MGP Ingredients, Inc. (MGPI) To Go Ex-Dividend on May 16th

MGP Ingredients, Inc. (NASDAQ:MGPI) announced a quarterly dividend on Tuesday, May 13th, RTT News reports. Stockholders of record on Friday, May 16th will be given a dividend of 0.12 per share on Friday, May 30th. This represents a $0.48 annualized dividend and a dividend yield of 1.46%. The ex-dividend date of this dividend is Friday, May 16th.

MGP Ingredients has a payout ratio of 16.4% indicating that its dividend is sufficiently covered by earnings. Research 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 Trading Down 2.0%

Shares of MGP Ingredients stock opened at $32.89 on Wednesday. MGP Ingredients has a 1 year low of $25.12 and a 1 year high of $92.52. The company has a debt-to-equity ratio of 0.31, a current ratio of 6.46 and a quick ratio of 1.94. The business has a 50 day moving average price of $29.70 and a 200 day moving average price of $36.72. The company has a market capitalization of $699.64 million, a P/E ratio of 6.84 and a beta of 0.32.

MGP Ingredients (NASDAQ:MGPI) last issued its quarterly earnings results on Thursday, May 1st. The company reported $0.36 EPS for the quarter, topping analysts’ consensus estimates of $0.31 by $0.05. MGP Ingredients had a net margin of 14.44% and a return on equity of 14.39%. The business had revenue of $121.65 million during the quarter, compared to the consensus estimate of $119.14 million. During the same period in the previous year, the firm posted $1.07 earnings per share. The company’s quarterly revenue was down 28.7% compared to the same quarter last year. Sell-side analysts anticipate that MGP Ingredients will post 5.56 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. Wells Fargo & Company decreased their price target on shares of MGP Ingredients from $40.00 to $37.00 and set an “overweight” rating on the stock in a report on Wednesday, April 2nd. Truist Financial cut their target price on MGP Ingredients from $40.00 to $35.00 and set a “buy” rating on the stock in a research report on Thursday, April 24th. Lake Street Capital raised MGP Ingredients from a “hold” rating to a “buy” rating and lowered their price target for the company from $55.00 to $45.00 in a research report on Thursday, February 27th. Finally, StockNews.com downgraded MGP Ingredients from a “hold” rating to a “sell” rating in a report on Saturday. One analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $50.33.

Insider Activity at MGP Ingredients

In other news, Director Karen Seaberg acquired 5,348 shares of the company’s stock in a transaction dated Tuesday, March 11th. The shares were bought at an average price of $32.59 per share, for a total transaction of $174,291.32. Following the completion of the purchase, the director now directly owns 358,899 shares of the company’s stock, valued at approximately $11,696,518.41. This trade represents a 1.51% increase in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Martin Roper bought 15,000 shares of MGP Ingredients stock in a transaction dated Thursday, May 8th. The shares were purchased at an average cost of $33.10 per share, for a total transaction of $496,500.00. Following the completion of the transaction, the director now owns 18,180 shares of the company’s stock, valued at approximately $601,758. This represents a 471.70% increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 29,417 shares of company stock worth $905,556. 36.20% of the stock is currently owned by corporate insiders.

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.