Ingredion (NYSE:INGR) Issues FY 2024 Earnings Guidance

Ingredion (NYSE:INGR) updated its FY 2024 earnings guidance on Wednesday. The company provided earnings per share guidance of 9.200-9.850 for the period, compared to the consensus earnings per share estimate of 9.660. The company issued revenue guidance of -. Ingredion also updated its FY24 guidance to $9.20-$9.85 EPS.

Analysts Set New Price Targets

INGR has been the topic of several recent analyst reports. StockNews.com upgraded Ingredion from a buy rating to a strong-buy rating in a research note on Friday, March 22nd. Barclays increased their target price on Ingredion from $115.00 to $122.00 and gave the company an equal weight rating in a research note on Wednesday, March 6th. Stephens restated an overweight rating and issued a $130.00 price target on shares of Ingredion in a research note on Wednesday, February 7th. Finally, The Goldman Sachs Group raised shares of Ingredion from a neutral rating to a buy rating and raised their price objective for the stock from $122.00 to $135.00 in a report on Thursday, February 15th. Two equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus target price of $126.67.

Ingredion Stock Up 1.1 %

Shares of NYSE INGR traded up $1.27 during mid-day trading on Wednesday, reaching $117.84. The company had a trading volume of 214,197 shares, compared to its average volume of 377,601. 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 twelve month low of $89.54 and a twelve month high of $118.83. The stock’s 50 day moving average is $115.24 and its 200-day moving average is $109.31. The stock has a market capitalization of $7.73 billion, a PE ratio of 12.15, a price-to-earnings-growth ratio of 1.08 and a beta of 0.81.

Ingredion (NYSE:INGR) last posted its earnings results on Tuesday, February 6th. The company reported $1.97 EPS for the quarter, topping the consensus estimate of $1.87 by $0.10. The firm had revenue of $1.92 billion for the quarter, compared to the consensus estimate of $2.07 billion. Ingredion had a net margin of 7.88% and a return on equity of 18.57%. The business’s quarterly revenue was down 3.3% on a year-over-year basis. During the same period in the prior year, the business posted $1.65 earnings per share. As a group, equities analysts anticipate that Ingredion will post 9.62 earnings per share for the current fiscal year.

Ingredion Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 23rd. Stockholders of record on Monday, April 1st were paid a $0.78 dividend. The ex-dividend date of this dividend was Thursday, March 28th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 2.65%. Ingredion’s dividend payout ratio (DPR) is presently 32.50%.

Insider Transactions at Ingredion

In other news, CEO James P. Zallie sold 54,581 shares of Ingredion stock in a transaction dated 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 the SEC website. In other Ingredion news, SVP Larry Fernandes sold 2,369 shares of Ingredion stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $115.08, for a total value of $272,624.52. Following the sale, the senior vice president now directly owns 28,966 shares in the company, valued at approximately $3,333,407.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO James P. Zallie sold 54,581 shares of the stock in a transaction that occurred on 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 sale, the chief executive officer now directly owns 99,246 shares of the company’s stock, valued at approximately $11,635,601.04. The disclosure for this sale can be found here. Insiders sold a total of 58,921 shares of company stock worth $6,903,045 over the last 90 days. 1.80% of the stock is owned by insiders.

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.