Ingredion (NYSE:INGR) Releases FY 2024 Earnings Guidance

Ingredion (NYSE:INGR) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of 10.350-10.650 for the period, compared to the consensus estimate of 9.970. The company issued revenue guidance of -. Ingredion also updated its FY24 guidance to $10.35-$10.65 EPS.

Ingredion Trading Down 0.3 %

Shares of NYSE:INGR traded down $0.52 during trading on Thursday, reaching $150.00. 677,390 shares of the stock were exchanged, compared to its average volume of 380,146. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.51 and a current ratio of 2.52. Ingredion has a 12-month low of $100.01 and a 12-month high of $155.44. The firm has a market cap of $9.76 billion, a price-to-earnings ratio of 15.34, a price-to-earnings-growth ratio of 1.21 and a beta of 0.73. The firm’s 50-day moving average price is $135.87 and its 200 day moving average price is $125.11.

Ingredion (NYSE:INGR) last released 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. The company had revenue of $1.87 billion during the quarter, compared to analysts’ expectations of $1.94 billion. Ingredion had a return on equity of 17.18% and a net margin of 8.47%. The business’s revenue was down 8.0% on a year-over-year basis. During the same period in the prior year, the business posted $2.33 EPS. On average, sell-side analysts anticipate that Ingredion will post 10.05 earnings per share for the current fiscal year.

Ingredion Increases Dividend

The company also recently disclosed 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. The ex-dividend date was Tuesday, October 1st. This is a boost from Ingredion’s previous quarterly dividend of $0.78. This represents a $3.20 annualized dividend and a yield of 2.13%. Ingredion’s dividend payout ratio (DPR) is 32.72%.

Analysts Set New Price Targets

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

Insider Buying and Selling

In related news, SVP Larry Fernandes sold 4,700 shares of Ingredion stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $153.41, for a total transaction of $721,027.00. Following the transaction, the senior vice president now directly owns 29,034 shares of the company’s stock, valued at $4,454,105.94. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Ingredion news, CEO James P. Zallie sold 371 shares of the firm’s stock in a transaction dated Thursday, October 10th. The stock was sold at an average price of $133.58, for a total transaction of $49,558.18. Following the completion of the sale, the chief executive officer now directly owns 52,159 shares in the company, valued at approximately $6,967,399.22. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Larry Fernandes sold 4,700 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $153.41, for a total value of $721,027.00. Following the sale, the senior vice president now owns 29,034 shares of the company’s stock, valued at $4,454,105.94. The trade was 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 30,056 shares of company stock valued at $4,121,736 over the last three months. Company 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.