Ingredion (NYSE:INGR) Issues FY24 Earnings Guidance

Ingredion (NYSE:INGR - Get Free Report) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share guidance of $10.35-$10.65 for the period, compared to the consensus earnings per share estimate of $10.02. Ingredion also updated its FY 2024 guidance to 10.350-10.650 EPS.

Wall Street Analyst Weigh In

INGR has been the subject of several research analyst reports. UBS Group boosted their price objective on shares of Ingredion from $141.00 to $148.00 and gave the company a "buy" rating in a research report on Thursday, August 15th. StockNews.com cut shares of Ingredion from a "strong-buy" rating to a "buy" rating in a research report on Wednesday, August 7th. Barclays raised shares of Ingredion from an "equal weight" rating to an "overweight" rating and boosted their target price for the stock from $122.00 to $145.00 in a research note on Friday, August 9th. Oppenheimer increased their price target on Ingredion from $138.00 to $147.00 and gave the company an "outperform" rating in a research note on Monday, October 21st. Finally, BMO Capital Markets increased their target price on Ingredion from $120.00 to $128.00 and gave the company a "market perform" rating in a research report on Wednesday, August 7th. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $138.83.

Ingredion Trading Up 15.5 %

Shares of NYSE INGR traded up $20.74 during trading on Tuesday, reaching $154.78. The company had a trading volume of 1,440,463 shares, compared to its average volume of 375,035. The company's fifty day moving average price is $134.76 and its 200-day moving average price is $124.46. The company has a quick ratio of 1.51, a current ratio of 2.52 and a debt-to-equity ratio of 0.47. The stock has a market cap of $10.07 billion, a P/E ratio of 15.39, a PEG ratio of 1.21 and a beta of 0.73. Ingredion has a 12 month low of $95.07 and a 12 month high of $154.87.

Ingredion (NYSE:INGR - Get Free Report) last issued its quarterly earnings results on Tuesday, August 6th. The company reported $2.87 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.53 by $0.34. Ingredion had a net margin of 8.47% and a return on equity of 17.18%. The firm had revenue of $1.88 billion for the quarter, compared to the consensus estimate of $1.98 billion. During the same quarter in the previous year, the company earned $2.32 EPS. The company's revenue for the quarter was down 9.2% on a year-over-year basis. As a group, research analysts expect that Ingredion will post 10.05 earnings per share for the current year.

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 dividend of $0.80 per share. This is an increase from Ingredion's previous quarterly dividend of $0.78. This represents a $3.20 dividend on an annualized basis and a yield of 2.07%. The ex-dividend date was Tuesday, October 1st. Ingredion's dividend payout ratio (DPR) is presently 32.72%.

Insider Activity at Ingredion

In other Ingredion news, CEO James P. Zallie sold 1,000 shares of Ingredion stock in a transaction on Monday, August 26th. The shares were sold at an average price of $134.02, for a total value of $134,020.00. Following the completion of the sale, the chief executive officer now directly owns 52,530 shares of the company's stock, valued at approximately $7,040,070.60. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, CEO James P. Zallie sold 1,300 shares of the firm's stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $134.03, for a total value of $174,239.00. Following the completion of the transaction, 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 the SEC website. Also, CEO James P. Zallie sold 1,000 shares of the stock in a transaction on Monday, August 26th. The stock was sold at an average price of $134.02, for a total value of $134,020.00. Following the completion of the sale, the chief executive officer now owns 52,530 shares in the company, valued at $7,040,070.60. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 25,356 shares of company stock worth $3,400,709 in the last 90 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.