Ingredion (NYSE:INGR) Issues FY24 Earnings Guidance

Ingredion (NYSE:INGR) issued an update on its FY24 earnings guidance on Tuesday morning. 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 Analyst Weigh In

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

Ingredion Price Performance

NYSE:INGR traded down $0.28 during trading hours on Friday, reaching $149.72. 30,819 shares of the company’s stock were exchanged, compared to its average volume of 378,536. The company has a market capitalization of $9.74 billion, a P/E ratio of 15.34, a price-to-earnings-growth ratio of 1.21 and a beta of 0.73. Ingredion has a 12 month low of $100.53 and a 12 month high of $155.44. The business’s 50-day simple moving average is $135.87 and its two-hundred day simple moving average is $125.11. The company has a quick ratio of 1.51, a current ratio of 2.52 and a debt-to-equity ratio of 0.47.

Ingredion (NYSE:INGR) last posted its quarterly earnings data on Tuesday, November 5th. The company reported $3.05 EPS for the quarter, beating analysts’ consensus estimates of $2.58 by $0.47. Ingredion had a net margin of 8.47% and a return on equity of 17.18%. The company had revenue of $1.87 billion during the quarter, compared to analyst estimates of $1.94 billion. During the same period in the prior year, the firm earned $2.33 earnings per share. The business’s quarterly revenue was down 8.0% on a year-over-year basis. Sell-side analysts expect that Ingredion will post 10.05 EPS for the current fiscal year.

Ingredion Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 22nd. Investors of record on Tuesday, October 1st were issued a dividend of $0.80 per share. This is a boost from Ingredion’s previous quarterly dividend of $0.78. This represents a $3.20 annualized dividend and a dividend yield of 2.14%. The ex-dividend date was Tuesday, October 1st. Ingredion’s dividend payout ratio (DPR) is currently 32.72%.

Insider Activity at Ingredion

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 transaction of $174,239.00. Following the completion of the sale, the chief executive officer now 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 hyperlink. In related news, SVP Larry Fernandes sold 4,700 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $153.41, for a total transaction of $721,027.00. Following the transaction, the senior vice president now owns 29,034 shares of the company’s stock, valued at approximately $4,454,105.94. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO James P. Zallie sold 1,300 shares of the business’s stock in a transaction that occurred on Wednesday, August 28th. The stock was sold at an average price of $134.03, for a total transaction of $174,239.00. Following the completion of the sale, the chief executive officer now directly owns 52,530 shares of the company’s stock, valued at $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. Over the last three months, insiders have sold 30,056 shares of company stock valued at $4,121,736. Corporate 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.