Ingredion (NYSE:INGR) Updates FY24 Earnings Guidance

Ingredion (NYSE:INGR) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share guidance of $10.35-$10.65 for the period, compared to the consensus earnings per share estimate of $10.02. Ingredion also updated its FY 2024 guidance to 10.350-10.650 EPS.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on INGR shares. Barclays upped their price objective on Ingredion from $145.00 to $168.00 and gave the stock an “overweight” rating in a report on Wednesday. Oppenheimer upped their price objective on Ingredion from $147.00 to $178.00 and gave the stock an “outperform” rating in a report on Wednesday. UBS Group upped their price objective on Ingredion from $141.00 to $148.00 and gave the stock a “buy” rating in a report on Thursday, August 15th. BMO Capital Markets upped their price objective on Ingredion from $128.00 to $147.00 and gave the stock a “market perform” rating in a report on Wednesday. Finally, StockNews.com cut Ingredion from a “strong-buy” rating to a “buy” rating in a report on Wednesday, August 7th. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Ingredion currently has a consensus rating of “Moderate Buy” and a consensus price target of $151.00.

Ingredion Stock Down 2.8 %

INGR traded down $4.34 during trading on Wednesday, hitting $150.52. 1,164,704 shares of the company’s stock traded hands, compared to its average volume of 378,714. The company’s 50 day simple moving average is $135.54 and its two-hundred day simple moving average is $124.93. The company has a current ratio of 2.52, a quick ratio of 1.51 and a debt-to-equity ratio of 0.47. Ingredion has a 12-month low of $96.20 and a 12-month high of $155.44. The stock has a market capitalization of $9.79 billion, a price-to-earnings ratio of 15.39, a PEG ratio of 1.21 and a beta of 0.73.

Ingredion (NYSE:INGR) last issued its earnings results on Tuesday, November 5th. The company reported $3.05 EPS for the quarter, beating the consensus estimate of $2.58 by $0.47. Ingredion had a return on equity of 17.18% and a net margin of 8.47%. The business had revenue of $1.87 billion for the quarter, compared to the consensus estimate of $1.94 billion. During the same period last year, the business posted $2.33 EPS. The company’s revenue was down 8.0% compared to the same quarter last year. Analysts predict that Ingredion will post 10.05 earnings per share for the current fiscal year.

Ingredion Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 22nd. Stockholders of record on Tuesday, October 1st were paid a $0.80 dividend. This is an increase from Ingredion’s previous quarterly dividend of $0.78. This represents a $3.20 dividend on an annualized basis and a dividend yield of 2.13%. The ex-dividend date of this dividend was Tuesday, October 1st. Ingredion’s dividend payout ratio (DPR) is 32.72%.

Insider Transactions at Ingredion

In other news, CEO James P. Zallie sold 371 shares of the firm’s stock in a transaction on Thursday, October 10th. The stock was sold at an average price of $133.58, for a total value of $49,558.18. Following the transaction, the chief executive officer now directly owns 52,159 shares in the company, valued at $6,967,399.22. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. In related news, CEO James P. Zallie sold 371 shares of the firm’s stock in a transaction on Thursday, October 10th. The stock was sold at an average price of $133.58, for a total value of $49,558.18. Following the transaction, the chief executive officer now directly owns 52,159 shares of the company’s stock, valued at approximately $6,967,399.22. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO James P. Zallie sold 1,300 shares of the firm’s stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $134.03, for a total value of $174,239.00. Following the completion of the transaction, the chief executive officer now directly owns 52,530 shares in the company, valued at approximately $7,040,595.90. This represents a 0.00 % decrease in their ownership of the stock. 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 ninety days. Insiders own 1.80% of the company’s stock.

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.