Ingredion Inc (NYSE:INGR) announced a quarterly dividend on Thursday, May 17th, Wall Street Journal reports. Shareholders of record on Monday, July 2nd will be paid a dividend of 0.60 per share on Wednesday, July 25th. This represents a $2.40 annualized dividend and a yield of 2.19%. The ex-dividend date of this dividend is Friday, June 29th.
Ingredion has raised its dividend by an average of 7.7% per year over the last three years and has raised its dividend every year for the last 5 years. Ingredion has a payout ratio of 31.0% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Ingredion to earn $8.92 per share next year, which means the company should continue to be able to cover its $2.40 annual dividend with an expected future payout ratio of 26.9%.
Shares of INGR opened at $109.67 on Friday. The firm has a market cap of $8.26 billion, a price-to-earnings ratio of 14.71, a PEG ratio of 1.30 and a beta of 0.75. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.52 and a quick ratio of 1.59. Ingredion has a twelve month low of $107.77 and a twelve month high of $146.28.
Ingredion (NYSE:INGR) last announced its quarterly earnings results on Thursday, May 3rd. The company reported $1.94 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.89 by $0.05. The business had revenue of $1.47 billion during the quarter, compared to analysts’ expectations of $1.46 billion. Ingredion had a net margin of 8.71% and a return on equity of 19.75%. The firm’s revenue for the quarter was up 1.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.88 EPS. equities research analysts forecast that Ingredion will post 8 EPS for the current fiscal year.
Several equities research analysts have recently commented on INGR shares. ValuEngine cut shares of Ingredion from a “buy” rating to a “hold” rating in a research report on Friday, April 6th. Zacks Investment Research raised shares of Ingredion from a “sell” rating to a “hold” rating in a research report on Wednesday. BMO Capital Markets dropped their target price on shares of Ingredion from $125.00 to $115.00 and set a “market perform” rating for the company in a research report on Friday, May 4th. Stephens cut shares of Ingredion from an “overweight” rating to an “equal weight” rating in a research report on Friday. Finally, Citigroup cut shares of Ingredion from a “buy” rating to a “neutral” rating in a research report on Friday, May 4th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $137.00.
In other news, Chairman Ilene S. Gordon sold 28,141 shares of the firm’s stock in a transaction dated Monday, May 14th. The shares were sold at an average price of $111.33, for a total value of $3,132,937.53. Following the completion of the sale, the chairman now directly owns 252,255 shares of the company’s stock, valued at approximately $28,083,549.15. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 1.80% of the company’s stock.
Ingredion Incorporated, together with its subsidiaries, produces and sells starches and sweeteners for various industries. The company operates through four segments: North America, South America, Asia Pacific and Europe, and Middle East and Africa. It offers sweetener products comprising glucose syrups, high maltose syrups, high fructose corn syrups, caramel colors, dextrose, polyols, maltodextrins, glucose and syrup solids, as well as food-grade and industrial starches, and biomaterials.
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