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

Ingredion Stock Performance

INGR stock traded up $17.86 during midday trading on Tuesday, hitting $151.90. 645,552 shares of the company traded hands, compared to its average volume of 371,320. The business has a 50 day simple moving average of $134.76 and a 200-day simple moving average of $124.46. The company has a quick ratio of 1.51, a current ratio of 2.52 and a debt-to-equity ratio of 0.47. Ingredion has a twelve month low of $95.07 and a twelve month high of $152.53. The stock has a market capitalization of $9.88 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 (NYSE:INGR) last posted its quarterly earnings data on Tuesday, August 6th. The company reported $2.87 EPS for the quarter, topping analysts’ consensus estimates of $2.53 by $0.34. Ingredion had a return on equity of 17.18% and a net margin of 8.47%. The business had revenue of $1.88 billion for the quarter, compared to analyst estimates of $1.98 billion. During the same period in the previous year, the company posted $2.32 earnings per share. The firm’s revenue for the quarter was down 9.2% on a year-over-year basis. As a group, equities research analysts predict that Ingredion will post 10.05 earnings per share for the current year.

Ingredion Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 22nd. Shareholders of record on Tuesday, October 1st were given a $0.80 dividend. 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%. The ex-dividend date was Tuesday, October 1st. Ingredion’s payout ratio is currently 32.72%.

Analyst Upgrades and Downgrades

INGR has been the topic of several 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 research note on Thursday, August 15th. Oppenheimer boosted their price objective on shares of Ingredion from $138.00 to $147.00 and gave the stock an “outperform” rating in a report on Monday, October 21st. StockNews.com downgraded Ingredion from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, August 7th. Barclays raised Ingredion from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $122.00 to $145.00 in a report on Friday, August 9th. Finally, BMO Capital Markets lifted their price objective on Ingredion from $120.00 to $128.00 and gave the stock a “market perform” rating in a report on Wednesday, August 7th. One equities 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 company has an average rating of “Moderate Buy” and a consensus price target of $138.83.

Insider Buying and Selling

In related news, CEO James P. Zallie sold 1,000 shares of the business’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $134.02, for a total transaction of $134,020.00. Following the completion of the transaction, the chief executive officer now owns 52,530 shares in the company, valued at approximately $7,040,070.60. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO James P. Zallie sold 1,000 shares of Ingredion stock in a transaction dated 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 in the company, valued at $7,040,070.60. 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 this hyperlink. Also, CEO James P. Zallie sold 1,300 shares of the stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $134.03, for a total transaction of $174,239.00. Following the sale, the chief executive officer now directly owns 52,530 shares of the company’s stock, valued at $7,040,595.90. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 25,356 shares of company stock worth $3,400,709 in the last 90 days. Corporate insiders own 1.80% of the company’s stock.

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.