,389,742.80. Following the transaction, the director owned 37,417 shares in the company, valued at approximately $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 can be accessed through the SEC website. Over the last quarter, insiders sold 304,535 shares of company stock valued at $7,509,168. Insiders own 34.40% of the company’s stock.

Institutional Investors Weigh In On MGP Ingredients

A number of institutional investors have recently added to or reduced their stakes in MGPI. Nordea Investment Management AB bought a new position in shares of MGP Ingredients during the third quarter worth approximately $1,752,000. Magnetar Financial LLC bought a new stake in shares of MGP Ingredients in the second quarter valued at approximately $584,000. Assenagon Asset Management S.A. acquired a new stake in MGP Ingredients during the third quarter worth approximately $4,702,000. XTX Topco Ltd acquired a new stake in MGP Ingredients during the second quarter worth approximately $1,280,000. Finally, Federated Hermes Inc. increased its stake in MGP Ingredients by 32.8% during the 3rd quarter. Federated Hermes Inc. now owns 987,123 shares of the company’s stock worth $23,879,000 after acquiring an additional 243,909 shares during the period. 77.11% of the stock is owned by institutional investors and hedge funds.

About MGP Ingredients

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.