Ingredion Incorporated (NYSE:INGR) announced a quarterly dividend on Thursday, May 17th, Wall Street Journal reports. Stockholders of record on Monday, July 2nd will be given a dividend of 0.60 per share on Wednesday, July 25th. This represents a $2.40 annualized dividend and a dividend yield of 2.12%. The ex-dividend date of this dividend is Friday, June 29th.
Ingredion has raised its dividend by an average of 7.7% annually over the last three years and has increased its dividend every year for the last 5 years. Ingredion has a payout ratio of 31.0% meaning its dividend is sufficiently covered by earnings. Research analysts expect Ingredion to earn $8.92 per share next year, which means the company should continue to be able to cover its $2.40 annual dividend with an expected future payout ratio of 26.9%.
Ingredion opened at $113.38 on Friday, according to Marketbeat. The company has a market cap of $8.17 billion, a PE ratio of 14.56, a PEG ratio of 1.28 and a beta of 0.76. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.52 and a quick ratio of 1.59. Ingredion has a 1-year low of $112.78 and a 1-year high of $114.93.
In related news, Chairman Ilene S. Gordon sold 28,141 shares of the firm’s stock in a transaction that occurred on Monday, May 14th. The shares were sold at an average price of $111.33, for a total value of $3,132,937.53. Following the completion of the sale, the chairman now owns 252,255 shares of the company’s stock, valued at $28,083,549.15. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 1.80% of the company’s stock.
Several analysts have recently weighed in on the stock. ValuEngine lowered shares of Ingredion from a “hold” rating to a “sell” rating in a report on Friday, May 4th. Zacks Investment Research raised shares of Ingredion from a “hold” rating to a “buy” rating and set a $158.00 price target for the company in a report on Wednesday, January 24th. Credit Suisse Group set a $130.00 price target on shares of Ingredion and gave the company a “buy” rating in a report on Friday, May 4th. Citigroup lowered shares of Ingredion from a “buy” rating to a “neutral” rating in a report on Friday, May 4th. Finally, BMO Capital Markets lowered their price target on shares of Ingredion from $125.00 to $115.00 and set a “market perform” rating for the company in a report on Friday, May 4th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company’s stock. Ingredion presently has an average rating of “Hold” and a consensus price target of $137.00.
Ingredion Company Profile
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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