MGP Ingredients (NASDAQ:MGPI) Upgraded by Lake Street Capital to Buy Rating

Lake Street Capital upgraded shares of MGP Ingredients (NASDAQ:MGPI) from a hold rating to a buy rating in a report released on Thursday, Marketbeat.com reports. They currently have $45.00 price target on the stock, down from their prior price target of $55.00.

A number of other research analysts have also recently weighed in on the stock. Truist Financial cut 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 report on Friday, November 1st. Roth Mkm cut their price target 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 decreased their price objective 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. StockNews.com raised MGP Ingredients from a “sell” rating to a “hold” rating in a research note on Friday, November 1st. Finally, TD Cowen downgraded MGP Ingredients from a “buy” rating to a “hold” rating and reduced their price target for the stock from $66.00 to $50.00 in a report on Wednesday, November 6th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $67.00.

MGP Ingredients Price Performance

Shares of MGP Ingredients stock opened at $33.26 on Thursday. The stock has a market cap of $730.16 million, a price-to-earnings ratio of 6.91 and a beta of 0.62. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.94 and a current ratio of 6.46. The stock has a 50 day moving average price of $35.67 and a 200-day moving average price of $56.47. MGP Ingredients has a one year low of $31.31 and a one year high of $92.52.

MGP Ingredients Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 14th will be paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 1.44%. The ex-dividend date is Friday, March 14th. MGP Ingredients’s dividend payout ratio is presently 9.98%.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. GAMMA Investing LLC grew its position in shares of MGP Ingredients by 162.0% during the 4th quarter. GAMMA Investing LLC now owns 697 shares of the company’s stock worth $27,000 after buying an additional 431 shares in the last quarter. Versant Capital Management Inc lifted its stake in MGP Ingredients by 192.5% in the fourth quarter. Versant Capital Management Inc now owns 699 shares of the company’s stock worth $28,000 after acquiring an additional 460 shares during the period. Farther Finance Advisors LLC grew its holdings in MGP Ingredients by 45.3% during the 3rd quarter. Farther Finance Advisors LLC now owns 597 shares of the company’s stock worth $50,000 after acquiring an additional 186 shares in the last quarter. First Horizon Advisors Inc. increased its position in MGP Ingredients by 73.5% during the 3rd quarter. First Horizon Advisors Inc. now owns 760 shares of the company’s stock valued at $63,000 after purchasing an additional 322 shares during the period. Finally, PNC Financial Services Group Inc. raised its holdings in shares of MGP Ingredients by 56.0% in the 4th quarter. PNC Financial Services Group Inc. now owns 1,913 shares of the company’s stock valued at $75,000 after purchasing an additional 687 shares in the last quarter. 77.11% of the stock is currently owned by hedge funds and other institutional investors.

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.