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

MGP Ingredients, Inc. (NASDAQ:MGPI) declared a quarterly dividend on Thursday, October 31st, Zacks reports. Stockholders of record on Friday, November 15th will be paid a dividend of 0.12 per share on Friday, November 29th. This represents a $0.48 annualized dividend and a dividend yield of 0.97%. The ex-dividend date is Friday, November 15th.

MGP Ingredients has a dividend payout ratio of 8.6% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect MGP Ingredients to earn $5.47 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 8.8%.

MGP Ingredients Trading Up 2.8 %

Shares of MGPI stock traded up $1.33 during trading hours on Friday, reaching $49.37. The company’s stock had a trading volume of 43,681 shares, compared to its average volume of 227,531. The company has a current ratio of 6.44, a quick ratio of 2.22 and a debt-to-equity ratio of 0.34. The stock has a market capitalization of $1.09 billion, a P/E ratio of 11.12, a P/E/G ratio of 0.92 and a beta of 0.59. The firm’s fifty day simple moving average is $79.47 and its 200 day simple moving average is $78.85. MGP Ingredients has a one year low of $47.91 and a one year high of $102.42.

MGP Ingredients (NASDAQ:MGPI) last released its earnings results on Thursday, October 31st. The company reported $1.29 EPS for the quarter, beating analysts’ consensus estimates of $1.27 by $0.02. The company had revenue of $161.50 million during the quarter, compared to analysts’ expectations of $161.55 million. MGP Ingredients had a return on equity of 14.98% and a net margin of 12.18%. The firm’s revenue for the quarter was down 23.7% compared to the same quarter last year. During the same quarter last year, the business posted $1.34 EPS. Equities research analysts expect that MGP Ingredients will post 5.58 EPS for the current year.

Insider Buying and Selling at MGP Ingredients

In other news, Director Karen Seaberg sold 12,092 shares of the stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $90.65, for a total value of $1,096,139.80. Following the completion of the sale, the director now directly owns 54,542 shares of the company’s stock, valued at $4,944,232.30. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 36.20% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on MGPI shares. StockNews.com lowered shares of MGP Ingredients from a “hold” rating to a “sell” rating in a research note on Monday, October 21st. Loop Capital set a $75.00 target price on shares of MGP Ingredients in a report on Friday, October 18th. Lake Street Capital cut MGP Ingredients from a “buy” rating to a “hold” rating and lowered their price target for the company from $135.00 to $75.00 in a report on Friday, October 18th. Truist Financial cut their price objective on MGP Ingredients from $95.00 to $85.00 and set a “buy” rating for the company in a report on Tuesday, October 22nd. Finally, Roth Mkm dropped their target price on MGP Ingredients from $92.00 to $88.00 and set a “buy” rating on the stock in a research report on Friday, October 18th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $88.60.

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.