MGP Ingredients (NASDAQ:MGPI) Given New $21.00 Price Target at Wells Fargo & Company

MGP Ingredients (NASDAQ:MGPI) had its target price cut by Wells Fargo & Company from $24.00 to $21.00 in a research note issued to investors on Wednesday morning, Marketbeat Ratings reports. They currently have an overweight rating on the stock.

A number of other research firms also recently issued reports on MGPI. Zacks Research raised shares of MGP Ingredients from a “strong sell” rating to a “hold” rating in a report on Tuesday, April 28th. Weiss Ratings cut MGP Ingredients from a “sell (d)” rating to a “sell (d-)” rating in a research note on Monday, May 4th. Finally, TD Cowen dropped their price objective on MGP Ingredients from $20.00 to $18.00 and set a “hold” rating on the stock in a research report on Friday, June 26th. Three analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $26.50.

MGP Ingredients Stock Performance

MGP Ingredients stock opened at $16.41 on Wednesday. The company has a 50 day moving average price of $17.49 and a 200-day moving average price of $20.40. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.56 and a current ratio of 2.74. MGP Ingredients has a fifty-two week low of $15.72 and a fifty-two week high of $32.60. The company has a market capitalization of $350.68 million, a PE ratio of -1.47 and a beta of 0.46.

MGP Ingredients (NASDAQ:MGPI) last issued its earnings results on Wednesday, April 29th. The company reported $0.15 earnings per share for the quarter, topping the consensus estimate of $0.04 by $0.11. MGP Ingredients had a positive return on equity of 7.48% and a negative net margin of 45.70%.The business had revenue of $106.43 million during the quarter, compared to analysts’ expectations of $105.32 million. During the same period in the prior year, the business earned $0.36 EPS. The business’s revenue for the quarter was down 12.5% compared to the same quarter last year. MGP Ingredients has set its FY 2026 guidance at 1.500-1.800 EPS. As a group, equities analysts forecast that MGP Ingredients will post 1.6 earnings per share for the current year.

MGP Ingredients Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, May 29th. Investors of record on Friday, May 15th were given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend was Friday, May 15th. MGP Ingredients’s dividend payout ratio is currently -4.31%.

Insider Activity

In other news, major shareholder Caroline Lux Kaplan sold 30,000 shares of the company’s stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $17.82, for a total transaction of $534,600.00. Following the transaction, the insider owned 500,958 shares in the company, valued at $8,927,071.56. This represents a 5.65% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 31.70% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in MGPI. Palouse Capital Management Inc. grew its stake in MGP Ingredients by 187.2% during the 2nd quarter. Palouse Capital Management Inc. now owns 8,805 shares of the company’s stock valued at $154,000 after purchasing an additional 5,739 shares during the last quarter. Royal Bank of Canada increased its holdings in shares of MGP Ingredients by 78.1% in the first quarter. Royal Bank of Canada now owns 90,139 shares of the company’s stock valued at $1,657,000 after purchasing an additional 39,524 shares during the period. Quantinno Capital Management LP raised its stake in shares of MGP Ingredients by 9.6% in the first quarter. Quantinno Capital Management LP now owns 25,340 shares of the company’s stock worth $466,000 after purchasing an additional 2,215 shares during the last quarter. Renaissance Technologies LLC raised its stake in shares of MGP Ingredients by 73.8% in the first quarter. Renaissance Technologies LLC now owns 35,986 shares of the company’s stock worth $662,000 after purchasing an additional 15,286 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership acquired a new stake in shares of MGP Ingredients during the first quarter worth about $2,725,000. Hedge funds and other institutional investors own 77.11% of the company’s stock.

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.