Ingredion (NYSE:INGR) Announces Earnings Results, Beats Expectations By $0.47 EPS

Ingredion (NYSE:INGRGet Free Report) issued its quarterly earnings results on Tuesday. The company reported $3.05 EPS for the quarter, beating analysts’ consensus estimates of $2.58 by $0.47, Briefing.com reports. The business had revenue of $1.87 billion for the quarter, compared to analysts’ expectations of $1.94 billion. Ingredion had a net margin of 8.47% and a return on equity of 17.18%. The business’s quarterly revenue was down 8.0% on a year-over-year basis. During the same period last year, the business earned $2.33 earnings per share. Ingredion updated its FY 2024 guidance to 10.350-10.650 EPS and its FY24 guidance to $10.35-$10.65 EPS.

Ingredion Stock Down 2.8 %

INGR traded down $4.34 on Wednesday, hitting $150.52. The company had a trading volume of 1,165,675 shares, compared to its average volume of 378,710. Ingredion has a 52-week low of $96.20 and a 52-week high of $155.44. The stock has a fifty day simple moving average of $135.21 and a 200-day simple moving average of $124.75. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.52 and a quick ratio of 1.51. The firm has a market capitalization of $9.79 billion, a P/E ratio of 15.69, a P/E/G ratio of 1.21 and a beta of 0.73.

Ingredion Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 22nd. Investors of record on Tuesday, October 1st were given a dividend of $0.80 per share. The ex-dividend date of this dividend was Tuesday, October 1st. This represents a $3.20 annualized dividend and a dividend yield of 2.13%. This is a boost from Ingredion’s previous quarterly dividend of $0.78. Ingredion’s payout ratio is currently 32.72%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the stock. UBS Group lifted their target price on shares of Ingredion from $141.00 to $148.00 and gave the stock a “buy” rating in a research report on Thursday, August 15th. Oppenheimer increased their target price on Ingredion from $147.00 to $178.00 and gave the company an “outperform” rating in a report on Wednesday. StockNews.com cut Ingredion from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, August 7th. Barclays increased their price objective on Ingredion from $145.00 to $168.00 and gave the company an “overweight” rating in a research note on Wednesday. Finally, BMO Capital Markets upped their price target on shares of Ingredion from $128.00 to $147.00 and gave the company a “market perform” rating in a report on Wednesday. One analyst has rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $151.00.

Check Out Our Latest Stock Analysis on INGR

Insider Transactions at Ingredion

In related news, CEO James P. Zallie sold 371 shares of the company’s stock in a transaction on Thursday, October 10th. The stock was sold at an average price of $133.58, for a total value of $49,558.18. Following the sale, the chief executive officer now directly owns 52,159 shares of the company’s stock, valued at $6,967,399.22. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Ingredion news, CEO James P. Zallie sold 371 shares of the firm’s stock in a transaction that occurred on Thursday, October 10th. The shares were sold at an average price of $133.58, for a total transaction of $49,558.18. Following the completion of the transaction, the chief executive officer now owns 52,159 shares of the company’s stock, valued at approximately $6,967,399.22. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO James P. Zallie sold 1,300 shares of the business’s stock in a transaction that occurred on Wednesday, August 28th. The stock was sold at an average price of $134.03, for a total transaction of $174,239.00. Following the completion of the transaction, the chief executive officer now owns 52,530 shares of the company’s stock, valued at approximately $7,040,595.90. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 25,356 shares of company stock valued at $3,400,709. Corporate insiders own 1.80% of the company’s stock.

About Ingredion

(Get Free Report)

Ingredion Incorporated, together with its subsidiaries, manufactures and sells sweeteners, starches, nutrition ingredients, and biomaterial solutions derived from wet milling and processing corn, and other starch-based materials to a range of industries in North America, South America, the Asia Pacific, Europe, the Middle East, and Africa.

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Earnings History for Ingredion (NYSE:INGR)

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