MGP Ingredients, Inc. (NASDAQ:MGPI) to Issue $0.12 Quarterly Dividend

MGP Ingredients, Inc. (NASDAQ:MGPI) declared a quarterly dividend on Wednesday, November 13th,Zacks Dividends reports. Shareholders 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 yield of 0.95%. The ex-dividend date is Friday, November 15th.

MGP Ingredients has a payout ratio of 12.6% indicating that its dividend is sufficiently covered by earnings. 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 Stock Down 0.5 %

Shares of MGP Ingredients stock opened at $50.54 on Thursday. The stock 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 50-day moving average is $71.29 and its two-hundred day moving average is $76.73. MGP Ingredients has a 1 year low of $45.44 and a 1 year high of $102.42. The company has a debt-to-equity ratio of 0.31, a current ratio of 6.46 and a quick ratio of 1.94.

MGP Ingredients (NASDAQ:MGPI) last released its quarterly earnings results on Thursday, October 31st. The company reported $1.29 EPS for the quarter, beating the consensus estimate of $1.27 by $0.02. The business had revenue of $161.50 million during the quarter, compared to analyst estimates of $161.55 million. MGP Ingredients had a net margin of 14.44% and a return on equity of 14.39%. The company’s quarterly revenue was down 23.7% on a year-over-year basis. During the same period in the prior year, the firm posted $1.34 earnings per share. As a group, research analysts expect that MGP Ingredients will post 5.57 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. TD Cowen lowered shares of 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 report on Wednesday, November 6th. Truist Financial decreased their price target on shares of MGP Ingredients from $85.00 to $75.00 and set a “buy” rating for the company in a research report on Friday, November 1st. Roth Mkm decreased their price target on shares of MGP Ingredients from $69.00 to $65.00 and set a “buy” rating for the company in a research report on Monday, November 4th. Lake Street Capital lowered shares of MGP Ingredients from a “buy” rating to a “hold” rating and decreased their price objective for the company from $135.00 to $75.00 in a research report on Friday, October 18th. Finally, Loop Capital set a $75.00 price objective on shares of MGP Ingredients in a research report on Friday, October 18th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $76.67.

Insider Activity at MGP Ingredients

In related news, Director Karen Seaberg sold 1,109 shares of the stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $90.14, for a total value of $99,965.26. Following the completion of the transaction, the director now directly owns 134,969 shares of the company’s stock, valued at $12,166,105.66. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 36.20% of the stock is currently owned by 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.