Ingredion (NYSE:INGR) Updates FY24 Earnings Guidance

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

Analyst Ratings Changes

INGR has been the topic of several research analyst reports. Oppenheimer lifted their price target on shares of Ingredion from $147.00 to $178.00 and gave the stock an “outperform” rating in a research note on Wednesday. UBS Group upped their target price on Ingredion from $141.00 to $148.00 and gave the company a “buy” rating in a research report on Thursday, August 15th. StockNews.com downgraded 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 report on Wednesday. Finally, BMO Capital Markets lifted their target price on shares of Ingredion from $128.00 to $147.00 and gave the company a “market perform” rating in a report on Wednesday. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $151.00.

Ingredion Stock Performance

Shares of Ingredion stock traded down $0.28 during trading hours on Friday, hitting $149.72. 30,819 shares of the company were exchanged, compared to its average volume of 378,536. The company has a current ratio of 2.52, a quick ratio of 1.51 and a debt-to-equity ratio of 0.47. The stock has a market capitalization of $9.74 billion, a price-to-earnings ratio of 15.34, a P/E/G ratio of 1.21 and a beta of 0.73. The business has a 50-day moving average of $135.87 and a 200-day moving average of $125.11. Ingredion has a 1 year low of $100.53 and a 1 year high of $155.44.

Ingredion (NYSE:INGR) last issued its earnings results on Tuesday, November 5th. The company reported $3.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.58 by $0.47. Ingredion had a return on equity of 17.18% and a net margin of 8.47%. The business had revenue of $1.87 billion during the quarter, compared to the consensus estimate of $1.94 billion. During the same period in the prior year, the business posted $2.33 EPS. The company’s revenue for the quarter was down 8.0% on a year-over-year basis. As a group, analysts expect that Ingredion will post 10.05 EPS for the current fiscal year.

Ingredion Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 22nd. Stockholders of record on Tuesday, October 1st were paid a dividend of $0.80 per share. This is a positive change from Ingredion’s previous quarterly dividend of $0.78. The ex-dividend date of this dividend was Tuesday, October 1st. This represents a $3.20 annualized dividend and a dividend yield of 2.14%. Ingredion’s payout ratio is 32.72%.

Insider Buying and Selling

In other news, CEO James P. Zallie sold 1,300 shares of the firm’s stock in a transaction 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 completion of the transaction, the chief executive officer now owns 52,530 shares in the company, valued at $7,040,595.90. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Ingredion news, CEO James P. Zallie sold 1,000 shares of the stock in a transaction on Monday, August 26th. The stock was sold at an average price of $134.02, for a total transaction of $134,020.00. Following the transaction, the chief executive officer now owns 52,530 shares of the company’s stock, valued at $7,040,070.60. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CEO James P. Zallie sold 1,300 shares of the stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $134.03, for a total value of $174,239.00. Following the transaction, the chief executive officer now owns 52,530 shares in the company, valued at $7,040,595.90. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 30,056 shares of company stock valued at $4,121,736. 1.80% of the stock is owned by 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.