Ingredion (NYSE:INGR) Updates FY 2024 Earnings Guidance

Ingredion (NYSE:INGR) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided earnings per share guidance of 10.350-10.650 for the period, compared to the consensus earnings per share estimate of 9.970. The company issued revenue guidance of -. Ingredion also updated its FY24 guidance to $10.35-$10.65 EPS.

Ingredion Stock Down 0.3 %

NYSE:INGR traded down $0.52 during mid-day trading on Thursday, hitting $150.00. The stock had a trading volume of 677,390 shares, compared to its average volume of 380,146. The stock has a 50-day simple moving average of $135.87 and a two-hundred day simple moving average of $125.11. The company has a market capitalization of $9.76 billion, a PE ratio of 15.34, a PEG ratio of 1.21 and a beta of 0.73. Ingredion has a twelve month low of $100.01 and a twelve month high of $155.44. 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 released its quarterly earnings data on Tuesday, November 5th. The company reported $3.05 earnings per share for the quarter, topping analysts’ consensus estimates of $2.58 by $0.47. Ingredion had a net margin of 8.47% and a return on equity of 17.18%. The company had revenue of $1.87 billion for the quarter, compared to analysts’ expectations of $1.94 billion. During the same quarter last year, the company earned $2.33 earnings per share. The firm’s revenue for the quarter was down 8.0% on a year-over-year basis. On average, equities research analysts anticipate that Ingredion will post 10.05 EPS for the current year.

Ingredion Increases Dividend

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

Wall Street Analyst Weigh In

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

Insider Buying and Selling at Ingredion

In other Ingredion news, SVP Larry Fernandes sold 4,700 shares of the firm’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 completion of the sale, the senior vice president now owns 29,034 shares of the company’s stock, valued at approximately $4,454,105.94. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Ingredion news, CEO James P. Zallie sold 22,550 shares of Ingredion stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $134.14, for a total value of $3,024,857.00. Following the completion of the sale, the chief executive officer now owns 52,530 shares in the company, valued at $7,046,374.20. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Larry Fernandes sold 4,700 shares of Ingredion stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $153.41, for a total value of $721,027.00. Following the completion of the sale, the senior vice president now owns 29,034 shares of the company’s stock, valued at $4,454,105.94. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 30,056 shares of company stock valued at $4,121,736. 1.80% of the stock is owned by company insiders.

About Ingredion

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.