Jefferies analyst Akshay Jagdale maintained a Buy rating on Ingredion (NYSE: INGR) today and set a price target of $160. The company’s shares closed yesterday at $118.46, close to its 52-week low of $113.42.
Jagdale commented:
“1Q operating results were significantly weaker than expected (adj. EBIT missed our and consensus estimates by ~8% & 7%, respectively) as sharply higher input costs negatively impacted results in NA & Asia-Pac. As a result, full-year EBIT guidance was lowered by ~4%. We view the issues impacting 1Q results as transitory and expect them to abate as pricing passthroughs kick in later in the year.”
According to TipRanks.com, Jagdale is a 4-star analyst with an average return of 4.2% and a 49.7% success rate. Jagdale covers the Consumer Goods sector, focusing on stocks such as Lamb Weston Holdings, McCormick & Company, and J & J Snack Foods.
Ingredion has an analyst consensus of Moderate Buy, with a price target consensus of $160.
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Ingredion’s market cap is currently $8.53B and has a P/E ratio of 16.76. The company has a book value ratio of 2.9500.
Based on the recent corporate insider activity of 81 insiders, corporate insider sentiment is negative on the stock.
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Ingredion, Inc. manufactures and sells sweetener, starches, nutrition ingredients, and biomaterial solutions derived from the wet milling and processing of corn and other starch-based materials. Its activities include turning corn, tapioca, potatoes and other vegetables and fruits into value-added ingredients and biomaterials for the food, beverage, paper and corrugating, brewing, and other industries. It operates through the following geographical segments: North America, South America, Asia Pacific, and Europe, the Middle East, and Africa. The company was founded in 1906 and is headquartered in Westchester, IL.
