MGP Ingredients, Inc. (MGPI) to Issue Quarterly Dividend of $0.12 on August 30th

MGP Ingredients, Inc. (NASDAQ:MGPI) declared a quarterly dividend on Thursday, August 1st, Zacks reports. Stockholders of record on Friday, August 16th will be given a dividend of 0.12 per share on Friday, August 30th. This represents a $0.48 annualized dividend and a dividend yield of 0.56%. The ex-dividend date is Friday, August 16th.

MGP Ingredients has a payout ratio of 6.9% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect MGP Ingredients to earn $6.82 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 Stock Up 3.3 %

Shares of NASDAQ:MGPI opened at $85.14 on Wednesday. MGP Ingredients has a 52 week low of $68.86 and a 52 week high of $124.00. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.97 and a current ratio of 6.44. The company has a market cap of $1.87 billion, a PE ratio of 19.66, a price-to-earnings-growth ratio of 1.27 and a beta of 0.59. The firm has a 50 day simple moving average of $77.00 and a 200 day simple moving average of $80.28.

MGP Ingredients (NASDAQ:MGPI) last released its earnings results on Thursday, August 1st. The company reported $1.71 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.54 by $0.17. MGP Ingredients had a return on equity of 14.98% and a net margin of 12.18%. The company had revenue of $190.80 million during the quarter, compared to analyst estimates of $189.06 million. During the same quarter in the prior year, the company earned $1.49 earnings per share. The company’s revenue for the quarter was down 8.7% on a year-over-year basis. As a group, research analysts expect that MGP Ingredients will post 6.18 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Lori L.S. Mingus sold 2,430 shares of MGP Ingredients stock in a transaction dated Wednesday, May 22nd. The stock was sold at an average price of $78.88, for a total transaction of $191,678.40. Following the completion of the sale, the director now directly owns 47,287 shares in the company, valued at approximately $3,729,998.56. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 36.20% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on MGPI. Wedbush reaffirmed an “outperform” rating and set a $120.00 target price on shares of MGP Ingredients in a research note on Monday, April 29th. Roth Mkm reaffirmed a “buy” rating and set a $92.00 price objective on shares of MGP Ingredients in a research report on Thursday, July 25th. Finally, StockNews.com upgraded shares of MGP Ingredients from a “sell” rating to a “hold” rating in a research report on Monday, August 5th.

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.