Ingredion (NYSE:INGR) Issues FY24 Earnings Guidance

Ingredion (NYSE:INGR) updated its FY24 earnings guidance on Wednesday. The company provided EPS guidance of $9.20-$9.85 for the period, compared to the consensus EPS estimate of $9.67. Ingredion also updated its FY 2024 guidance to 9.200-9.850 EPS.

Ingredion Stock Up 1.1 %

INGR stock traded up $1.24 during trading on Wednesday, reaching $117.81. The stock had a trading volume of 348,102 shares, compared to its average volume of 379,037. Ingredion has a one year low of $89.54 and a one year high of $118.83. The company’s 50 day moving average is $115.24 and its two-hundred day moving average is $109.31. The company has a market capitalization of $7.73 billion, a price-to-earnings ratio of 12.15, a P/E/G ratio of 1.08 and a beta of 0.81. The company has a quick ratio of 1.10, a current ratio of 1.92 and a debt-to-equity ratio of 0.49.

Ingredion (NYSE:INGR) last issued its quarterly earnings results on Tuesday, February 6th. The company reported $1.97 EPS for the quarter, topping analysts’ consensus estimates of $1.87 by $0.10. Ingredion had a return on equity of 18.57% and a net margin of 7.88%. The business had revenue of $1.92 billion for the quarter, compared to analyst estimates of $2.07 billion. During the same period last year, the company posted $1.65 earnings per share. Ingredion’s quarterly revenue was down 3.3% compared to the same quarter last year. Equities research analysts forecast that Ingredion will post 9.62 EPS for the current year.

Ingredion Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 23rd. Shareholders of record on Monday, April 1st were given a $0.78 dividend. This represents a $3.12 annualized dividend and a yield of 2.65%. The ex-dividend date was Thursday, March 28th. Ingredion’s dividend payout ratio is 32.50%.

Analyst Upgrades and Downgrades

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

Insider Transactions at Ingredion

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