Ingredion (NYSE:INGR) Announces Earnings Results, Beats Estimates By $0.47 EPS

Ingredion (NYSE:INGR) released its quarterly earnings results on Tuesday. The company reported $3.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.58 by $0.47, Briefing.com reports. The company had revenue of $1.87 billion during the quarter, compared to the consensus estimate of $1.94 billion. Ingredion had a net margin of 8.47% and a return on equity of 17.18%. Ingredion’s revenue was down 8.0% on a year-over-year basis. During the same period in the prior year, the firm earned $2.33 earnings per share. Ingredion updated its FY 2024 guidance to 10.350-10.650 EPS and its FY24 guidance to $10.35-$10.65 EPS.

Ingredion Price Performance

INGR traded up $0.68 during trading on Thursday, hitting $151.20. 33,338 shares of the company traded hands, compared to its average volume of 377,077. The company has a market cap of $9.84 billion, a PE ratio of 15.39, a P/E/G ratio of 1.21 and a beta of 0.73. The stock’s 50-day simple moving average is $135.54 and its two-hundred day simple moving average is $124.93. Ingredion has a 1 year low of $100.01 and a 1 year high of $155.44. 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 Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 22nd. Investors of record on Tuesday, October 1st were paid a dividend of $0.80 per share. This represents a $3.20 annualized dividend and a yield of 2.12%. This is a boost from Ingredion’s previous quarterly dividend of $0.78. The ex-dividend date of this dividend was Tuesday, October 1st. Ingredion’s dividend payout ratio (DPR) is presently 32.72%.

Wall Street Analysts Forecast Growth

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

Insider Activity at Ingredion

In other Ingredion news, CEO James P. Zallie sold 22,550 shares of Ingredion stock in a transaction on Friday, August 30th. The shares were sold at an average price of $134.14, for a total value of $3,024,857.00. Following the completion of the transaction, the chief executive officer now directly owns 52,530 shares of the company’s stock, valued at $7,046,374.20. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. In other Ingredion news, CEO James P. Zallie sold 1,300 shares of Ingredion stock in a transaction on Wednesday, August 28th. The shares were 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 of the company’s stock, valued at $7,040,595.90. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO James P. Zallie sold 22,550 shares of Ingredion stock in a transaction on Friday, August 30th. The stock was sold at an average price of $134.14, for a total transaction of $3,024,857.00. Following the completion of the transaction, the chief executive officer now directly owns 52,530 shares of the company’s stock, valued at $7,046,374.20. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 25,356 shares of company stock valued at $3,400,709. Corporate insiders own 1.80% of the company’s stock.

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.