MGP Ingredients, Inc. (NASDAQ:MGPI) Stock to Pay Quarterly Dividend of $0.12

MGP Ingredients, Inc. (NASDAQ:MGPI) announced a quarterly dividend on Wednesday, October 28th. Stockholders of record on Friday, November 13th will be paid a dividend of $0.12 per share on Friday, November 27th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date of this dividend is Friday, November 13th.

MGP Ingredients has a dividend payout ratio of 17.5% indicating that its dividend is sufficiently covered by earnings. Analysts expect MGP Ingredients to earn $1.94 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 24.7%.

MGP Ingredients Price Performance

MGPI stock opened at $16.73 on Thursday. The stock has a market cap of $358.19 million, a price-to-earnings ratio of -1.49 and a beta of 0.49. MGP Ingredients has a 52-week low of $12.42 and a 52-week high of $26.77. The business has a fifty day moving average of $15.03 and a two-hundred day moving average of $18.40. The company has a quick ratio of 1.65, a current ratio of 6.99 and a debt-to-equity ratio of 0.61.

MGP Ingredients (NASDAQ:MGPI) last posted its earnings results on Wednesday, October 28th. The company reported $0.39 EPS for the quarter, beating analysts’ consensus estimates of $0.32 by $0.07. The company had revenue of $117.91 million for the quarter, compared to analysts’ expectations of $119.70 million. MGP Ingredients had a negative net margin of 48.08% and a positive return on equity of 7.41%. MGP Ingredients’s revenue for the quarter was down 9.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.85 earnings per share. As a group, research analysts anticipate that MGP Ingredients will post 1.65 earnings per share for the current year.

Insider Transactions at MGP Ingredients

In other news, insider Leslie Lux sold 27,731 shares of the stock in a transaction that occurred on Wednesday, September 16th. The stock was sold at an average price of $14.40, for a total transaction of $399,326.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Paul S. Lux sold 33,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 20th. The shares were sold at an average price of $17.76, for a total value of $586,080.00. Following the completion of the sale, the insider directly owned 550,458 shares of the company’s stock, valued at $9,776,134.08. This represents a 5.66% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 31.70% of the stock is owned by company insiders.

Institutional Trading of MGP Ingredients

A number of institutional investors have recently modified their holdings of the business. GAMMA Investing LLC grew its holdings in MGP Ingredients by 334.0% during the third quarter. GAMMA Investing LLC now owns 2,439 shares of the company’s stock worth $32,000 after acquiring an additional 1,877 shares during the period. Versant Capital Management Inc lifted its holdings in MGP Ingredients by 398.6% in the third quarter. Versant Capital Management Inc now owns 6,901 shares of the company’s stock valued at $91,000 after acquiring an additional 5,517 shares during the period. Public Employees Retirement System of Ohio acquired a new stake in MGP Ingredients in the second quarter valued at $111,000. Corient Private Wealth LP acquired a new stake in MGP Ingredients in the second quarter valued at $270,000. Finally, Bank of America Corp DE purchased a new stake in shares of MGP Ingredients during the 2nd quarter worth $1,857,000. 77.11% of the stock is currently owned by hedge funds and other institutional investors.

About MGP Ingredients

MGP Ingredients, Inc (NASDAQ: MGPI) is a producer and marketer of distilled spirits and specialty food and beverage ingredients. The company operates distilleries and processing facilities that manufacture bourbon, rye whiskey, vodka, gin, tequila and other distilled products, as well as grain-based alcohol and related ingredients.

The company serves customers through both its Distilling Solutions and Branded Spirits businesses. Its branded portfolio includes products such as Ezra Brooks, Yellowstone, Daviess County, El Mayor and Everclear, while its distilling operations supply spirits and alcohol to beverage companies and other commercial customers.