Ingredion (NYSE:INGR) Releases FY24 Earnings Guidance

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

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on INGR shares. StockNews.com raised Ingredion from a buy rating to a strong-buy rating in a research note on Friday, March 22nd. Barclays boosted their price objective on shares of Ingredion from $115.00 to $122.00 and gave the stock an equal weight rating in a research note on Wednesday, March 6th. Stephens restated an overweight rating and set a $130.00 price target on shares of Ingredion in a report on Wednesday, February 7th. Finally, The Goldman Sachs Group raised Ingredion from a neutral rating to a buy rating and upped their price objective for the company from $122.00 to $135.00 in a research report on Thursday, February 15th. 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. Based on data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and a consensus target price of $126.67.

Ingredion Stock Up 1.1 %

Shares of NYSE INGR traded up $1.24 during midday trading on Wednesday, reaching $117.81. 348,102 shares of the company’s stock traded hands, 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 stock’s 50 day simple moving average is $115.24 and its 200-day simple moving average is $109.31. The company has a market cap 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 announced its quarterly earnings data on Tuesday, February 6th. The company reported $1.97 EPS for the quarter, beating the consensus estimate of $1.87 by $0.10. The firm had revenue of $1.92 billion during the quarter, compared to analyst estimates of $2.07 billion. Ingredion had a net margin of 7.88% and a return on equity of 18.57%. Ingredion’s revenue was down 3.3% on a year-over-year basis. During the same period last year, the firm posted $1.65 EPS. On average, analysts predict that Ingredion will post 9.62 EPS for the current fiscal year.

Ingredion Announces Dividend

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

Insider Buying and Selling at Ingredion

In related news, VP Davida Marie Gable sold 1,968 shares of the business’s stock in a transaction that occurred 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 sale, the vice president now directly owns 1,723 shares in the company, valued at $202,245.74. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, SVP Larry Fernandes sold 2,369 shares of the company’s 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 sale, the senior vice president now directly owns 28,966 shares in the company, valued at $3,333,407.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Davida Marie Gable sold 1,968 shares of the business’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $117.38, for a total value of $231,003.84. Following the sale, the vice president now owns 1,723 shares of the company’s stock, valued at approximately $202,245.74. The disclosure for this sale can be found here. Over the last three months, insiders have sold 58,921 shares of company stock valued at $6,903,045. Company insiders own 1.80% of the company’s stock.

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.