Ingredion (NYSE:INGR) Releases FY 2024 Earnings Guidance

Ingredion (NYSE:INGR) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided EPS guidance of 9.200-9.850 for the period, compared to the consensus EPS estimate of 9.660. The company issued revenue guidance of -. Ingredion also updated its FY24 guidance to $9.20-$9.85 EPS.

Ingredion Price Performance

Shares of INGR stock traded up $1.27 during midday trading on Wednesday, reaching $117.84. 214,197 shares of the company traded hands, compared to its average volume of 377,601. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.92 and a quick ratio of 1.10. Ingredion has a 1-year low of $89.54 and a 1-year high of $118.83. The firm has a market cap of $7.73 billion, a PE ratio of 12.15, a price-to-earnings-growth ratio of 1.08 and a beta of 0.81. The firm’s 50 day simple moving average is $115.24 and its two-hundred day simple moving average is $109.31.

Ingredion (NYSE:INGR) last issued its quarterly earnings results on Tuesday, February 6th. The company reported $1.97 earnings per share for the quarter, beating the consensus estimate of $1.87 by $0.10. Ingredion had a return on equity of 18.57% and a net margin of 7.88%. The company had revenue of $1.92 billion during the quarter, compared to the consensus estimate of $2.07 billion. During the same period in the previous year, the firm posted $1.65 EPS. Ingredion’s revenue was down 3.3% on a year-over-year basis. On average, equities research analysts expect that Ingredion will post 9.62 EPS for the current fiscal year.

Ingredion Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 23rd. Investors of record on Monday, April 1st were given a dividend of $0.78 per share. The ex-dividend date of this dividend was Thursday, March 28th. This represents a $3.12 dividend on an annualized basis and a yield of 2.65%. Ingredion’s dividend payout ratio (DPR) is 32.50%.

Analyst Upgrades and Downgrades

INGR has been the topic of a number of recent analyst reports. StockNews.com upgraded shares of Ingredion from a buy rating to a strong-buy rating in a research note on Friday, March 22nd. Stephens restated an overweight rating and set a $130.00 price target on shares of Ingredion in a research report on Wednesday, February 7th. The Goldman Sachs Group raised shares of Ingredion from a neutral rating to a buy rating and lifted their target price for the stock from $122.00 to $135.00 in a research report on Thursday, February 15th. Finally, Barclays boosted their price objective on shares of Ingredion from $115.00 to $122.00 and gave the company an equal weight rating in a research report on Wednesday, March 6th. Two investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Ingredion currently has a consensus rating of Moderate Buy and a consensus target price of $126.67.

Insider Transactions at Ingredion

In other Ingredion news, SVP Larry Fernandes sold 2,369 shares of the stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $115.08, for a total value of $272,624.52. Following the transaction, the senior vice president now directly owns 28,966 shares of the company’s stock, valued at approximately $3,333,407.28. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, SVP Larry Fernandes sold 2,369 shares of the company’s stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $115.08, for a total transaction of $272,624.52. Following the completion of the sale, the senior vice president now owns 28,966 shares of the company’s stock, valued at $3,333,407.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Davida Marie Gable sold 1,968 shares of the stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $117.38, for a total transaction of $231,003.84. Following the completion of the transaction, the vice president now directly owns 1,723 shares of the company’s stock, valued at approximately $202,245.74. The disclosure for this sale can be found here. Insiders sold 58,921 shares of company stock valued at $6,903,045 in the last ninety days. 1.80% of the stock is currently owned by corporate 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.