MGP Ingredients (NASDAQ:MGPI) Upgraded by Wall Street Zen to “Buy” Rating

Wall Street Zen upgraded shares of MGP Ingredients (NASDAQ:MGPI) from a hold rating to a buy rating in a research note released on Saturday.

Several other equities research analysts also recently commented on MGPI. TD Cowen lowered 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. Wells Fargo & Company reduced their target price on MGP Ingredients from $33.00 to $29.00 and set an “overweight” rating for the company in a research note on Monday, January 5th. Zacks Research cut MGP Ingredients from a “hold” rating to a “strong sell” rating in a research report on Monday, January 12th. Benchmark assumed coverage on MGP Ingredients in a research note on Thursday, January 22nd. They set a “buy” rating and a $35.00 price target on the stock. Finally, Weiss Ratings reissued a “sell (d)” rating on shares of MGP Ingredients in a report on Thursday, January 22nd. Four equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, MGP Ingredients has an average rating of “Hold” and a consensus price target of $33.60.

MGP Ingredients Stock Performance

MGPI opened at $25.74 on Friday. MGP Ingredients has a 52-week low of $21.67 and a 52-week high of $35.49. 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 company has a market cap of $548.00 million, a P/E ratio of -38.42 and a beta of 0.42. The firm’s 50-day moving average price is $24.91 and its 200-day moving average price is $25.65.

Insider Activity

In other news, major shareholder Caroline Lux Kaplan sold 30,000 shares of the business’s stock in a transaction dated Tuesday, November 18th. The stock was sold at an average price of $23.85, for a total value of $715,500.00. Following the completion of the transaction, the insider owned 560,958 shares of the company’s stock, valued at $13,378,848.30. The trade was a 5.08% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Karen Seaberg sold 81,616 shares of the firm’s stock in a transaction dated Wednesday, December 10th. The stock was sold at an average price of $25.84, for a total value of $2,108,957.44. Following the sale, the director directly owned 35,285 shares in the company, valued at approximately $911,764.40. This trade represents a 69.82% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 334,535 shares of company stock worth $8,224,668 over the last ninety days. 34.40% of the stock is owned by insiders.

Hedge Funds Weigh In On MGP Ingredients

Several institutional investors have recently made changes to their positions in the company. Osaic Holdings Inc. boosted its holdings 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 buying an additional 529 shares in the last quarter. Nisa Investment Advisors LLC raised its position in shares of MGP Ingredients by 653.8% in the fourth quarter. Nisa Investment Advisors LLC now owns 1,304 shares of the company’s stock worth $32,000 after acquiring an additional 1,131 shares during the period. Global Retirement Partners LLC purchased a new stake in shares of MGP Ingredients during the 4th quarter worth about $32,000. Quadrant Capital Group LLC grew 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 acquiring an additional 1,287 shares during the period. Finally, Tower Research Capital LLC TRC increased its stake 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 purchasing an additional 1,386 shares in the last quarter. 77.11% of the stock is owned by hedge funds and other institutional investors.

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.