MGP Ingredients Inc (NASDAQ:MGPI) Plans Dividend Increase – $0.08 Per Share

MGP Ingredients Inc (NASDAQ:MGPI) announced a quarterly dividend on Friday, February 23rd, Wall Street Journal reports. Investors of record on Friday, March 9th will be paid a dividend of 0.08 per share on Friday, March 23rd. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.36%. The ex-dividend date of this dividend is Thursday, March 8th. This is a positive change from MGP Ingredients’s previous quarterly dividend of $0.04.

Shares of NASDAQ:MGPI traded up $1.50 during midday trading on Thursday, reaching $89.59. 237,434 shares of the company’s stock were exchanged, compared to its average volume of 208,583. The company has a current ratio of 3.24, a quick ratio of 1.00 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $1,448.69, a price-to-earnings ratio of 36.87, a PEG ratio of 2.69 and a beta of 1.09. MGP Ingredients has a fifty-two week low of $47.64 and a fifty-two week high of $90.62.

MGP Ingredients (NASDAQ:MGPI) last issued its quarterly earnings data on Thursday, March 1st. The company reported $0.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.49 by $0.06. The firm had revenue of $88.20 million during the quarter, compared to the consensus estimate of $85.44 million. MGP Ingredients had a return on equity of 18.76% and a net margin of 11.71%. The company’s quarterly revenue was up 8.8% on a year-over-year basis. During the same period last year, the company earned $0.48 EPS. equities research analysts predict that MGP Ingredients will post 2.14 earnings per share for the current fiscal year.

In other news, Director Karen Seaberg sold 4,600 shares of MGP Ingredients stock in a transaction dated Thursday, March 22nd. The stock was sold at an average price of $87.36, for a total value of $401,856.00. Following the completion of the transaction, the director now owns 11,241 shares in the company, valued at approximately $982,013.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Augustus C. Griffin acquired 1,000 shares of the firm’s stock in a transaction dated Tuesday, March 6th. The stock was bought at an average price of $76.33 per share, with a total value of $76,330.00. Following the purchase, the chief executive officer now directly owns 108,084 shares in the company, valued at approximately $8,250,051.72. The disclosure for this purchase can be found here. Insiders have sold a total of 33,770 shares of company stock valued at $2,752,401 over the last 90 days. 23.50% of the stock is currently owned by company insiders.

A number of equities analysts recently commented on MGPI shares. BidaskClub cut MGP Ingredients from a “strong-buy” rating to a “buy” rating in a report on Saturday, December 9th. Sidoti upgraded MGP Ingredients from a “neutral” rating to a “buy” rating in a report on Wednesday, January 31st. Craig Hallum restated a “buy” rating and set a $105.00 target price (up from $90.00) on shares of MGP Ingredients in a report on Monday, January 29th. Zacks Investment Research upgraded MGP Ingredients from a “hold” rating to a “buy” rating and set a $84.00 target price for the company in a report on Thursday, January 18th. Finally, Stifel Nicolaus started coverage on MGP Ingredients in a report on Tuesday, December 5th. They set a “hold” rating and a $73.00 target price for the company. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. MGP Ingredients currently has an average rating of “Buy” and a consensus price target of $87.33.

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MGP Ingredients Company Profile

MGP Ingredients, Inc is a producer and supplier of distilled spirits, and specialty wheat protein and starch food ingredients. The Company’s distilled spirits include bourbon and rye whiskeys, and grain neutral spirits, including vodka and gin. The Company’s segments include distillery products and ingredient solutions.

Dividend History for MGP Ingredients (NASDAQ:MGPI)

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