David E. Rindom Sells 7,323 Shares of MGP Ingredients Inc. (MGPI) Stock
MGP Ingredients Inc. (NASDAQ:MGPI) VP David E. Rindom sold 7,323 shares of the company’s stock in a transaction on Friday, September 16th. The stock was sold at an average price of $40.04, for a total transaction of $293,212.92. Following the completion of the transaction, the vice president now owns 24,767 shares of the company’s stock, valued at $991,670.68. The sale was disclosed in a filing with the SEC, which is available at this link.
Shares of MGP Ingredients Inc. (NASDAQ:MGPI) opened at 40.47 on Friday. The stock has a 50 day moving average of $37.65 and a 200-day moving average of $32.57. MGP Ingredients Inc. has a 52-week low of $15.50 and a 52-week high of $44.25. The stock has a market capitalization of $675.73 million, a P/E ratio of 26.43 and a beta of 1.57.
MGP Ingredients (NASDAQ:MGPI) last posted its earnings results on Wednesday, August 3rd. The company reported $0.37 earnings per share for the quarter, missing analysts’ consensus estimates of $0.40 by $0.03. MGP Ingredients had a net margin of 8.34% and a return on equity of 22.26%. The business earned $82.17 million during the quarter, compared to analysts’ expectations of $92.07 million. Analysts predict that MGP Ingredients Inc. will post $1.58 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, September 8th. Investors of record on Monday, August 15th were issued a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.20%. The ex-dividend date was Thursday, August 11th. MGP Ingredients’s dividend payout ratio (DPR) is presently 5.19%.
Several brokerages have commented on MGPI. Zacks Investment Research lowered shares of MGP Ingredients from a “hold” rating to a “strong sell” rating in a report on Tuesday, August 23rd. SunTrust Banks Inc. began coverage on shares of MGP Ingredients in a report on Thursday, June 23rd. They issued a “buy” rating and a $50.00 price objective for the company.
About MGP Ingredients
MGP Ingredients, Inc is a holding company. The Company’s principal operating subsidiaries are MGPI Processing, Inc and MGPI of Indiana, LLC (MGPI-I). The Company produces and supplies distilled spirits, and wheat proteins and starches. The Company’s distilled spirits include bourbon and rye whiskeys, and grain neutral spirits, including vodka and gin.
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