Ingredion (NYSE:INGR) Issues Earnings Results

Ingredion (NYSE:INGR) released its quarterly earnings data on Tuesday. The company reported $3.05 earnings per share for the quarter, topping analysts’ consensus estimates of $2.58 by $0.47, Briefing.com reports. The company 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 firm’s revenue for the quarter was down 8.0% on a year-over-year basis. During the same quarter last year, the company 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 %

Shares of INGR traded down $4.34 during trading on Wednesday, reaching $150.52. The company’s stock had a trading volume of 1,164,875 shares, compared to its average volume of 378,706. The company has a fifty day moving average of $135.21 and a two-hundred day moving average of $124.75. Ingredion has a twelve month low of $96.20 and a twelve month high of $155.44. The company has a market cap of $9.79 billion, a price-to-earnings ratio of 15.69, a P/E/G ratio of 1.21 and a beta of 0.73. The company has a quick ratio of 1.51, a current ratio of 2.52 and a debt-to-equity ratio of 0.47.

Ingredion Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 22nd. Shareholders of record on Tuesday, October 1st were given a $0.80 dividend. This represents a $3.20 dividend on an annualized basis and a dividend yield of 2.13%. This is a positive change from Ingredion’s previous quarterly dividend of $0.78. The ex-dividend date was Tuesday, October 1st. Ingredion’s dividend payout ratio is presently 32.72%.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on INGR shares. UBS Group lifted their price target on Ingredion from $141.00 to $148.00 and gave the stock a “buy” rating in a research note on Thursday, August 15th. BMO Capital Markets boosted their target price on Ingredion from $128.00 to $147.00 and gave the stock a “market perform” rating in a report on Wednesday. Oppenheimer boosted their target price on Ingredion from $147.00 to $178.00 and gave the stock an “outperform” rating in a report on Wednesday. StockNews.com cut Ingredion from a “strong-buy” rating to a “buy” rating in a report on Wednesday, August 7th. Finally, Barclays boosted their target price on Ingredion from $145.00 to $168.00 and gave the stock an “overweight” rating in a report on Wednesday. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, Ingredion has an average rating of “Moderate Buy” and an average price target of $151.00.

Insider Activity at Ingredion

In related news, CEO James P. Zallie sold 1,300 shares of the company’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 sale, the chief executive officer now directly owns 52,530 shares of the company’s stock, valued at approximately $7,040,595.90. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, CEO James P. Zallie sold 22,550 shares of Ingredion stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $134.14, for a total transaction of $3,024,857.00. Following the sale, the chief executive officer now owns 52,530 shares of the company’s stock, valued at approximately $7,046,374.20. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO James P. Zallie sold 1,300 shares of Ingredion stock in a transaction that occurred on Wednesday, August 28th. The stock was sold at an average price of $134.03, for a total value of $174,239.00. Following the sale, the chief executive officer now directly owns 52,530 shares in the company, valued at $7,040,595.90. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 25,356 shares of company stock valued at $3,400,709. Corporate insiders own 1.80% of the company’s stock.

Ingredion Company Profile

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.