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

Several brokerages have recently weighed in on INGR. BMO Capital Markets upped their target price on Ingredion from $120.00 to $128.00 and gave the stock a “market perform” rating in a research note on Wednesday, August 7th. StockNews.com downgraded Ingredion from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, August 7th. Oppenheimer upped their target price on Ingredion from $138.00 to $147.00 and gave the stock an “outperform” rating in a research note on Monday, October 21st. Barclays raised Ingredion from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $122.00 to $145.00 in a research note on Friday, August 9th. Finally, UBS Group increased their price objective on Ingredion from $141.00 to $148.00 and gave the company a “buy” rating in a research note on Thursday, August 15th. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $138.83.

Ingredion Stock Up 14.9 %

Shares of NYSE INGR traded up $19.96 during midday trading on Tuesday, hitting $154.00. 786,687 shares of the company’s stock were exchanged, compared to its average volume of 372,582. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.52 and a quick ratio of 1.51. Ingredion has a twelve month low of $95.07 and a twelve month high of $154.69. The company has a market cap of $10.02 billion, a PE ratio of 15.39, a P/E/G ratio of 1.21 and a beta of 0.73. The firm’s fifty day simple moving average is $134.76 and its 200-day simple moving average is $124.46.

Ingredion (NYSE:INGR) last released its quarterly earnings results on Tuesday, August 6th. The company reported $2.87 EPS for the quarter, topping the consensus estimate of $2.53 by $0.34. The company had revenue of $1.88 billion for the quarter, compared to analyst estimates of $1.98 billion. Ingredion had a return on equity of 17.18% and a net margin of 8.47%. The firm’s revenue was down 9.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.32 earnings per share. Research analysts predict that Ingredion will post 10.05 EPS for the current fiscal year.

Ingredion Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 22nd. Shareholders 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 annualized dividend and a dividend yield of 2.08%. The ex-dividend date of this dividend was Tuesday, October 1st. Ingredion’s dividend payout ratio (DPR) is 32.72%.

Insider Buying and Selling at Ingredion

In related news, CEO James P. Zallie sold 371 shares of Ingredion stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 52,159 shares in the company, valued at $6,967,399.22. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, CEO James P. Zallie sold 1,000 shares of the company’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $134.02, for a total value of $134,020.00. Following the completion of the transaction, the chief executive officer now directly owns 52,530 shares in the company, valued at approximately $7,040,070.60. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO James P. Zallie sold 371 shares of the company’s stock in a transaction on Thursday, October 10th. The shares were sold at an average price of $133.58, for a total value of $49,558.18. Following the completion of the transaction, the chief executive officer now owns 52,159 shares of the company’s stock, valued at $6,967,399.22. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 25,356 shares of company stock worth $3,400,709. 1.80% of the stock is currently owned by 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.