Ingredion (NYSE:INGR) Posts Earnings Results, Beats Expectations By $0.47 EPS

Ingredion (NYSE:INGR) announced its earnings results on Tuesday. The company reported $3.05 earnings per share for the quarter, topping the consensus estimate of $2.58 by $0.47, Briefing.com reports. Ingredion had a return on equity of 17.18% and a net margin of 8.47%. The firm had revenue of $1.87 billion for the quarter, compared to the consensus estimate of $1.94 billion. During the same period in the previous year, the business earned $2.33 EPS. The firm’s revenue for the quarter was down 8.0% on a year-over-year basis. Ingredion updated its FY 2024 guidance to 10.350-10.650 EPS and its FY24 guidance to $10.35-$10.65 EPS.

Ingredion Stock Performance

INGR traded down $0.52 during midday trading on Thursday, hitting $150.00. 677,390 shares of the company were exchanged, compared to its average volume of 380,146. The company’s 50 day simple moving average is $135.87 and its 200 day simple moving average is $125.11. The firm has a market capitalization of $9.76 billion, a price-to-earnings ratio of 15.34, a price-to-earnings-growth ratio of 1.21 and a beta of 0.73. Ingredion has a 1-year low of $100.01 and a 1-year high of $155.44. The company has a current ratio of 2.52, a quick ratio of 1.51 and a debt-to-equity ratio of 0.47.

Ingredion Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 22nd. Shareholders of record on Tuesday, October 1st were issued a $0.80 dividend. This represents a $3.20 annualized dividend and a yield of 2.13%. This is a positive change from Ingredion’s previous quarterly dividend of $0.78. The ex-dividend date of this dividend was Tuesday, October 1st. Ingredion’s dividend payout ratio is presently 32.72%.

Analysts Set New Price Targets

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

Insider Activity

In related news, CEO James P. Zallie sold 1,300 shares of the firm’s stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $134.03, for a total transaction of $174,239.00. Following the sale, the chief executive officer now directly owns 52,530 shares of the company’s stock, valued at $7,040,595.90. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO James P. Zallie sold 1,300 shares of the firm’s 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 sale, the chief executive officer now owns 52,530 shares in the company, valued at approximately $7,040,595.90. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO James P. Zallie sold 22,550 shares of the company’s stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $134.14, for a total transaction of $3,024,857.00. Following the completion of the transaction, the chief executive officer now owns 52,530 shares of the company’s stock, valued at approximately $7,046,374.20. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 30,056 shares of company stock valued at $4,121,736 in the last quarter. 1.80% of the stock is currently owned by company insiders.

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.