Ingredion (NYSE:INGR) Announces Earnings Results, Hits Expectations

Ingredion (NYSE:INGR) issued its quarterly earnings results on Wednesday. The company reported $2.08 earnings per share for the quarter, hitting the consensus estimate of $2.08, Briefing.com reports. Ingredion had a net margin of 7.88% and a return on equity of 18.57%. The company had revenue of $1.88 billion during the quarter, compared to analysts’ expectations of $2.02 billion. During the same period last year, the business earned $2.80 EPS. The business’s quarterly revenue was down 11.9% on a year-over-year basis. Ingredion updated its FY 2024 guidance to 9.200-9.850 EPS and its FY24 guidance to $9.20-$9.85 EPS.

Ingredion Stock Performance

Shares of NYSE:INGR traded up $1.50 during midday trading on Thursday, hitting $119.95. The stock had a trading volume of 439,574 shares, compared to its average volume of 385,110. The company has a market capitalization of $7.87 billion, a PE ratio of 12.32, a P/E/G ratio of 1.08 and a beta of 0.81. The stock has a 50 day moving average price of $115.28 and a two-hundred day moving average price of $109.37. The company has a current ratio of 1.92, a quick ratio of 1.10 and a debt-to-equity ratio of 0.49. Ingredion has a 1 year low of $89.54 and a 1 year high of $120.00.

Ingredion Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 23rd. Investors of record on Monday, April 1st were paid a dividend of $0.78 per share. The ex-dividend date was Thursday, March 28th. This represents a $3.12 annualized dividend and a yield of 2.60%. Ingredion’s dividend payout ratio is currently 32.50%.

Insider Buying and Selling at Ingredion

In other news, VP Davida Marie Gable sold 1,968 shares of the business’s stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $117.38, for a total value of $231,003.84. Following the completion of the transaction, the vice president now owns 1,723 shares of the company’s stock, valued at $202,245.74. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other news, CEO James P. Zallie sold 54,581 shares of Ingredion stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $117.24, for a total value of $6,399,076.44. Following the transaction, the chief executive officer now owns 99,246 shares of the company’s stock, valued at $11,635,601.04. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP Davida Marie Gable sold 1,968 shares of the business’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $117.38, for a total transaction of $231,003.84. Following the completion of the sale, the vice president now owns 1,723 shares in the company, valued at approximately $202,245.74. The disclosure for this sale can be found here. Insiders have sold 58,921 shares of company stock valued at $6,903,045 over the last quarter. Corporate insiders own 1.80% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have commented on INGR shares. The Goldman Sachs Group upgraded Ingredion from a “neutral” rating to a “buy” rating and upped their price target for the company from $122.00 to $135.00 in a research report on Thursday, February 15th. Barclays lifted their price objective on Ingredion from $115.00 to $122.00 and gave the company an “equal weight” rating in a research note on Wednesday, March 6th. StockNews.com upgraded Ingredion from a “buy” rating to a “strong-buy” rating in a research report on Friday, March 22nd. Stephens restated an “overweight” rating and set a $130.00 price target on shares of Ingredion in a report on Wednesday, February 7th. Finally, BMO Capital Markets boosted their price target on Ingredion from $117.00 to $120.00 and gave the stock a “market perform” rating in a research report on Thursday. Two investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $127.17.

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.