Ingredion (NYSE:INGR) Releases FY24 Earnings Guidance

Ingredion (NYSE:INGR) updated its FY24 earnings guidance on Tuesday. The company provided EPS guidance of $10.35-$10.65 for the period, compared to the consensus EPS estimate of $10.02. Ingredion also updated its FY 2024 guidance to 10.350-10.650 EPS.

Ingredion Trading Down 0.3 %

Shares of NYSE INGR traded down $0.52 during trading hours on Thursday, hitting $150.00. 677,390 shares of the company traded hands, compared to its average volume of 380,146. The company’s 50 day moving average price is $135.87 and its 200 day moving average price is $125.11. Ingredion has a 12 month low of $100.01 and a 12 month high of $155.44. The stock has a market capitalization of $9.76 billion, a price-to-earnings ratio of 15.34, a price-to-earnings-growth ratio of 1.21 and a beta of 0.73. The company has a current ratio of 2.52, a quick ratio of 1.51 and a debt-to-equity ratio of 0.47.

Ingredion (NYSE:INGR) last posted its quarterly earnings data on Tuesday, November 5th. The company reported $3.05 earnings per share for the quarter, beating analysts’ consensus estimates of $2.58 by $0.47. 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 revenue was down 8.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.33 earnings per share. On average, equities research analysts anticipate that Ingredion will post 10.05 earnings per share for the current fiscal year.

Ingredion Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 22nd. Shareholders of record on Tuesday, October 1st were paid a $0.80 dividend. The ex-dividend date of this dividend was Tuesday, October 1st. This represents a $3.20 annualized dividend and a yield of 2.13%. This is an increase from Ingredion’s previous quarterly dividend of $0.78. Ingredion’s dividend payout ratio (DPR) is presently 32.72%.

Analysts Set New Price Targets

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

Insider Activity at Ingredion

In other Ingredion news, CEO James P. Zallie sold 371 shares of the business’s stock in a transaction dated Thursday, October 10th. The shares were sold at an average price of $133.58, for a total value of $49,558.18. Following the completion of the transaction, the chief executive officer now directly owns 52,159 shares in the company, valued at approximately $6,967,399.22. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Ingredion news, CEO James P. Zallie sold 371 shares of Ingredion stock in a transaction on Thursday, October 10th. The shares were sold at an average price of $133.58, for a total value of $49,558.18. Following the transaction, the chief executive officer now directly owns 52,159 shares of the company’s stock, valued at approximately $6,967,399.22. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Larry Fernandes sold 4,700 shares of the company’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $153.41, for a total value of $721,027.00. Following the transaction, the senior vice president now directly owns 29,034 shares in the company, valued at approximately $4,454,105.94. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 30,056 shares of company stock valued at $4,121,736 over the last quarter. 1.80% of the stock is owned by corporate insiders.

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.