MGP Ingredients, Inc. (MGPI) to Issue Quarterly Dividend of $0.12 on November 29th

MGP Ingredients, Inc. (NASDAQ:MGPI) announced a quarterly dividend on Thursday, October 31st,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 dividend on an annualized basis and a yield of 0.94%. The ex-dividend date of this dividend is Friday, November 15th.

MGP Ingredients has a payout ratio of 12.6% meaning its dividend is sufficiently covered by earnings. Research analysts expect MGP Ingredients to earn $4.01 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 12.0%.

MGP Ingredients Trading Down 1.6 %

Shares of MGP Ingredients stock opened at $50.81 on Wednesday. MGP Ingredients has a fifty-two week low of $45.44 and a fifty-two week high of $102.42. The firm has a market cap of $1.12 billion, a PE ratio of 10.56, a P/E/G ratio of 0.84 and a beta of 0.66. The business’s fifty day moving average is $72.03 and its two-hundred day moving average is $76.91. 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 (NASDAQ:MGPI) last issued its quarterly earnings results on Thursday, October 31st. The company reported $1.29 earnings per share for the quarter, topping analysts’ consensus estimates of $1.27 by $0.02. MGP Ingredients had a return on equity of 14.39% and a net margin of 14.44%. The company had revenue of $161.50 million for the quarter, compared to analyst estimates of $161.55 million. During the same quarter in the prior year, the company posted $1.34 EPS. The business’s revenue for the quarter was down 23.7% compared to the same quarter last year. Analysts anticipate that MGP Ingredients will post 5.57 earnings per share for the current year.

Analysts Set New Price Targets

Several research analysts have commented on MGPI shares. Roth Mkm cut their price objective on MGP Ingredients from $69.00 to $65.00 and set a “buy” rating on the stock in a research report on Monday, November 4th. Loop Capital set a $75.00 price objective on MGP Ingredients in a research report on Friday, October 18th. Truist Financial cut their price objective on MGP Ingredients from $85.00 to $75.00 and set a “buy” rating on the stock in a research report on Friday, November 1st. TD Cowen lowered 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. Finally, StockNews.com raised MGP Ingredients from a “sell” rating to a “hold” rating in a research report on Friday, November 1st. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $76.67.

Insider Activity

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

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.