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

MGP Ingredients, Inc. (NASDAQ:MGPIGet Rating) announced a quarterly dividend on Thursday, May 5th, Zacks reports. Shareholders 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 annualized dividend and a yield of 0.50%. The ex-dividend date is Thursday, May 19th.

MGP Ingredients has increased its dividend payment by an average of 14.5% annually over the last three years. MGP Ingredients has a payout ratio of 10.9% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect MGP Ingredients to earn $4.44 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 10.8%.

Shares of MGPI stock opened at $96.42 on Friday. The firm has a market cap of $2.12 billion, a price-to-earnings ratio of 22.48 and a beta of 1.14. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.36 and a current ratio of 4.13. MGP Ingredients has a 52 week low of $58.40 and a 52 week high of $102.88. The firm’s 50-day simple moving average is $87.38 and its two-hundred day simple moving average is $81.76.

MGP Ingredients (NASDAQ:MGPIGet Rating) last announced its quarterly earnings data on Thursday, May 5th. The company reported $1.69 EPS for the quarter, topping the consensus estimate of $0.96 by $0.73. The business had revenue of $195.24 million for the quarter, compared to analyst estimates of $173.60 million. MGP Ingredients had a net margin of 14.48% and a return on equity of 16.61%. The company’s revenue for the quarter was up 80.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.01 earnings per share. Analysts forecast that MGP Ingredients will post 4.03 earnings per share for the current year.

Several analysts have commented on MGPI shares. Cowen started coverage on shares of MGP Ingredients in a research report on Friday, January 21st. They issued an “outperform” rating and a $99.00 price objective on the stock. StockNews.com assumed coverage on shares of MGP Ingredients in a research note on Thursday, March 31st. They set a “hold” rating on the stock. Lake Street Capital began coverage on shares of MGP Ingredients in a research note on Tuesday, February 22nd. They issued a “buy” rating and a $100.00 price objective for the company. Finally, Zacks Investment Research raised shares of MGP Ingredients from a “sell” rating to a “hold” rating in a report on Wednesday, April 27th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $96.25.

In related news, Director Karen Seaberg sold 385 shares of the stock in a transaction dated Wednesday, March 2nd. The stock was sold at an average price of $82.87, for a total transaction of $31,904.95. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP David E. Dykstra sold 2,500 shares of the stock in a transaction dated Monday, May 2nd. The stock was sold at an average price of $90.72, for a total value of $226,800.00. Following the sale, the vice president now directly owns 17,236 shares in the company, valued at approximately $1,563,649.92. The disclosure for this sale can be found here. Insiders have sold a total of 18,956 shares of company stock worth $1,633,835 in the last three months. 36.00% of the stock is currently owned by insiders.

Several large investors have recently added to or reduced their stakes in the business. Barclays PLC raised its holdings in shares of MGP Ingredients by 71.9% in the 4th quarter. Barclays PLC now owns 18,357 shares of the company’s stock valued at $1,560,000 after acquiring an additional 7,681 shares in the last quarter. V Wealth Advisors LLC purchased a new stake in shares of MGP Ingredients in the 4th quarter valued at about $374,000. Goldman Sachs Group Inc. raised its holdings in shares of MGP Ingredients by 24.4% in the 4th quarter. Goldman Sachs Group Inc. now owns 28,636 shares of the company’s stock valued at $2,434,000 after acquiring an additional 5,625 shares in the last quarter. Deutsche Bank AG raised its holdings in shares of MGP Ingredients by 191.1% in the 4th quarter. Deutsche Bank AG now owns 26,654 shares of the company’s stock valued at $2,266,000 after acquiring an additional 17,498 shares in the last quarter. Finally, California State Teachers Retirement System raised its holdings in shares of MGP Ingredients by 1.9% in the 4th quarter. California State Teachers Retirement System now owns 18,805 shares of the company’s stock valued at $1,598,000 after acquiring an additional 343 shares in the last quarter. 77.38% of the stock is currently owned by hedge funds and other institutional investors.

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.

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Dividend History for MGP Ingredients (NASDAQ:MGPI)

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