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

MGP Ingredients, Inc. (NASDAQ:MGPI) declared a quarterly dividend on Wednesday, February 26th, RTT News reports. Investors of record on Friday, March 14th will be given 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 1.49%.

MGP Ingredients has a dividend payout ratio of 11.1% indicating that its dividend is sufficiently covered by earnings. Equities 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

MGPI stock opened at $32.22 on Thursday. MGP Ingredients has a 12 month low of $31.31 and a 12 month high of $92.52. The company has a current ratio of 6.46, a quick ratio of 1.94 and a debt-to-equity ratio of 0.31. The company has a 50-day moving average price of $35.85 and a 200 day moving average price of $56.63. The stock has a market cap of $707.33 million, a PE ratio of 6.70 and a beta of 0.62.

Analyst Upgrades and Downgrades

Several research firms have issued reports on MGPI. Truist Financial lowered their price objective on shares of MGP Ingredients from $85.00 to $75.00 and set a “buy” rating for the company in a research report on Friday, November 1st. StockNews.com upgraded shares of MGP Ingredients from a “sell” rating to a “hold” rating in a research note on Friday, November 1st. Roth Mkm reduced their price objective on shares of MGP Ingredients from $65.00 to $60.00 and set a “buy” rating for the company in a research note on Monday, December 23rd. Wells Fargo & Company decreased 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. Finally, TD Cowen lowered shares of MGP Ingredients from a “buy” rating to a “hold” rating and cut their price objective for the stock from $66.00 to $50.00 in a research note on Wednesday, November 6th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $71.29.

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.