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

MGP Ingredients, Inc. (NASDAQ:MGPI) announced a quarterly dividend on Wednesday, February 26th, RTT News reports. Investors 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 1.45%.

MGP Ingredients has a dividend payout ratio of 11.1% indicating that its dividend is sufficiently covered by earnings. Equities 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 Trading Up 1.9 %

Shares of MGPI stock traded up $0.62 on Wednesday, hitting $33.21. The stock had a trading volume of 468,214 shares, compared to its average volume of 378,634. MGP Ingredients has a 1 year low of $31.31 and a 1 year high of $92.52. The firm has a market capitalization of $729.04 million, a P/E ratio of 6.92 and a beta of 0.62. The company has a debt-to-equity ratio of 0.31, a current ratio of 6.46 and a quick ratio of 1.94. The company’s 50 day moving average price is $36.05 and its 200-day moving average price is $56.81.

MGP Ingredients (NASDAQ:MGPI) last released its earnings results on Wednesday, February 26th. The company reported $1.57 EPS for the quarter, topping the consensus estimate of $1.49 by $0.08. MGP Ingredients had a net margin of 14.44% and a return on equity of 14.39%. Analysts anticipate that MGP Ingredients will post 5.56 earnings per share for the current year.

Analysts Set New Price Targets

Several research analysts have recently weighed in on MGPI shares. Roth Mkm dropped their target price on shares of MGP Ingredients from $65.00 to $60.00 and set a “buy” rating on the stock in a research report on Monday, December 23rd. Wells Fargo & Company lowered their price target on MGP Ingredients from $58.00 to $44.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 7th. TD Cowen cut MGP Ingredients from a “buy” rating to a “hold” rating and decreased their price target for the company from $66.00 to $50.00 in a research note on Wednesday, November 6th. Truist Financial cut their price target on shares of MGP Ingredients from $85.00 to $75.00 and set a “buy” rating on the stock in a report on Friday, November 1st. Finally, StockNews.com raised shares of MGP Ingredients from a “sell” rating to a “hold” rating in a report on Friday, November 1st. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $71.29.

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.