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

MGP Ingredients, Inc. (NASDAQ:MGPI) declared a quarterly dividend on Wednesday, February 26th, RTT News reports. Investors of record on Friday, March 14th will be paid a dividend of 0.12 per share on Friday, March 28th. This represents a $0.48 dividend on an annualized basis and a yield of 1.44%. The ex-dividend date of this dividend is Friday, March 14th.

MGP Ingredients has a dividend payout ratio of 11.1% meaning its dividend is sufficiently covered by earnings. 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 Stock Up 3.2 %

Shares of MGP Ingredients stock opened at $33.26 on Friday. The company has a market cap of $730.16 million, a price-to-earnings ratio of 6.91 and a beta of 0.62. The company has a quick ratio of 1.94, a current ratio of 6.46 and a debt-to-equity ratio of 0.31. MGP Ingredients has a twelve month low of $31.31 and a twelve month high of $92.52. The company’s 50 day moving average is $35.67 and its 200 day moving average is $56.47.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. TD Cowen cut shares of MGP Ingredients from a “buy” rating to a “hold” rating and cut their target price for the company from $66.00 to $50.00 in a research note on Wednesday, November 6th. Roth Mkm dropped their price target on shares of MGP Ingredients from $65.00 to $60.00 and set a “buy” rating for the company in a research note on Monday, December 23rd. Truist Financial reduced their target price on MGP Ingredients from $85.00 to $75.00 and set a “buy” rating on the stock in a research note on Friday, November 1st. StockNews.com upgraded MGP Ingredients from a “sell” rating to a “hold” rating in a report on Friday, November 1st. Finally, Lake Street Capital upgraded shares of 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 report on Thursday. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, MGP Ingredients has an average rating of “Moderate Buy” and an average price target of $67.00.

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.