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

Ingredion (NYSE:INGR) 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 company had revenue of $1.87 billion during the quarter, compared to analyst estimates of $1.94 billion. Ingredion had a return on equity of 17.18% and a net margin of 8.47%. Ingredion’s revenue was down 8.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.33 earnings per share. Ingredion updated its FY 2024 guidance to 10.350-10.650 EPS and its FY24 guidance to $10.35-$10.65 EPS.

Ingredion Stock Down 2.8 %

Shares of NYSE INGR traded down $4.34 during mid-day trading on Wednesday, reaching $150.52. The company had a trading volume of 1,165,675 shares, compared to its average volume of 378,710. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.51 and a current ratio of 2.52. Ingredion has a 12-month low of $96.20 and a 12-month high of $155.44. The stock has a fifty day moving average of $135.21 and a two-hundred day moving average of $124.75. The company has a market capitalization of $9.79 billion, a price-to-earnings ratio of 15.69, a PEG ratio of 1.21 and a beta of 0.73.

Ingredion Increases Dividend

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

Analysts Set New Price Targets

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

Insider Buying and Selling

In related news, CEO James P. Zallie sold 1,300 shares of Ingredion stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $134.03, for a total value of $174,239.00. Following the transaction, the chief executive officer now owns 52,530 shares in the company, valued at $7,040,595.90. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, CEO James P. Zallie sold 22,550 shares of the stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $134.14, for a total transaction of $3,024,857.00. Following the completion of the sale, the chief executive officer now owns 52,530 shares in the company, valued at $7,046,374.20. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO James P. Zallie sold 1,300 shares of the business’s stock in a transaction that occurred 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 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 quarter, insiders have sold 25,356 shares of company stock worth $3,400,709. 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.