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

MGP Ingredients, Inc. (NASDAQ:MGPI) declared a quarterly dividend on Wednesday, February 26th, RTT News reports. Shareholders of record on Friday, March 14th will be given a dividend of 0.12 per share on Friday, March 28th. This represents a $0.48 annualized dividend and a yield of 1.49%.

MGP Ingredients has a payout ratio of 11.1% indicating that its dividend is sufficiently covered by earnings. Research 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 Performance

NASDAQ:MGPI opened at $32.22 on Thursday. The company’s 50-day moving average price is $35.85 and its 200-day moving average price is $56.63. The company has a current ratio of 6.46, a quick ratio of 1.94 and a debt-to-equity ratio of 0.31. The company has a market cap of $707.33 million, a P/E ratio of 6.70 and a beta of 0.62. MGP Ingredients has a twelve month low of $31.31 and a twelve month high of $92.52.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on MGPI. StockNews.com raised shares of MGP Ingredients from a “sell” rating to a “hold” rating in a research note on Friday, November 1st. Roth Mkm dropped their price objective on shares of MGP Ingredients from $65.00 to $60.00 and set a “buy” rating for the company in a report on Monday, December 23rd. TD Cowen downgraded shares of MGP Ingredients from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $66.00 to $50.00 in a research report on Wednesday, November 6th. Wells Fargo & Company reduced their price target on shares of MGP Ingredients from $58.00 to $44.00 and set an “overweight” rating for the company in a research report on Tuesday, January 7th. Finally, Truist Financial reduced their price target on shares of MGP Ingredients from $85.00 to $75.00 and set a “buy” rating for the company in a research report on Friday, November 1st. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $71.29.

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.