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

MGP Ingredients, Inc. (NASDAQ:MGPIGet Free Report) announced a quarterly dividend on Thursday, May 2nd, Zacks reports. Stockholders of record on Friday, May 17th will be paid a dividend of 0.12 per share on Friday, May 31st. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.58%. The ex-dividend date of this dividend is Thursday, May 16th.

MGP Ingredients has a payout ratio of 7.0% meaning its dividend is sufficiently covered by earnings. Equities analysts expect MGP Ingredients to earn $6.80 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 7.1%.

MGP Ingredients Price Performance

Shares of MGPI stock traded down $0.07 during trading on Wednesday, hitting $82.40. The company had a trading volume of 8,356 shares, compared to its average volume of 202,367. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.97 and a current ratio of 6.32. MGP Ingredients has a one year low of $75.78 and a one year high of $124.96. The firm has a market capitalization of $1.81 billion, a P/E ratio of 19.05, a price-to-earnings-growth ratio of 1.21 and a beta of 0.75. The stock’s 50-day moving average price is $81.79 and its 200 day moving average price is $87.88.

MGP Ingredients (NASDAQ:MGPIGet Free Report) last released its earnings results on Thursday, May 2nd. The company reported $1.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.00 by $0.07. The firm had revenue of $170.56 million for the quarter, compared to analysts’ expectations of $170.31 million. MGP Ingredients had a return on equity of 14.78% and a net margin of 11.91%. The business’s revenue for the quarter was down 15.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.39 earnings per share. Equities analysts expect that MGP Ingredients will post 6.19 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

MGPI has been the topic of several research reports. Wedbush restated an “outperform” rating and set a $120.00 price objective on shares of MGP Ingredients in a report on Monday, April 29th. Roth Mkm reduced their price objective on shares of MGP Ingredients from $95.00 to $92.00 and set a “buy” rating for the company in a research note on Friday, May 3rd. Finally, StockNews.com lowered shares of MGP Ingredients from a “hold” rating to a “sell” rating in a report on Friday, April 26th.

Read Our Latest Report on MGPI

Insider Buying and Selling

In other MGP Ingredients news, Director Donn S. Lux sold 22,000 shares of the business’s stock in a transaction that occurred on Monday, May 13th. The shares were sold at an average price of $82.50, for a total transaction of $1,815,000.00. Following the sale, the director now owns 2,673,264 shares of the company’s stock, valued at approximately $220,544,280. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, VP Erika Lapish purchased 500 shares of the business’s stock in a transaction that occurred on Monday, February 26th. The stock was bought at an average price of $77.86 per share, with a total value of $38,930.00. Following the acquisition, the vice president now owns 550 shares in the company, valued at $42,823. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Donn S. Lux sold 22,000 shares of the stock in a transaction on Monday, May 13th. The shares were sold at an average price of $82.50, for a total transaction of $1,815,000.00. Following the transaction, the director now directly owns 2,673,264 shares in the company, valued at $220,544,280. The disclosure for this sale can be found here. Insiders sold a total of 32,113 shares of company stock valued at $2,655,170 over the last three months. 36.20% of the stock is owned by company insiders.

About MGP Ingredients

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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.

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Dividend History for MGP Ingredients (NASDAQ:MGPI)

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