Ingredion (NYSE:INGR) issued its quarterly earnings results on Thursday. The company reported $1.66 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.60 by $0.06, Morningstar.com reports. The company had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.47 billion. Ingredion had a return on equity of 17.23% and a net margin of 6.61%. Ingredion’s revenue was down 4.1% on a year-over-year basis. During the same period in the previous year, the firm posted $1.66 EPS. Ingredion updated its FY 2019 guidance to $6.60-6.90 EPS and its FY19 guidance to $6.60-6.90 EPS.
Shares of INGR stock traded down $2.33 on Friday, reaching $78.53. 611,833 shares of the stock were exchanged, compared to its average volume of 677,329. The stock has a market cap of $5.39 billion, a PE ratio of 11.35 and a beta of 0.85. The company has a current ratio of 2.48, a quick ratio of 1.45 and a debt-to-equity ratio of 0.79. The stock’s 50 day moving average price is $81.35. Ingredion has a 1-year low of $75.67 and a 1-year high of $107.52.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 25th. Stockholders of record on Monday, July 1st were issued a dividend of $0.625 per share. The ex-dividend date was Friday, June 28th. This represents a $2.50 dividend on an annualized basis and a dividend yield of 3.18%. Ingredion’s payout ratio is 36.13%.
A number of institutional investors have recently made changes to their positions in the stock. Public Employees Retirement System of Ohio boosted its position in Ingredion by 0.3% during the 4th quarter. Public Employees Retirement System of Ohio now owns 47,236 shares of the company’s stock worth $4,317,000 after purchasing an additional 125 shares during the period. AGF Investments Inc. boosted its position in Ingredion by 6.2% in the 1st quarter. AGF Investments Inc. now owns 2,236 shares of the company’s stock valued at $212,000 after buying an additional 131 shares during the last quarter. Municipal Employees Retirement System of Michigan boosted its position in Ingredion by 1.1% in the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 12,330 shares of the company’s stock valued at $1,017,000 after buying an additional 140 shares during the last quarter. Pflug Koory LLC boosted its position in Ingredion by 2.8% in the 2nd quarter. Pflug Koory LLC now owns 5,135 shares of the company’s stock valued at $424,000 after buying an additional 140 shares during the last quarter. Finally, World Asset Management Inc boosted its position in Ingredion by 3.5% in the 2nd quarter. World Asset Management Inc now owns 4,543 shares of the company’s stock valued at $375,000 after buying an additional 153 shares during the last quarter. 89.47% of the stock is owned by hedge funds and other institutional investors.
A number of analysts have recently commented on INGR shares. Credit Suisse Group dropped their price objective on Ingredion from $85.00 to $77.00 and set a “neutral” rating for the company in a report on Tuesday, July 23rd. They noted that the move was a valuation call. TheStreet downgraded Ingredion from a “b-” rating to a “c+” rating in a report on Tuesday, May 7th. Finally, Zacks Investment Research upgraded Ingredion from a “sell” rating to a “hold” rating in a report on Wednesday, June 26th. One research analyst has rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company. Ingredion presently has a consensus rating of “Hold” and a consensus target price of $103.67.
Ingredion Incorporated, together with its subsidiaries, produces and sells starches and sweeteners for various industries. The company operates through four segments: North America, South America, Asia Pacific and Europe, and Middle East and Africa. It offers sweetener products comprising glucose syrups, high maltose syrups, high fructose corn syrups, caramel colors, dextrose, polyols, maltodextrins, glucose and syrup solids, as well as food-grade and industrial starches, and biomaterials.
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