ATCHISON, Kan. – MGP Ingredients , Inc. (NASDAQ:), a prominent producer of distilled spirits and food ingredient solutions, has declared a quarterly dividend of $0.12 per share on its common stock. The dividend is set to be distributed on May 31, 2024, to shareholders who are on record as of May 17, 2024.

The company, with a history dating back to 1941, is recognized for its extensive portfolio of premium branded and distilled spirits, including bourbon and rye whiskeys, gins, and vodkas. MGP Ingredients operates distilleries in Kentucky and Indiana, along with bottling facilities spread across Missouri, Ohio, and Northern Ireland, positioning it as one of the largest distillers in the United States.

MGP Ingredients also boasts a branded spirits portfolio that encompasses a range of brands, including those from Luxco, a subsidiary known for its award-winning spirits. Luxco’s offerings feature brands like Ezra Brooks, Rebel, and Blood Oath, among others, produced at various distilleries such as Lux Row Distillers and Limestone Branch Distillery.

Aside from spirits, MGP Ingredients’ Ingredient Solutions segment provides specialty proteins and starches derived from plants, catering to a broad spectrum of food products and emphasizing functional, nutritional, and sensory benefits.

The announcement of the dividend reflects the company’s continued commitment to delivering value to its shareholders. This financial decision is based on the company’s performance and strategic initiatives aimed at maintaining its position in the market.

The information for this report is based on a press release statement from MGP Ingredients, Inc.

InvestingPro Insights

MGP Ingredients, Inc. (NASDAQ:MGPI) has recently affirmed its shareholder commitment with the announcement of a quarterly dividend, echoing the company’s stable financial standing and strategic market positioning. Here are some insights based on real-time data from InvestingPro that provide a deeper understanding of the company’s financial health and stock performance:

InvestingPro Data shows that MGP Ingredients has a market capitalization of $1.72 billion and is trading with a P/E ratio of 16.36, which adjusts to a more attractive 13.4 based on the last twelve months as of Q4 2023. The company’s revenue, during the same period, grew by 6.92%, indicating a steady financial trajectory.

Despite analysts anticipating a sales decline in the current year, MGP Ingredients has demonstrated a capacity to cover its interest payments with its cash flows. Moreover, the company’s liquid assets surpass its short-term obligations, showcasing a solid liquidity position.

Notably, MGP Ingredients is trading near its 52-week low, presenting a potential opportunity for investors considering the company’s historical profitability and high return over the last decade. It’s also worth mentioning that the company operates with a moderate level of debt and has been profitable over the last twelve months.

InvestingPro Tips suggest that while there are downward revisions on earnings for the upcoming period, the company is expected to remain profitable this year. For investors seeking a more comprehensive analysis, there are 6 additional InvestingPro Tips available at https://www.investing.com/pro/MGPI, which can be accessed with an additional 10% off a yearly or biyearly Pro and Pro+ subscription using the coupon code PRONEWS24.

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