Ingredion (NYSE:INGR) Releases Quarterly Earnings Results, Hits Expectations

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

Ingredion Price Performance

Shares of INGR stock traded up $1.50 during trading hours on Thursday, reaching $119.95. The company had a trading volume of 439,574 shares, compared to its average volume of 385,110. Ingredion has a 12-month low of $89.54 and a 12-month high of $120.00. The company has a market capitalization of $7.87 billion, a price-to-earnings ratio of 12.32, a PEG ratio of 1.08 and a beta of 0.81. The stock has a fifty day moving average of $115.28 and a 200-day moving average of $109.37. 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 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 given a dividend of $0.78 per share. The ex-dividend date of this dividend was Thursday, March 28th. This represents a $3.12 dividend on an annualized basis and a yield of 2.60%. Ingredion’s dividend payout ratio is presently 32.50%.

Insider Buying and Selling

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

Analyst Ratings Changes

A number of analysts have issued reports on the company. Stephens reissued an “overweight” rating and issued a $130.00 target price on shares of Ingredion in a research report on Wednesday, February 7th. Barclays lifted their price objective on Ingredion from $115.00 to $122.00 and gave the stock an “equal weight” rating in a report on Wednesday, March 6th. StockNews.com upgraded Ingredion from a “buy” rating to a “strong-buy” rating in a report on Friday, March 22nd. 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 research report on Thursday, February 15th. Finally, BMO Capital Markets upped their price objective on Ingredion from $117.00 to $120.00 and gave the company a “market perform” rating in a research report on Thursday. Two investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $127.17.

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.