Ingredion (NYSE:INGR) Announces Quarterly Earnings Results

Ingredion (NYSE:INGR) posted its earnings results on Wednesday. The company reported $2.08 earnings per share for the quarter, hitting analysts’ consensus estimates of $2.08, Briefing.com reports. The firm had revenue of $1.88 billion for the quarter, compared to the consensus estimate of $2.02 billion. Ingredion had a return on equity of 18.57% and a net margin of 7.88%. The business’s revenue for the quarter was down 11.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.80 EPS. 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

INGR traded up $1.52 during midday trading on Thursday, hitting $119.97. 439,575 shares of the company traded hands, compared to its average volume of 385,110. The company’s 50-day moving average is $115.28 and its 200 day moving average is $109.37. Ingredion has a 52 week low of $89.54 and a 52 week high of $120.00. The firm has a market capitalization of $7.87 billion, a PE ratio of 12.32, a price-to-earnings-growth ratio of 1.08 and a beta of 0.81. The company has a quick ratio of 1.10, a current ratio of 1.92 and a debt-to-equity ratio of 0.49.

Ingredion Dividend Announcement

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

Analyst Upgrades and Downgrades

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

Insider Transactions at Ingredion

In other news, VP Davida Marie Gable sold 1,968 shares of the firm’s stock in a transaction on Friday, March 1st. The stock was sold at an average price of $117.38, for a total value of $231,003.84. Following the transaction, the vice president now directly owns 1,723 shares in the company, valued at approximately $202,245.74. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In related news, CEO James P. Zallie sold 54,581 shares of Ingredion stock in a transaction on Monday, March 4th. The stock was sold at an average price of $117.24, for a total transaction of $6,399,076.44. Following the transaction, the chief executive officer now directly owns 99,246 shares in the company, valued at $11,635,601.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Davida Marie Gable sold 1,968 shares of the company’s stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $117.38, for a total value of $231,003.84. Following the completion of the sale, the vice president now 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 worth $6,903,045 over the last three months. 1.80% of the stock is currently owned by company 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.