MGP Ingredients (NASDAQ:MGPI) Downgraded by StockNews.com to Sell

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

Other analysts also recently issued research reports about the stock. 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 report on Tuesday, January 7th. Roth Mkm reduced their price objective on shares of MGP Ingredients from $65.00 to $60.00 and set a “buy” rating on the stock in a research note on Monday, December 23rd. Truist Financial reduced 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 note on Friday, November 1st. Lake Street Capital raised shares of MGP Ingredients from a “hold” rating to a “buy” rating and reduced their price objective for the company from $55.00 to $45.00 in a research note on Thursday. Finally, 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. One research analyst has rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $67.00.

MGP Ingredients Stock Down 1.6 %

Shares of NASDAQ MGPI opened at $32.74 on Friday. MGP Ingredients has a 12-month low of $31.31 and a 12-month high of $92.52. The company has a market capitalization of $718.74 million, a PE ratio of 6.81 and a beta of 0.62. The company has a debt-to-equity ratio of 0.31, a current ratio of 6.46 and a quick ratio of 1.94. The firm’s 50-day moving average is $35.67 and its two-hundred day moving average is $56.47.

MGP Ingredients Dividend Announcement

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

Institutional Investors Weigh In On MGP Ingredients

Several large investors have recently made changes to their positions in MGPI. Wasatch Advisors LP acquired a new stake in shares of MGP Ingredients in the fourth quarter worth $28,388,000. Raymond James Financial Inc. acquired a new stake in shares of MGP Ingredients in the fourth quarter worth $13,125,000. Voloridge Investment Management LLC acquired a new stake in shares of MGP Ingredients in the fourth quarter worth $12,932,000. Massachusetts Financial Services Co. MA boosted its stake in shares of MGP Ingredients by 67.4% in the third quarter. Massachusetts Financial Services Co. MA now owns 495,622 shares of the company’s stock valued at $41,261,000 after purchasing an additional 199,550 shares during the period. Finally, Cubist Systematic Strategies LLC purchased a new position in shares of MGP Ingredients in the fourth quarter valued at $7,164,000. Institutional investors and hedge funds own 77.11% of the company’s stock.

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.