Ingredion (NYSE:INGR) Issues Earnings Results, Hits Expectations

Ingredion (NYSE:INGR) issued its earnings results on Wednesday. The company reported $2.08 earnings per share for the quarter, hitting the consensus estimate of $2.08, Briefing.com reports. Ingredion had a net margin of 7.88% and a return on equity of 18.57%. The company had revenue of $1.88 billion for the quarter, compared to analyst estimates of $2.02 billion. During the same period in the prior year, the business posted $2.80 earnings per share. The firm’s revenue for the quarter was down 11.9% compared to the same quarter last year. Ingredion updated its FY 2024 guidance to 9.200-9.850 EPS and its FY24 guidance to $9.20-$9.85 EPS.

Ingredion Stock Up 1.3 %

Shares of NYSE:INGR traded up $1.52 during midday trading on Thursday, reaching $119.97. The company had a trading volume of 439,575 shares, compared to its average volume of 385,110. Ingredion has a one year low of $89.54 and a one year high of $120.00. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.92 and a quick ratio of 1.10. The stock has a market capitalization of $7.87 billion, a P/E ratio of 12.32, a PEG ratio of 1.08 and a beta of 0.81. The stock’s fifty day moving average price is $115.28 and its 200-day moving average price is $109.37.

Ingredion Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 23rd. Investors of record on Monday, April 1st were issued 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 payout ratio is 32.50%.

Analysts Set New Price Targets

Several research firms have weighed in on INGR. BMO Capital Markets upped their target price on Ingredion from $117.00 to $120.00 and gave the company a “market perform” rating in a report on Thursday. StockNews.com raised shares of Ingredion from a “buy” rating to a “strong-buy” rating in a research note on Friday, March 22nd. Stephens reaffirmed an “overweight” rating and issued a $130.00 target price on shares of Ingredion in a research note on Wednesday, February 7th. The Goldman Sachs Group raised Ingredion from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $122.00 to $135.00 in a report on Thursday, February 15th. Finally, Barclays increased their price objective on Ingredion from $115.00 to $122.00 and gave the company an “equal weight” rating in a research note on Wednesday, March 6th. Two analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $127.17.

Insiders Place Their Bets

In other news, CEO James P. Zallie sold 54,581 shares of the stock in a transaction dated Monday, March 4th. The shares were 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 of the company’s stock, valued at $11,635,601.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, SVP Larry Fernandes sold 2,369 shares of the stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $115.08, for a total transaction 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 legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO James P. Zallie sold 54,581 shares of the business’s 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 transaction, the chief executive officer now 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 valued at $6,903,045 in the last ninety days. Corporate insiders own 1.80% of the company’s stock.

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.