Ingredion (NYSE:INGR) Releases Earnings Results, Beats Expectations By $0.47 EPS

by · The Cerbat Gem

Ingredion (NYSE:INGR – Get Free Report) posted its earnings results on Tuesday. The company reported $3.05 earnings per share for the quarter, topping analysts’ consensus estimates of $2.58 by $0.47, Briefing.com reports. The firm had revenue of $1.87 billion for the quarter, compared to the consensus estimate of $1.94 billion. Ingredion had a return on equity of 17.18% and a net margin of 8.47%. The business’s revenue for the quarter was down 8.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.33 EPS. Ingredion updated its FY 2024 guidance to 10.350-10.650 EPS and its FY24 guidance to $10.35-$10.65 EPS.

Ingredion Stock Performance

NYSE:INGR traded down $4.34 on Wednesday, hitting $150.52. The stock had a trading volume of 1,164,061 shares, compared to its average volume of 376,897. Ingredion has a 52-week low of $96.20 and a 52-week high of $155.44. The stock has a market cap of $9.79 billion, a price-to-earnings ratio of 15.69, a price-to-earnings-growth ratio of 1.21 and a beta of 0.73. 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 business’s 50-day simple moving average is $135.21 and its two-hundred day simple moving average is $124.75.

Ingredion Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 22nd. Investors of record on Tuesday, October 1st were issued a $0.80 dividend. The ex-dividend date was Tuesday, October 1st. This represents a $3.20 annualized dividend and a dividend yield of 2.13%. This is a positive change from Ingredion’s previous quarterly dividend of $0.78. Ingredion’s payout ratio is presently 32.72%.

Analyst Upgrades and Downgrades

Several equities analysts have commented on INGR shares. Barclays raised their price objective on Ingredion from $145.00 to $168.00 and gave the company an “overweight” rating in a research report on Wednesday. StockNews.com lowered shares of Ingredion from a “strong-buy” rating to a “buy” rating in a report on Wednesday, August 7th. Oppenheimer upped their price target on Ingredion from $147.00 to $178.00 and gave the stock an “outperform” rating in a research note on Wednesday. BMO Capital Markets boosted their target price on Ingredion from $128.00 to $147.00 and gave the stock a “market perform” rating in a report on Wednesday. Finally, UBS Group raised their price objective on shares of Ingredion from $141.00 to $148.00 and gave the company a “buy” rating in a research note on Thursday, August 15th. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $151.00.

Check Out Our Latest Research Report on INGR

Insiders Place Their Bets

In related news, CEO James P. Zallie sold 371 shares of the firm’s stock in a transaction on Thursday, October 10th. The stock was sold at an average price of $133.58, for a total value of $49,558.18. Following the transaction, the chief executive officer now directly owns 52,159 shares of the company’s stock, valued at approximately $6,967,399.22. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Ingredion news, CEO James P. Zallie sold 371 shares of the company’s stock in a transaction that occurred on Thursday, October 10th. The shares were sold at an average price of $133.58, for a total value of $49,558.18. Following the completion of the transaction, the chief executive officer now directly owns 52,159 shares in the company, valued at $6,967,399.22. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO James P. Zallie sold 1,300 shares of the firm’s stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $134.03, for a total transaction of $174,239.00. Following the sale, the chief executive officer now owns 52,530 shares in the company, valued at $7,040,595.90. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 25,356 shares of company stock worth $3,400,709. Company insiders own 1.80% of the company’s stock.

Ingredion Company Profile

(Get Free Report)

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.

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