MGP Ingredients, Inc. (NASDAQ:MGPI) Announces Quarterly Dividend of $0.12

MGP Ingredients, Inc. (NASDAQ:MGPI) announced a quarterly dividend on Tuesday, March 11th, RTT News reports. Shareholders of record on Friday, March 14th will be given a dividend of 0.12 per share on Friday, March 28th. This represents a $0.48 annualized dividend and a yield of 1.53%. The ex-dividend date of this dividend is Friday, March 14th.

MGP Ingredients has a dividend payout ratio of 15.2% meaning its dividend is sufficiently covered by earnings. Research analysts expect MGP Ingredients to earn $3.41 per share next year, which means the company should continue to be able to cover its $0.48 annual dividend with an expected future payout ratio of 14.1%.

MGP Ingredients Stock Performance

MGPI stock opened at $31.43 on Wednesday. The stock’s 50 day simple moving average is $34.61 and its 200 day simple moving average is $52.98. The company has a current ratio of 6.46, a quick ratio of 1.94 and a debt-to-equity ratio of 0.31. MGP Ingredients has a 12-month low of $31.09 and a 12-month high of $92.52. The stock has a market capitalization of $668.52 million, a PE ratio of 6.53 and a beta of 0.57.

Wall Street Analysts Forecast Growth

MGPI has been the subject of a number of recent analyst reports. 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 report on Tuesday, January 7th. StockNews.com cut MGP Ingredients from a “hold” rating to a “sell” rating in a report on Friday, February 28th. Roth Mkm cut their price objective on MGP Ingredients from $65.00 to $60.00 and set a “buy” rating for the company in a report on Monday, December 23rd. Finally, Lake Street Capital raised MGP Ingredients from a “hold” rating to a “buy” rating and lowered their target price for the company from $55.00 to $45.00 in a report on Thursday, February 27th. One analyst has rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $67.00.

Insider Activity at MGP Ingredients

In other news, Director Karen Seaberg purchased 5,348 shares of the stock in a transaction on Tuesday, March 11th. The shares were acquired at an average price of $32.59 per share, with a total value of $174,291.32. Following the completion of the acquisition, the director now directly owns 358,899 shares of the company’s stock, valued at $11,696,518.41. This trade represents a 1.51 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. 36.20% of the stock is currently owned by corporate insiders.

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.