David E. Rindom Sells 7,323 Shares of MGP Ingredients Inc. (MGPI) Stock
MGP Ingredients Inc. (NASDAQ:MGPI) VP David E. Rindom sold 7,323 shares of the firm’s stock in a transaction that occurred on Friday, September 16th. The shares were sold at an average price of $40.04, for a total transaction of $293,212.92. Following the completion of the transaction, the vice president now owns 24,767 shares of the company’s stock, valued at approximately $991,670.68. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink.
MGP Ingredients Inc. (NASDAQ:MGPI) opened at 40.13 on Wednesday. The company has a 50-day moving average of $37.57 and a 200-day moving average of $32.46. The company has a market cap of $670.05 million, a price-to-earnings ratio of 26.21 and a beta of 1.57. MGP Ingredients Inc. has a one year low of $15.00 and a one year high of $44.25.
MGP Ingredients (NASDAQ:MGPI) last posted its earnings results on Wednesday, August 3rd. The company reported $0.37 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.40 by $0.03. The company had revenue of $82.17 million for the quarter, compared to analysts’ expectations of $92.07 million. MGP Ingredients had a net margin of 8.34% and a return on equity of 22.26%. Equities research analysts expect that MGP Ingredients Inc. will post $1.58 EPS for the current fiscal year.
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The business also recently announced a quarterly dividend, which was paid on Thursday, September 8th. Shareholders of record on Monday, August 15th were issued a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a yield of 0.20%. The ex-dividend date of this dividend was Thursday, August 11th. MGP Ingredients’s payout ratio is presently 5.19%.
A number of brokerages recently issued reports on MGPI. Zacks Investment Research upgraded shares of MGP Ingredients from a “hold” rating to a “buy” rating and set a $47.00 price objective for the company in a report on Wednesday, July 27th. SunTrust Banks Inc. began coverage on shares of MGP Ingredients in a report on Thursday, June 23rd. They issued a “buy” rating and a $50.00 price objective for the company. Finally, Craig Hallum began coverage on shares of MGP Ingredients in a report on Wednesday, May 25th. They issued a “buy” rating and a $42.00 price objective for the company.
MGP Ingredients Company Profile
MGP Ingredients, Inc is a holding company. The Company’s principal operating subsidiaries are MGPI Processing, Inc and MGPI of Indiana, LLC (MGPI-I). The Company produces and supplies distilled spirits, and wheat proteins and starches. The Company’s distilled spirits include bourbon and rye whiskeys, and grain neutral spirits, including vodka and gin.
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