Ingredion (NYSE:INGR) Releases Earnings Results, Hits Estimates

Ingredion (NYSE:INGR) released its quarterly earnings results on Wednesday. The company reported $2.08 earnings per share for the quarter, meeting analysts’ consensus estimates of $2.08, Briefing.com reports. The business had revenue of $1.88 billion for the quarter, compared to the consensus estimate of $2.02 billion. Ingredion had a net margin of 7.88% and a return on equity of 18.57%. Ingredion’s revenue for the quarter was down 11.9% on a year-over-year basis. During the same quarter last year, the firm earned $2.80 EPS. Ingredion updated its FY 2024 guidance to 9.200-9.850 EPS and its FY24 guidance to $9.20-$9.85 EPS.

Ingredion Stock Performance

INGR traded up $1.52 on Thursday, hitting $119.97. 439,575 shares of the stock traded hands, compared to its average volume of 385,110. The business has a fifty day moving average price of $115.28 and a two-hundred day moving average price of $109.37. The company has a current ratio of 1.92, a quick ratio of 1.10 and a debt-to-equity ratio of 0.49. Ingredion has a 52 week low of $89.54 and a 52 week high of $120.00. The firm has a market capitalization of $7.87 billion, a PE ratio of 12.32, a P/E/G ratio of 1.08 and a beta of 0.81.

Ingredion Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 23rd. Investors of record on Monday, April 1st were given a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a yield of 2.60%. The ex-dividend date was Thursday, March 28th. Ingredion’s dividend payout ratio (DPR) is presently 32.50%.

Insider Transactions at Ingredion

In other news, VP Davida Marie Gable sold 1,968 shares of the stock in a transaction on Friday, March 1st. The shares were sold at an average price of $117.38, for a total value of $231,003.84. Following the completion of the transaction, the vice president now owns 1,723 shares in the company, valued at approximately $202,245.74. The sale was disclosed in a filing with the SEC, which is available at this link. In other news, VP Davida Marie Gable sold 1,968 shares of the company’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $117.38, for a total value of $231,003.84. Following the sale, the vice president now directly owns 1,723 shares in the company, valued at approximately $202,245.74. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Larry Fernandes sold 2,369 shares of the firm’s stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $115.08, for a total value of $272,624.52. Following the transaction, the senior vice president now owns 28,966 shares of the company’s stock, valued at approximately $3,333,407.28. The disclosure for this sale can be found here. In the last quarter, insiders have sold 58,921 shares of company stock valued at $6,903,045. 1.80% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

INGR has been the subject of a number of analyst reports. The Goldman Sachs Group raised Ingredion from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $122.00 to $135.00 in a research report on Thursday, February 15th. Barclays upped their price objective on shares of Ingredion from $115.00 to $122.00 and gave the stock an “equal weight” rating in a report on Wednesday, March 6th. BMO Capital Markets lifted their target price on shares of Ingredion from $117.00 to $120.00 and gave the stock a “market perform” rating in a report on Thursday. Stephens restated an “overweight” rating and set a $130.00 price target on shares of Ingredion in a report on Wednesday, February 7th. Finally, StockNews.com upgraded Ingredion from a “buy” rating to a “strong-buy” rating in a research note on Friday, March 22nd. Two equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Ingredion presently has a consensus rating of “Moderate Buy” and an average target price of $127.17.

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.