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

MGP Ingredients, Inc. (NASDAQ:MGPI) announced a quarterly dividend on Thursday, May 2nd, Zacks reports. Stockholders of record on Friday, May 17th will be paid a dividend of 0.12 per share on Friday, May 31st. This represents a $0.48 annualized dividend and a dividend yield of 0.60%. The ex-dividend date is Thursday, May 16th.

MGP Ingredients has a dividend payout ratio of 7.0% indicating that its dividend is sufficiently covered by earnings. Analysts expect MGP Ingredients to earn $6.81 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 Price Performance

MGPI traded down $1.64 during trading on Friday, hitting $80.62. The company’s stock had a trading volume of 157,200 shares, compared to its average volume of 209,377. MGP Ingredients has a 12 month low of $75.78 and a 12 month high of $124.96. The firm’s 50 day moving average price is $81.82 and its two-hundred day moving average price is $88.93. The company has a quick ratio of 1.47, a current ratio of 4.51 and a debt-to-equity ratio of 0.33. The stock has a market capitalization of $1.77 billion, a price-to-earnings ratio of 16.64, a price-to-earnings-growth ratio of 1.15 and a beta of 0.75.

MGP Ingredients (NASDAQ:MGPI) last announced its earnings results on Thursday, May 2nd. The company reported $1.07 earnings per share for the quarter, topping analysts’ consensus estimates of $1.00 by $0.07. The firm had revenue of $170.56 million during the quarter, compared to analyst estimates of $170.31 million. MGP Ingredients had a net margin of 12.72% and a return on equity of 16.03%. The company’s revenue for the quarter was down 15.1% compared to the same quarter last year. During the same period in the prior year, the business earned $1.39 EPS. Sell-side analysts forecast that MGP Ingredients will post 6.18 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, VP Erika Lapish purchased 500 shares of the stock in a transaction that occurred on Monday, February 26th. The stock was bought at an average cost of $77.86 per share, for a total transaction of $38,930.00. Following the completion of the transaction, the vice president now directly owns 550 shares in the company, valued at $42,823. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 36.20% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. StockNews.com downgraded shares of MGP Ingredients from a “hold” rating to a “sell” rating in a research report on Friday, April 26th. Roth Mkm cut their price objective on shares of MGP Ingredients from $95.00 to $92.00 and set a “buy” rating on the stock in a report on Friday. Finally, Wedbush reiterated an “outperform” rating and set a $120.00 target price on shares of MGP Ingredients in a research note on Monday.

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.