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 (EPS) guidance of 10.350-10.650 for the period, compared to the consensus estimate of 9.970. The company issued revenue guidance of -. Ingredion also updated its FY24 guidance to $10.35-$10.65 EPS.

Analyst Upgrades and Downgrades

Several brokerages have commented on INGR. Barclays raised shares of Ingredion from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $122.00 to $145.00 in a research report on Friday, August 9th. BMO Capital Markets raised their price target on Ingredion from $120.00 to $128.00 and gave the company a “market perform” rating in a research note on Wednesday, August 7th. StockNews.com cut Ingredion from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, August 7th. Oppenheimer increased their price objective on Ingredion from $138.00 to $147.00 and gave the company an “outperform” rating in a report on Monday, October 21st. Finally, UBS Group boosted their target price on shares of Ingredion from $141.00 to $148.00 and gave the stock a “buy” rating in a report on Thursday, August 15th. 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.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $138.83.

Ingredion Stock Performance

Ingredion stock traded up $17.86 during mid-day trading on Tuesday, hitting $151.90. 645,552 shares of the company’s stock traded hands, compared to its average volume of 371,320. Ingredion has a fifty-two week low of $95.07 and a fifty-two week high of $152.53. The stock has a market cap of $9.88 billion, a price-to-earnings ratio of 15.39, a P/E/G ratio of 1.21 and a beta of 0.73. The firm has a 50 day simple moving average of $134.76 and a two-hundred day simple moving average of $124.46. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.52 and a quick ratio of 1.51.

Ingredion (NYSE:INGR) last announced its earnings results on Tuesday, August 6th. The company reported $2.87 EPS for the quarter, topping the consensus estimate of $2.53 by $0.34. The business had revenue of $1.88 billion during the quarter, compared to the consensus estimate of $1.98 billion. Ingredion had a net margin of 8.47% and a return on equity of 17.18%. Ingredion’s revenue was down 9.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.32 EPS. On average, research 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. Investors of record on Tuesday, October 1st were paid a $0.80 dividend. The ex-dividend date was Tuesday, October 1st. This is an increase from Ingredion’s previous quarterly dividend of $0.78. This represents a $3.20 annualized dividend and a yield of 2.11%. Ingredion’s payout ratio is 32.72%.

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 sale, the chief executive officer now owns 52,159 shares of the company’s stock, valued at $6,967,399.22. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CEO James P. Zallie sold 1,000 shares of the business’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $134.02, for a total value of $134,020.00. Following the completion of the transaction, the chief executive officer now owns 52,530 shares of the company’s stock, valued at $7,040,070.60. 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 is available through this link. Also, CEO James P. Zallie sold 371 shares of the stock in a transaction dated Thursday, October 10th. The stock was sold at an average price of $133.58, for a total transaction of $49,558.18. Following the sale, the chief executive officer now owns 52,159 shares in the company, valued at $6,967,399.22. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 25,356 shares of company stock worth $3,400,709. Corporate insiders own 1.80% of the company’s stock.

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.