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

MGP Ingredients, Inc. (NASDAQ:MGPI) announced a quarterly dividend on Thursday, August 1st, Zacks reports. Investors of record on Friday, August 16th will be given a dividend of 0.12 per share on Friday, August 30th. This represents a $0.48 annualized dividend and a dividend yield of 0.55%. The ex-dividend date is Friday, August 16th.

MGP Ingredients has a payout ratio of 6.9% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect MGP Ingredients to earn $6.82 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 7.0%.

MGP Ingredients Trading Up 1.8 %

Shares of MGPI stock opened at $86.70 on Thursday. MGP Ingredients has a fifty-two week low of $68.86 and a fifty-two week high of $123.28. The company has a 50 day moving average price of $77.26 and a 200 day moving average price of $80.32. The stock has a market capitalization of $1.91 billion, a P/E ratio of 20.02, a price-to-earnings-growth ratio of 1.27 and a beta of 0.59. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.97 and a current ratio of 6.44.

MGP Ingredients (NASDAQ:MGPI) last issued its quarterly earnings results on Thursday, August 1st. The company reported $1.71 EPS for the quarter, beating the consensus estimate of $1.54 by $0.17. MGP Ingredients had a net margin of 12.18% and a return on equity of 14.98%. The company had revenue of $190.80 million during the quarter, compared to analysts’ expectations of $189.06 million. During the same quarter last year, the company posted $1.49 EPS. The firm’s revenue was down 8.7% compared to the same quarter last year. Equities research analysts predict that MGP Ingredients will post 6.18 EPS for the current fiscal year.

Insider Transactions at MGP Ingredients

In other news, Director Lori L.S. Mingus sold 2,430 shares of the business’s stock in a transaction that occurred on Wednesday, May 22nd. The shares were sold at an average price of $78.88, for a total transaction of $191,678.40. Following the completion of the sale, the director now owns 47,287 shares in the company, valued at approximately $3,729,998.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 36.20% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have weighed in on MGPI. Wedbush restated an “outperform” rating and set a $120.00 price target on shares of MGP Ingredients in a report on Monday, April 29th. Roth Mkm restated a “buy” rating and set a $92.00 target price on shares of MGP Ingredients in a research note on Thursday, July 25th. Finally, StockNews.com raised shares of MGP Ingredients from a “sell” rating to a “hold” rating in a report on Monday, August 5th.

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.