Ingredion (NYSE:INGR) Updates FY24 Earnings Guidance

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

Wall Street Analyst Weigh In

A number of research firms have weighed in on INGR. Stephens restated an overweight rating and issued a $130.00 target price on shares of Ingredion in a research report on Wednesday, February 7th. StockNews.com raised shares of Ingredion from a buy rating to a strong-buy rating in a report on Friday, March 22nd. The Goldman Sachs Group raised shares of Ingredion from a neutral rating to a buy rating and lifted their price objective for the stock from $122.00 to $135.00 in a research note on Thursday, February 15th. Finally, Barclays raised their target price on shares of Ingredion from $115.00 to $122.00 and gave the stock an equal weight rating in a report on Wednesday, March 6th. Two equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of Moderate Buy and an average price target of $126.67.

Ingredion Stock Performance

Shares of NYSE:INGR traded up $1.80 during trading on Wednesday, hitting $118.37. 806,772 shares of the stock were exchanged, compared to its average volume of 384,498. The company's fifty day simple moving average is $115.24 and its 200-day simple moving average is $109.31. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.10 and a current ratio of 1.92. The company has a market capitalization of $7.77 billion, a price-to-earnings ratio of 12.15, a price-to-earnings-growth ratio of 1.08 and a beta of 0.81. Ingredion has a 1-year low of $89.54 and a 1-year high of $118.83.

Ingredion (NYSE:INGR - Get Free Report) last announced its quarterly earnings data on Tuesday, February 6th. The company reported $1.97 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.87 by $0.10. Ingredion had a net margin of 7.88% and a return on equity of 18.57%. The company had revenue of $1.92 billion during the quarter, compared to analysts' expectations of $2.07 billion. During the same quarter in the prior year, the company posted $1.65 EPS. The business's revenue was down 3.3% on a year-over-year basis. Sell-side analysts expect 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. Stockholders of record on Monday, April 1st were paid a $0.78 dividend. The ex-dividend date was Thursday, March 28th. This represents a $3.12 annualized dividend and a dividend yield of 2.64%. Ingredion's dividend payout ratio is presently 32.50%.

Insider Transactions at Ingredion

In other Ingredion news, CEO James P. Zallie sold 54,581 shares of the firm's stock in a transaction dated 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 sale, the chief executive officer now owns 99,246 shares in the company, valued at approximately $11,635,601.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CEO James P. Zallie sold 54,581 shares of the stock in a transaction on 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 completion of the sale, the chief executive officer now owns 99,246 shares of the company's stock, valued at $11,635,601.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Davida Marie Gable sold 1,968 shares of the business's stock in a transaction on Friday, March 1st. The shares were 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 disclosure for this sale can be found here. Over the last 90 days, insiders sold 58,921 shares of company stock valued at $6,903,045. 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.