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

MGP Ingredients, Inc. (NASDAQ:MGPIGet 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.

MGP Ingredients (NASDAQ:MGPIGet Rating) last announced its quarterly earnings results on Thursday, May 5th. The company reported $1.69 EPS for the quarter, beating analysts’ consensus estimates of $0.96 by $0.73. The company had revenue of $195.24 million during the quarter, compared to analyst estimates of $173.60 million. MGP Ingredients had a return on equity of 17.20% and a net margin of 15.82%. The firm’s revenue was up 80.2% on a year-over-year basis. During the same period in the prior year, the company earned $1.01 earnings per share. As a group, equities research analysts forecast that MGP Ingredients will post 4.33 earnings per share for the current fiscal year.

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.

See Also

Dividend History for MGP Ingredients (NASDAQ:MGPI)

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