Analysts Set MGP Ingredients, Inc. (NASDAQ:MGPI) PT at $33.60

MGP Ingredients, Inc. (NASDAQ:MGPI) has received a consensus recommendation of “Hold” from the seven research firms that are presently covering the stock, MarketBeat.com reports. Two analysts have rated the stock with a sell recommendation, one has assigned a hold recommendation and four have assigned a buy recommendation to the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $33.60.

A number of equities analysts have recently weighed in on MGPI shares. TD Cowen lowered their price target on MGP Ingredients from $27.00 to $24.00 and set a “hold” rating for the company in a report on Thursday, January 8th. Wells Fargo & Company decreased their price objective on shares of MGP Ingredients from $33.00 to $29.00 and set an “overweight” rating on the stock in a report on Monday, January 5th. Wall Street Zen lowered MGP Ingredients from a “buy” rating to a “hold” rating in a research report on Sunday, January 11th. Weiss Ratings restated a “sell (d)” rating on shares of MGP Ingredients in a research report on Thursday, January 22nd. Finally, Zacks Research downgraded MGP Ingredients from a “hold” rating to a “strong sell” rating in a report on Monday, January 12th.

Insider Activity at MGP Ingredients

In related news, Director Karen Seaberg sold 181,095 shares of the business’s stock in a transaction 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 $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 is available through this hyperlink. Also, major shareholder Caroline Lux Kaplan sold 30,000 shares of the stock in a transaction dated Tuesday, November 18th. The shares were sold at an average price of $23.85, for a total value of $715,500.00. Following the completion of the sale, the insider directly owned 560,958 shares in the company, valued at $13,378,848.30. This represents a 5.08% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 334,535 shares of company stock valued at $8,224,668 in the last three months. 34.40% of the stock is currently owned by corporate insiders.

Institutional Trading of MGP Ingredients

Large investors have recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of MGP Ingredients by 4.8% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,446 shares of the company’s stock worth $248,000 after buying an additional 390 shares during the last quarter. Illumine Investment Management LLC grew its position in MGP Ingredients by 2.3% during the third quarter. Illumine Investment Management LLC now owns 18,903 shares of the company’s stock valued at $457,000 after acquiring an additional 433 shares during the period. Osaic Holdings Inc. increased its stake in 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 acquiring an additional 529 shares during the last quarter. Mairs & Power Inc. lifted its stake in shares of MGP Ingredients by 0.4% in the 3rd quarter. Mairs & Power Inc. now owns 176,393 shares of the company’s stock valued at $4,267,000 after purchasing an additional 619 shares in the last quarter. Finally, Rhumbline Advisers grew its holdings in shares of MGP Ingredients by 1.3% during the 2nd quarter. Rhumbline Advisers now owns 52,446 shares of the company’s stock worth $1,572,000 after purchasing an additional 666 shares during the period. 77.11% of the stock is currently owned by hedge funds and other institutional investors.

MGP Ingredients Stock Down 0.8%

Shares of MGPI opened at $24.91 on Wednesday. MGP Ingredients has a 52-week low of $21.67 and a 52-week high of $36.47. The company has a quick ratio of 0.69, a current ratio of 2.78 and a debt-to-equity ratio of 0.31. The stock has a fifty day simple moving average of $24.41 and a two-hundred day simple moving average of $25.98. The company has a market capitalization of $530.33 million, a PE ratio of -37.18 and a beta of 0.42.

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.