MGP Ingredients, Inc. (MGPI) to Issue Quarterly Dividend of $0.12 on March 28th

MGP Ingredients, Inc. (NASDAQ:MGPI) declared a quarterly dividend on Tuesday, March 11th, RTT News reports. Stockholders of record on Friday, March 14th will be paid a dividend of 0.12 per share on Friday, March 28th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.53%. The ex-dividend date is Friday, March 14th.

MGP Ingredients has a dividend payout ratio of 15.2% indicating that its dividend is sufficiently covered by earnings. 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 Price Performance

NASDAQ MGPI opened at $31.43 on Wednesday. The company has a quick ratio of 1.94, a current ratio of 6.46 and a debt-to-equity ratio of 0.31. The company has a market cap of $668.52 million, a PE ratio of 6.53 and a beta of 0.57. MGP Ingredients has a 52 week low of $31.09 and a 52 week high of $92.52. The firm’s 50-day simple moving average is $34.61 and its two-hundred day simple moving average is $52.98.

Insider Transactions at MGP Ingredients

In other MGP Ingredients news, Director Karen Seaberg purchased 5,348 shares of the firm’s stock in a transaction on Tuesday, March 11th. The shares were purchased at an average cost of $32.59 per share, with a total value of $174,291.32. Following the completion of the purchase, the director now owns 358,899 shares of the company’s stock, valued at $11,696,518.41. The trade was a 1.51 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 36.20% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Lake Street Capital raised shares of MGP Ingredients from a “hold” rating to a “buy” rating and lowered their target price for the company from $55.00 to $45.00 in a report on Thursday, February 27th. Wells Fargo & Company cut their price target on shares of MGP Ingredients from $58.00 to $44.00 and set an “overweight” rating for the company in a report on Tuesday, January 7th. StockNews.com cut shares of MGP Ingredients from a “hold” rating to a “sell” rating in a report on Friday, February 28th. Finally, Roth Mkm dropped their price objective on MGP Ingredients from $65.00 to $60.00 and set a “buy” rating for the company in a research note on Monday, December 23rd. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $67.00.

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.