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

MGP Ingredients, Inc. (NASDAQ:MGPI) announced a quarterly dividend on Wednesday, November 13th,Zacks Dividends reports. Investors of record on Friday, November 15th will be given a dividend of 0.12 per share on Friday, November 29th. This represents a $0.48 dividend on an annualized basis and a yield of 0.95%. The ex-dividend date is Friday, November 15th.

MGP Ingredients has a dividend payout ratio of 12.6% meaning its dividend is sufficiently covered by earnings. Equities analysts expect MGP Ingredients to earn $3.84 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 12.5%.

MGP Ingredients Price Performance

MGP Ingredients stock opened at $50.54 on Thursday. The company has a market cap of $1.11 billion, a price-to-earnings ratio of 10.51, a PEG ratio of 0.83 and a beta of 0.66. The firm’s fifty day moving average is $71.29 and its 200 day moving average is $76.73. 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 52-week low of $45.44 and a 52-week high of $102.42.

MGP Ingredients (NASDAQ:MGPI) last posted its quarterly earnings data on Thursday, October 31st. The company reported $1.29 earnings per share for the quarter, beating analysts’ consensus estimates of $1.27 by $0.02. MGP Ingredients had a net margin of 14.44% and a return on equity of 14.39%. The business had revenue of $161.50 million for the quarter, compared to analysts’ expectations of $161.55 million. During the same quarter in the previous year, the business posted $1.34 earnings per share. The business’s revenue was down 23.7% compared to the same quarter last year. Sell-side analysts forecast that MGP Ingredients will post 5.57 EPS for the current fiscal year.

Insider Transactions at MGP Ingredients

In other news, Director Karen Seaberg sold 1,109 shares of the company’s stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $90.14, for a total value of $99,965.26. Following the transaction, the director now directly owns 134,969 shares in the company, valued at approximately $12,166,105.66. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 36.20% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on MGPI shares. TD Cowen cut shares of MGP Ingredients from a “buy” rating to a “hold” rating and cut their price objective for the company from $66.00 to $50.00 in a research report on Wednesday, November 6th. StockNews.com upgraded shares of MGP Ingredients from a “sell” rating to a “hold” rating in a research report on Friday, November 1st. 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. Loop Capital set a $75.00 price objective on shares of MGP Ingredients in a research report on Friday, October 18th. Finally, Roth Mkm cut their price target on shares of MGP Ingredients from $69.00 to $65.00 and set a “buy” rating on the stock in a report on Monday, November 4th. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $76.67.

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.