MGP Ingredients (NASDAQ:MGPI) Upgraded at Lake Street Capital

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 objective on the stock, down from their prior price objective of $55.00.

MGPI has been the subject of a number of other reports. Roth Mkm decreased their price objective on MGP Ingredients from $65.00 to $60.00 and set a “buy” rating for the company in a research note on Monday, December 23rd. TD Cowen cut MGP Ingredients from a “buy” rating to a “hold” rating and decreased their target price for the company from $66.00 to $50.00 in a research note on Wednesday, November 6th. Truist Financial decreased their target price on MGP Ingredients from $85.00 to $75.00 and set a “buy” rating for the company in a research note on Friday, November 1st. StockNews.com raised MGP Ingredients from a “sell” rating to a “hold” rating in a research note on Friday, November 1st. Finally, Wells Fargo & Company decreased their target price on MGP Ingredients from $58.00 to $44.00 and set an “overweight” rating for the company in a research note on Tuesday, January 7th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the company. 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 Stock Down 1.6 %

Shares of MGP Ingredients stock opened at $32.74 on Thursday. The company has a quick ratio of 1.94, a current ratio of 6.46 and a debt-to-equity ratio of 0.31. MGP Ingredients has a 12 month low of $31.31 and a 12 month high of $92.52. The business has a fifty day simple moving average of $35.53 and a 200 day simple moving average of $55.92. The stock has a market cap of $718.74 million, a PE ratio of 6.81 and a beta of 0.62.

MGP Ingredients Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 14th will be issued a $0.12 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.47%. MGP Ingredients’s dividend payout ratio (DPR) is 31.79%.

Institutional Trading of MGP Ingredients

A number of institutional investors have recently modified their holdings of MGPI. JPMorgan Chase & Co. raised its holdings in MGP Ingredients by 201.2% during the third quarter. JPMorgan Chase & Co. now owns 64,723 shares of the company’s stock worth $5,388,000 after acquiring an additional 43,233 shares in the last quarter. GSA Capital Partners LLP bought a new stake in MGP Ingredients during the third quarter worth about $1,010,000. Entropy Technologies LP bought a new stake in MGP Ingredients during the fourth quarter worth about $335,000. MML Investors Services LLC raised its holdings in MGP Ingredients by 28.2% during the third quarter. MML Investors Services LLC now owns 4,920 shares of the company’s stock worth $410,000 after acquiring an additional 1,083 shares in the last quarter. Finally, NFJ Investment Group LLC bought a new stake in MGP Ingredients during the third quarter worth about $3,181,000. 77.11% of the stock is currently owned by institutional investors.

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.