MGP Ingredients, Inc. (MGPI) To Go Ex-Dividend on March 14th

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% indicating that its dividend is sufficiently covered by earnings. Equities 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 %

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

Wall Street Analyst Weigh In

Several brokerages have issued reports on MGPI. Lake Street Capital upgraded shares of MGP Ingredients from a “hold” rating to a “buy” rating and cut their price objective for the stock from $55.00 to $45.00 in a research report on Thursday. Roth Mkm reduced their price objective on MGP Ingredients from $65.00 to $60.00 and set a “buy” rating on the stock in a research note on Monday, December 23rd. Wells Fargo & Company reduced their price objective on MGP Ingredients from $58.00 to $44.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 7th. TD Cowen lowered MGP Ingredients from a “buy” rating to a “hold” rating and lowered their target price for the stock from $66.00 to $50.00 in a research report on Wednesday, November 6th. Finally, StockNews.com upgraded MGP Ingredients from a “sell” rating to a “hold” rating in a research report on Friday, November 1st. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently 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.