MGP Ingredients Inc (NASDAQ:MGPI) announced a quarterly dividend on Thursday, July 30th, Zacks reports. Stockholders of record on Friday, August 21st will be paid a dividend of 0.12 per share on Friday, September 4th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.32%. The ex-dividend date of this dividend is Thursday, August 20th.
MGP Ingredients has raised its dividend payment by an average of 233.3% per year over the last three years and has raised its dividend every year for the last 4 years. MGP Ingredients has a payout ratio of 21.2% meaning its dividend is sufficiently covered by earnings. Equities analysts expect MGP Ingredients to earn $2.74 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 17.5%.
Shares of MGPI traded down $0.25 during mid-day trading on Friday, reaching $36.25. The company had a trading volume of 400 shares, compared to its average volume of 80,690. The company has a debt-to-equity ratio of 0.42, a quick ratio of 2.41 and a current ratio of 5.86. The firm has a 50-day moving average price of $36.24 and a 200 day moving average price of $34.72. MGP Ingredients has a 52 week low of $21.64 and a 52 week high of $61.73. The company has a market capitalization of $606.03 million, a price-to-earnings ratio of 16.08 and a beta of 1.67.
A number of equities analysts recently weighed in on the stock. BidaskClub upgraded shares of MGP Ingredients from a “sell” rating to a “hold” rating in a report on Friday, July 24th. Zacks Investment Research upgraded shares of MGP Ingredients from a “sell” rating to a “hold” rating in a report on Saturday, July 11th. National Securities assumed coverage on shares of MGP Ingredients in a report on Tuesday, April 14th. They issued a “buy” rating and a $50.00 price objective for the company. SunTrust Banks upgraded shares of MGP Ingredients from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $40.00 to $45.00 in a report on Monday, April 6th. Finally, Berenberg Bank assumed coverage on shares of MGP Ingredients in a report on Thursday, July 16th. They issued a “buy” rating and a $45.00 price objective for the company. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $42.80.
In other MGP Ingredients news, Director Karen Seaberg sold 10,000 shares of the business’s stock in a transaction on Monday, May 4th. The shares were sold at an average price of $38.17, for a total transaction of $381,700.00. Following the completion of the sale, the director now directly owns 3,977 shares in the company, valued at approximately $151,802.09. The sale was disclosed in a document filed with the SEC, which is available through this link. Over the last quarter, insiders have sold 36,995 shares of company stock valued at $1,349,770. Company insiders own 24.06% of the company’s stock.
About MGP Ingredients
MGP Ingredients, Inc, together with its subsidiaries, produces and supplies distilled spirits, and specialty wheat proteins and starch food ingredients. It operates in two segments, Distillery Products and Ingredient Solutions. The Distillery Products segment provides food grade alcohol for beverage applications that include bourbon and rye whiskeys, as well as grain neutral spirits, including vodka and gin; and food grade industrial alcohol, which is used as an ingredient in foods, personal care products, cleaning solutions, pharmaceuticals, and various other products.
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