MGP Ingredients (NASDAQ:MGPI) Reaches New 12-Month Low – Here’s Why

MGP Ingredients, Inc. (NASDAQ:MGPI) shares hit a new 52-week low during trading on Monday . The stock traded as low as $31.76 and last traded at $33.04, with a volume of 85971 shares changing hands. The stock had previously closed at $32.19.

Analyst Ratings Changes

A number of analysts have recently commented on the company. StockNews.com upgraded MGP Ingredients from a “sell” rating to a “hold” rating in a research report on Friday, November 1st. TD Cowen lowered shares of MGP Ingredients from a “buy” rating to a “hold” rating and cut their price target for the stock from $66.00 to $50.00 in a report on Wednesday, November 6th. Roth Mkm decreased their price objective on shares of MGP Ingredients from $65.00 to $60.00 and set a “buy” rating on the stock in a report on Monday, December 23rd. Wells Fargo & Company cut their target price on shares of MGP Ingredients from $58.00 to $44.00 and set an “overweight” rating for the company in a research note on Tuesday, January 7th. Finally, Truist Financial reduced their price target on shares of MGP Ingredients from $85.00 to $75.00 and set a “buy” rating for the company in a research report on Friday, November 1st. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $71.29.

MGP Ingredients Price Performance

The firm has a market cap of $730.71 million, a PE ratio of 6.92 and a beta of 0.62. The stock’s fifty day moving average price is $36.51 and its 200-day moving average price is $57.53. The company has a debt-to-equity ratio of 0.31, a current ratio of 6.46 and a quick ratio of 1.94.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in MGPI. Vanguard Group Inc. increased its holdings in shares of MGP Ingredients by 0.7% in the fourth quarter. Vanguard Group Inc. now owns 1,126,169 shares of the company’s stock valued at $44,337,000 after purchasing an additional 7,471 shares during the last quarter. FMR LLC increased its stake in shares of MGP Ingredients by 14.2% in the 3rd quarter. FMR LLC now owns 1,102,985 shares of the company’s stock worth $91,824,000 after acquiring an additional 137,292 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of MGP Ingredients by 6.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 914,854 shares of the company’s stock worth $36,017,000 after acquiring an additional 57,714 shares during the last quarter. Wasatch Advisors LP purchased a new position in shares of MGP Ingredients during the 4th quarter worth $28,388,000. Finally, State Street Corp boosted its position in shares of MGP Ingredients by 22.4% during the 3rd quarter. State Street Corp now owns 717,675 shares of the company’s stock valued at $59,746,000 after acquiring an additional 131,542 shares during the last quarter. 77.11% of the stock is currently owned by institutional investors and hedge funds.

MGP Ingredients Company Profile

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.