MGP Ingredients, Inc. (NASDAQ:MGPI – Get Rating) declared a quarterly dividend on Thursday, May 5th, Zacks reports. Investors of record on Friday, May 20th will be paid a dividend of 0.12 per share on Friday, June 3rd. This represents a $0.48 dividend on an annualized basis and a yield of 0.49%. The ex-dividend date of this dividend is Thursday, May 19th.
MGP Ingredients has raised its dividend by an average of 14.5% annually over the last three years. MGP Ingredients has a payout ratio of 9.9% indicating that its dividend is sufficiently covered by earnings. Analysts expect MGP Ingredients to earn $4.66 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 10.3%.
Shares of MGP Ingredients stock opened at $98.85 on Wednesday. The stock has a 50 day moving average of $89.98 and a 200 day moving average of $83.38. MGP Ingredients has a 12 month low of $58.40 and a 12 month high of $104.00. The firm has a market cap of $2.17 billion, a PE ratio of 19.46 and a beta of 1.13. The company has a current ratio of 4.68, a quick ratio of 1.61 and a debt-to-equity ratio of 0.34.
MGPI has been the subject of several analyst reports. Zacks Investment Research raised MGP Ingredients from a “hold” rating to a “buy” rating and set a $107.00 price objective for the company in a research note on Tuesday, May 10th. Cowen initiated coverage on MGP Ingredients in a research note on Friday, January 21st. They issued an “outperform” rating and a $99.00 price objective for the company. StockNews.com initiated coverage on MGP Ingredients in a research note on Thursday, March 31st. They issued a “hold” rating for the company. Finally, Lake Street Capital assumed coverage on MGP Ingredients in a research note on Tuesday, February 22nd. They issued a “buy” rating and a $100.00 price objective for the company. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, MGP Ingredients has a consensus rating of “Buy” and a consensus price target of $101.50.
In other MGP Ingredients news, VP David E. Dykstra sold 2,500 shares of the firm’s stock in a transaction on Monday, April 4th. The stock was sold at an average price of $88.73, for a total transaction of $221,825.00. Following the transaction, the vice president now directly owns 15,265 shares in the company, valued at approximately $1,354,463.45. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Stephen J. Glaser sold 1,000 shares of the firm’s stock in a transaction on Monday, May 16th. The stock was sold at an average price of $101.28, for a total value of $101,280.00. Following the transaction, the vice president now owns 20,388 shares in the company, valued at $2,064,896.64. The disclosure for this sale can be found here. Insiders have sold a total of 16,956 shares of company stock valued at $1,504,595 over the last three months. 36.70% of the stock is owned by corporate insiders.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in MGPI. Graham Capital Management L.P. purchased a new position in shares of MGP Ingredients in the 1st quarter valued at $652,000. MetLife Investment Management LLC increased its holdings in shares of MGP Ingredients by 54.9% in the 1st quarter. MetLife Investment Management LLC now owns 7,449 shares of the company’s stock valued at $638,000 after acquiring an additional 2,640 shares during the period. LPL Financial LLC purchased a new position in shares of MGP Ingredients in the 4th quarter valued at $636,000. Hsbc Holdings PLC purchased a new position in shares of MGP Ingredients in the 1st quarter valued at $539,000. Finally, Quantbot Technologies LP increased its holdings in shares of MGP Ingredients by 156.0% in the 1st quarter. Quantbot Technologies LP now owns 4,510 shares of the company’s stock valued at $386,000 after acquiring an additional 2,748 shares during the period. Institutional investors own 77.38% of the company’s stock.
About MGP Ingredients (Get Rating)
MGP Ingredients, Inc, together with its subsidiaries, produces and supplies distilled spirits, branded spirits, and food ingredients. It operates through three segments: Distillery Products; Branded Spirits; and Ingredient Solutions. The Distillery Products segment provides food grade alcohol for beverage applications that include bourbon and rye whiskeys, as well as grain neutral spirits, including vodka and gin; and food-grade industrial alcohol, which is used as an ingredient in foods, personal care products, cleaning solutions, pharmaceuticals, and various other products.
- Get a free copy of the StockNews.com research report on MGP Ingredients (MGPI)
- 3 Small Caps With Big Return Potential
- Take-Two Interactive (NASDAQ: TTWO) Moves Back From The Brink
- The Weber, Inc Growth Story Goes Up In Smoke
- Roku Stock is Repricing and Resetting Itself
- The Institutions Are Capping Gains In Take-Two Interactive
Receive News & Ratings for MGP Ingredients Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for MGP Ingredients and related companies with MarketBeat.com's FREE daily email newsletter.