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

Ingredion (NYSE:INGR) announced its quarterly earnings results on Wednesday. The company reported $2.08 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $2.08, Briefing.com reports. The company 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% compared to the same quarter last year. During the same period in the previous year, the firm posted $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

NYSE INGR traded up $1.52 during trading hours on Thursday, hitting $119.97. The company had a trading volume of 439,575 shares, compared to its average volume of 385,110. The business has a 50 day moving average of $115.28 and a 200-day moving average of $109.37. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.10 and a current ratio of 1.92. Ingredion has a 1-year low of $89.54 and a 1-year high of $120.00. The company has a market cap of $7.87 billion, a PE ratio of 12.32, a price-to-earnings-growth ratio of 1.08 and a beta of 0.81.

Ingredion Dividend Announcement

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

Insider Activity

In related news, CEO James P. Zallie sold 54,581 shares of the firm’s stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $117.24, for a total transaction of $6,399,076.44. Following the transaction, the chief executive officer now owns 99,246 shares in the company, valued at approximately $11,635,601.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, VP Davida Marie Gable sold 1,968 shares of the stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $117.38, for a total transaction of $231,003.84. Following the completion of the sale, the vice president now owns 1,723 shares in the company, valued at $202,245.74. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO James P. Zallie sold 54,581 shares of the business’s stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $117.24, for a total value of $6,399,076.44. Following the completion of the transaction, the chief executive officer now owns 99,246 shares in the company, valued at approximately $11,635,601.04. The disclosure for this sale can be found here. In the last three months, insiders sold 58,921 shares of company stock valued at $6,903,045. Insiders own 1.80% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. Stephens reissued an “overweight” rating and issued a $130.00 target price on shares of Ingredion in a report on Wednesday, February 7th. Barclays boosted their price objective on Ingredion from $115.00 to $122.00 and gave the stock an “equal weight” rating in a research note on Wednesday, March 6th. StockNews.com upgraded Ingredion from a “buy” rating to a “strong-buy” rating in a report on Friday, March 22nd. The Goldman Sachs Group upgraded Ingredion from a “neutral” rating to a “buy” rating and boosted their target price for the company from $122.00 to $135.00 in a research report on Thursday, February 15th. Finally, BMO Capital Markets raised their price objective on Ingredion from $117.00 to $120.00 and gave the company a “market perform” rating in a research report on Thursday. Two investment 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 MarketBeat, Ingredion currently has an average rating of “Moderate Buy” and a consensus price target of $127.17.

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.