ATCHISON, Kan. – MGP Ingredients , Inc. (NASDAQ:MGPI), known for its production of distilled spirits and food ingredient solutions, declared a quarterly dividend of $0.12 per share on common stock today. This dividend is slated for distribution on March 29, 2024, to shareholders who are on record as of March 15, 2024.
The company, with a history dating back to 1941, has established itself as a significant player in the distillation industry in the United States. MGP Ingredients operates distilleries in Kentucky and Indiana, along with bottling facilities in Missouri, Ohio, and Northern Ireland, providing a broad range of services from crafting spirits for small-scale craft brands to fulfilling the needs of multinational brands.
MGP's portfolio is diverse, encompassing bourbon and rye whiskeys, gins, and vodkas. The company's branded spirits are part of the Luxco family, which includes a collection of recognized brands such as Ezra Brooks, Rebel, and Yellowstone Kentucky Straight Bourbon Whiskey. Luxco's spirits have garnered awards and are produced across several distilleries, including Lux Row Distillers in Kentucky and the historic Ross & Squibb Distillery in Indiana.
In addition to spirits, MGP Ingredients also offers specialty proteins and starches through its Ingredient Solutions segment.
This information is based on a press release statement issued by MGP Ingredients.
InvestingPro Insights
MGP Ingredients, Inc. (NASDAQ:MGPI) continues to demonstrate financial resilience and growth potential, as reflected in the latest data from InvestingPro. With a market capitalization of approximately $2.02 billion USD, the company stands strong in the distillation industry. The P/E Ratio, a measure of the company's current share price relative to its per-share earnings, stands at 20.41, indicating investors' confidence in its earnings potential. Adjusted for the last twelve months as of Q3 2023, the P/E Ratio slightly decreases to 17.77, which may suggest an even more attractive valuation for potential investors.
InvestingPro Tips for MGP Ingredients highlight several key strengths. Firstly, the company's cash flows are robust enough to comfortably cover interest payments, suggesting a healthy financial position. Additionally, MGP Ingredients has been operating with a moderate level of debt, which is often a sign of prudent financial management. These factors, combined with the fact that analysts predict the company will be profitable this year and has been profitable over the last twelve months, provide a reassuring signal to investors about the company's stability and growth prospects.
For those interested in further insights and tips, InvestingPro offers additional information on MGPI, including a total of six InvestingPro Tips. To explore these insights and make more informed investment decisions, readers can visit https://www.investing.com/pro/MGPI. Furthermore, by using the coupon code PRONEWS24, readers can enjoy an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking a wealth of financial analysis and market data.
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