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.

Ingredion Price Performance

Ingredion stock traded up $19.96 during mid-day trading on Tuesday, hitting $154.00. 786,687 shares of the company traded hands, compared to its average volume of 372,582. The stock has a market cap of $10.02 billion, a price-to-earnings ratio of 15.39, a price-to-earnings-growth ratio of 1.21 and a beta of 0.73. Ingredion has a one year low of $95.07 and a one year high of $154.69. The stock has a fifty day moving average price of $134.76 and a 200-day moving average price of $124.46. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.51 and a current ratio of 2.52.

Ingredion (NYSE:INGR) last posted its quarterly 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. Ingredion had a net margin of 8.47% and a return on equity of 17.18%. The firm had revenue of $1.88 billion for the quarter, compared to the consensus estimate of $1.98 billion. During the same period last year, the firm posted $2.32 earnings per share. The business’s revenue was down 9.2% compared to the same quarter last year. On average, equities analysts predict that Ingredion will post 10.05 earnings per share for the current fiscal year.

Ingredion Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 22nd. Investors of record on Tuesday, October 1st were issued a $0.80 dividend. The ex-dividend date was Tuesday, October 1st. This represents a $3.20 annualized dividend and a yield of 2.08%. This is a boost from Ingredion’s previous quarterly dividend of $0.78. Ingredion’s payout ratio is 32.72%.

Analyst Ratings Changes

A number of brokerages have recently commented on INGR. BMO Capital Markets boosted their target price on shares of Ingredion from $120.00 to $128.00 and gave the company a “market perform” rating in a report on Wednesday, August 7th. StockNews.com cut shares of Ingredion from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, August 7th. Barclays upgraded shares of Ingredion from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $122.00 to $145.00 in a research note on Friday, August 9th. Oppenheimer upped their price target on shares of Ingredion from $138.00 to $147.00 and gave the stock an “outperform” rating in a research note on Monday, October 21st. Finally, UBS Group upped their price target 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. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Ingredion currently has a consensus rating of “Moderate Buy” and a consensus target price of $138.83.

Insider Activity

In related news, CEO James P. Zallie sold 1,300 shares of the stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $134.03, for a total value of $174,239.00. Following the completion of 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 can be accessed through this link. In other Ingredion news, CEO James P. Zallie sold 1,000 shares of the company’s stock in a transaction that occurred on 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 directly owns 52,530 shares in the company, valued at $7,040,070.60. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, 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 value of $174,239.00. Following the completion of the transaction, the chief executive officer now owns 52,530 shares of the company’s stock, valued at $7,040,595.90. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 25,356 shares of company stock valued at $3,400,709 in the last quarter. 1.80% of the stock is currently owned by 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.