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

MGP Ingredients, Inc. (NASDAQ:MGPI - Get Free Report) declared a quarterly dividend on Thursday, October 31st, Zacks reports. Investors of record on Friday, November 15th will be given a dividend of 0.12 per share on Friday, November 29th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.05%. The ex-dividend date is Friday, November 15th.

MGP Ingredients has a payout ratio of 8.6% meaning its dividend is sufficiently covered by earnings. Research analysts expect MGP Ingredients to earn $5.47 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 8.8%.

MGP Ingredients Stock Down 5.2 %

NASDAQ MGPI traded down $2.52 during trading on Friday, hitting $45.52. The stock had a trading volume of 1,024,131 shares, compared to its average volume of 232,156. MGP Ingredients has a 12 month low of $45.48 and a 12 month high of $102.42. The company has a debt-to-equity ratio of 0.34, a quick ratio of 2.22 and a current ratio of 6.44. The company's 50-day moving average price is $78.66 and its two-hundred day moving average price is $78.64. The company has a market capitalization of $1.00 billion, a PE ratio of 9.46, a P/E/G ratio of 0.92 and a beta of 0.59.

MGP Ingredients (NASDAQ:MGPI - Get Free Report) last announced its quarterly earnings data on Thursday, October 31st. The company reported $1.29 EPS for the quarter, topping analysts' consensus estimates of $1.27 by $0.02. The business had revenue of $161.50 million for the quarter, compared to analyst estimates of $161.55 million. MGP Ingredients had a net margin of 12.18% and a return on equity of 14.98%. The firm's revenue for the quarter was down 23.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.34 earnings per share. As a group, sell-side analysts forecast that MGP Ingredients will post 5.58 EPS for the current year.

Insider Buying and Selling

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

Analyst Ratings Changes

Several equities analysts have recently weighed in on MGPI shares. Truist Financial decreased their price objective on MGP Ingredients from $85.00 to $75.00 and set a "buy" rating for the company in a report on Friday. Roth Mkm decreased their price target on MGP Ingredients from $92.00 to $88.00 and set a "buy" rating for the company in a research note on Friday, October 18th. Loop Capital set a $75.00 target price on shares of MGP Ingredients in a report on Friday, October 18th. Lake Street Capital cut MGP Ingredients from a "buy" rating to a "hold" rating and cut their price objective for the company from $135.00 to $75.00 in a research report on Friday, October 18th. Finally, StockNews.com upgraded MGP Ingredients from a "sell" rating to a "hold" rating in a research note on Friday. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, MGP Ingredients presently has an average rating of "Moderate Buy" and an average target price of $86.60.

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.