Ingredion (NYSE:INGR) Hits New 12-Month Low on Disappointing Earnings

Ingredion Incorporated (NYSE:INGR)’s share price reached a new 52-week low during mid-day trading on Thursday following a weaker than expected earnings announcement. The stock traded as low as $90.00 and last traded at $92.3230, with a volume of 54,360 shares changing hands. The stock had previously closed at $97.36.

The company reported $2.28 EPS for the quarter, missing the consensus estimate of $2.59 by ($0.31). Ingredion had a return on equity of 15.40% and a net margin of 8.21%. The company had revenue of $1.79 billion for the quarter, compared to analyst estimates of $1.80 billion. During the same period last year, the company posted $2.75 EPS. The business’s revenue for the quarter was down 1.3% on a year-over-year basis.

Ingredion Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 20th. Stockholders of record on Thursday, October 1st were paid a $0.83 dividend. The ex-dividend date of this dividend was Thursday, October 1st. This represents a $3.32 annualized dividend and a dividend yield of 3.5%. This is an increase from Ingredion’s previous quarterly dividend of $0.82. Ingredion’s dividend payout ratio is presently 36.21%.

Analysts Set New Price Targets

Several analysts have commented on INGR shares. Barclays decreased their target price on shares of Ingredion from $118.00 to $115.00 and set an “equal weight” rating for the company in a research report on Wednesday, October 14th. Weiss Ratings raised Ingredion from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, October 23rd. UBS Group decreased their price target on shares of Ingredion from $108.00 to $104.00 and set a “neutral” rating for the company in a research note on Monday, October 5th. Finally, Zacks Research upgraded Ingredion from a “strong sell” rating to a “hold” rating in a report on Tuesday, July 14th. One equities research analyst has rated the stock with a Buy rating and eight have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $119.83.

Institutional Investors Weigh In On Ingredion

Several institutional investors have recently made changes to their positions in the stock. Amundi increased its holdings in shares of Ingredion by 19.4% in the first quarter. Amundi now owns 142,282 shares of the company’s stock worth $16,029,000 after purchasing an additional 23,122 shares during the period. Jupiter Topco LLC purchased a new stake in Ingredion in the second quarter worth about $2,526,000. Hsbc Holdings PLC purchased a new position in shares of Ingredion during the second quarter valued at approximately $1,355,000. Empowered Funds LLC bought a new stake in Ingredion during the 2nd quarter valued at about $2,548,000. Finally, Landscape Capital Management L.L.C. bought a new stake in Ingredion in the 2nd quarter worth about $479,000. Hedge funds and other institutional investors own 85.27% of the company’s stock.

Ingredion Stock Down 1.5%

The company has a fifty day moving average of $98.04 and a 200 day moving average of $105.48. The company has a quick ratio of 1.92, a current ratio of 2.80 and a debt-to-equity ratio of 0.39. The company has a market cap of $6.05 billion, a P/E ratio of 10.39, a price-to-earnings-growth ratio of 0.83 and a beta of 0.63.

Ingredion Company Profile

Ingredion Incorporated (NYSE: INGR) is a global ingredient solutions provider that develops and produces starches, sweeteners, texturizers, fibers, plant-based proteins and other specialty ingredients. The company processes plant-based raw materials, including corn, tapioca, potato, rice and other grains, into ingredients used by manufacturers across a range of industries.

Ingredion’s products support food and beverage applications such as bakery products, dairy and alternative dairy, confectionery, beverages and prepared foods.