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MGP Ingredients, Inc. (NASDAQ:MGPI) Plans $0.12 Quarterly Dividend – MarketBeat

Written by Amanda

MGP Ingredients, Inc. (NASDAQ:MGPI) Plans $0.12 Quarterly Dividend  MarketBeat

MGP Ingredients, Inc. (NASDAQ:MGPIGet Rating) declared a quarterly dividend on Thursday, November 3rd, Zacks reports. Investors of record on Friday, November 18th will be paid a dividend of 0.12 per share on Friday, December 2nd. This represents a $0.48 dividend on an annualized basis and a yield of 0.43%. The ex-dividend date is Thursday, November 17th.

MGP Ingredients has raised its dividend payment by an average of 14.5% per year over the last three years. MGP Ingredients has a payout ratio of 9.6% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect MGP Ingredients to earn $5.02 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 9.6%.

MGP Ingredients Stock Performance

Shares of MGPI stock opened at $111.03 on Friday. MGP Ingredients has a 12-month low of $63.67 and a 12-month high of $117.01. The firm has a market capitalization of $2.44 billion, a price-to-earnings ratio of 20.87 and a beta of 0.93. The business has a 50 day simple moving average of $107.41 and a 200 day simple moving average of $102.22. The company has a debt-to-equity ratio of 0.32, a current ratio of 4.53 and a quick ratio of 1.60.

MGP Ingredients (NASDAQ:MGPIGet Rating) last issued its quarterly earnings data on Thursday, August 4th. The company reported $1.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.88 by $0.27. MGP Ingredients had a return on equity of 16.09% and a net margin of 16.12%. The business had revenue of $195.00 million during the quarter, compared to analyst estimates of $173.06 million. During the same period in the prior year, the company posted $1.27 EPS. The business’s revenue for the quarter was up 11.5% compared to the same quarter last year. On average, equities research analysts anticipate that MGP Ingredients will post 4.68 EPS for the current year.

Analyst Ratings Changes

A number of equities analysts recently issued reports on MGPI shares. StockNews.com started coverage on MGP Ingredients in a report on Wednesday, October 12th. They issued a “hold” rating for the company. Wells Fargo & Company started coverage on MGP Ingredients in a research note on Monday, August 15th. They set an “overweight” rating and a $126.00 price target for the company. Finally, Wedbush started coverage on MGP Ingredients in a research note on Monday, October 10th. They set an “outperform” rating and a $125.00 price target for the company. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $110.83.

Insider Buying and Selling at MGP Ingredients

In other news, major shareholder Luxco 2017 Irrevocable Trust D purchased 5,000 shares of the firm’s stock in a transaction on Monday, August 8th. The stock was purchased at an average cost of $110.24 per share, with a total value of $551,200.00. Following the purchase, the insider now owns 1,788,771 shares in the company, valued at approximately $197,194,115.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, major shareholder Luxco 2017 Irrevocable Trust D acquired 5,000 shares of the business’s stock in a transaction dated Monday, August 8th. The stock was bought at an average price of $110.24 per share, for a total transaction of $551,200.00. Following the transaction, the insider now owns 1,788,771 shares of the company’s stock, valued at $197,194,115.04. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Karen Seaberg sold 438 shares of the stock in a transaction on Tuesday, November 1st. The shares were sold at an average price of $108.35, for a total value of $47,457.30. Following the sale, the director now owns 62,731 shares of the company’s stock, valued at approximately $6,796,903.85. The disclosure for this sale can be found here. In the last ninety days, insiders sold 6,655 shares of company stock valued at $723,794. 36.70% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On MGP Ingredients

A number of institutional investors and hedge funds have recently modified their holdings of MGPI. Bank of Montreal Can lifted its holdings in shares of MGP Ingredients by 4.6% in the first quarter. Bank of Montreal Can now owns 3,769 shares of the company’s stock valued at $331,000 after purchasing an additional 165 shares in the last quarter. AQR Capital Management LLC lifted its holdings in shares of MGP Ingredients by 2.3% in the second quarter. AQR Capital Management LLC now owns 7,735 shares of the company’s stock valued at $774,000 after purchasing an additional 175 shares in the last quarter. Captrust Financial Advisors lifted its holdings in shares of MGP Ingredients by 26.3% in the second quarter. Captrust Financial Advisors now owns 1,204 shares of the company’s stock valued at $121,000 after purchasing an additional 251 shares in the last quarter. PNC Financial Services Group Inc. lifted its holdings in shares of MGP Ingredients by 22.2% in the first quarter. PNC Financial Services Group Inc. now owns 1,400 shares of the company’s stock valued at $120,000 after purchasing an additional 254 shares in the last quarter. Finally, Sei Investments Co. lifted its holdings in shares of MGP Ingredients by 1.1% in the first quarter. Sei Investments Co. now owns 31,752 shares of the company’s stock valued at $2,742,000 after purchasing an additional 354 shares in the last quarter. Institutional investors and hedge funds own 79.27% of the company’s stock.

MGP Ingredients Company Profile

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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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About the author

Amanda

Hi there, I am Amanda and I work as an editor at impactinvesting.ai;  if you are interested in my services, please reach me at amanda.impactinvesting.ai

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