Ingredion Inc Stock Research

Market Summary

USD100.31+0.13

Delayed

0.13%

INGR Alerts

1 major insider sales recently.
Big jump in Earnings (Y/Y)

INGR Stock Price

INGR RSI Chart

INGR Valuation

Market Cap

6.4B

Price/Earnings (Trailing)

13.08

Price/Sales (Trailing)

0.81

EV/EBITDA

6.42

Price/Free Cashflow

-43.48

INGR Price/Sales (Trailing)

INGR Profitability

EBT Margin

8.41%

Return on Equity

15.63%

Return on Assets

6.51%

Free Cashflow Yield

-2.3%

INGR Fundamentals

INGR Revenue

Revenue (TTM)

7.9B

Revenue Y/Y

13.22%

Revenue Q/Q

-1.78%

INGR Earnings

Earnings (TTM)

492.0M

Earnings Y/Y

70.15%

Earnings Q/Q

7.55%

Price Action

52 Week Range

78.81105.24

(Low)(High)

Last 7 days

2.0%

Last 30 days

-1.4%

Last 90 days

1.6%

Trailing 12 Months

17.3%

INGR Financial Health

Current Ratio

1.76

INGR Investor Care

Dividend Yield

2.74%

Dividend/Share (TTM)

2.68

Buy Backs (1Y)

1.79%

Diluted EPS (TTM)

7.34

Peers (Alternatives to Ingredion)

View All Peers In Detail

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
GIS	47.8B	19.4B	5.26%	28.68%	16.42	2.47	4.08%	30.06%
ADM	43.6B	101.6B	-4.53%	-15.24%	10.05	0.43	19.13%	60.21%
HRL	24.6B	12.4B	-13.59%	-21.90%	24.65	1.98	3.48%	5.62%
K	22.4B	15.3B	-1.88%	5.67%	23.38	1.47	8.00%	-35.48%
LW	14.6B	4.5B	1.70%	79.41%	30.92	3.25	15.82%	144.25%
MID-CAP
INGR	6.4B	7.9B	-1.41%	17.27%	13.08	0.81	15.26%	320.51%
PPC	5.2B	17.5B	-10.03%	-6.91%	6.98	0.3	18.21%	2306.23%
FRPT	3.0B	595.3M	3.19%	-34.23%	-50.1	5.01	39.92%	-100.32%
POST	5.1B	6.1B	-2.05%	39.31%	5.87	0.84	18.23%	1243.59%
SMALL-CAP
BRID	124.4M	263.4M	9.04%	29.23%	2.72	0.47	5.45%	786.05%
LWAY	100.4M	136.7M	8.41%	-12.10%	873.11	0.73	20.26%	-96.88%
PLAG	36.0M	-	-13.55%	-47.56%	-3.61	0.72	513.44%	-38.56%
RMCF	33.0M	33.1M	4.60%	-30.91%	-9.14	1	2.77%	-346.02%
RIBT	4.4M	39.0M	-22.81%	65.63%	-0.38	0.11	30.61%	-109.87%

Financials for Ingredion

* denotes actual numbers (not divided by Millions)
Income Statement (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Revenue	3.0%	7,946	7,714	7,454	7,172	6,894
Gross Profit	4.3%	1,494	1,433	1,382	1,359	1,331
R&D Expenses	20.9%	52.00	43.00	-	-	-
EBITDA	15.2%	965	838	916	540	-
EBITDA Margin	8.0%	0.12*	0.11*	0.13*	0.08*	-
Earnings Before Taxes	7.4%	668	622	614	623	248
EBT Margin	4.3%	0.08*	0.08*	0.08*	0.09*	-
Interest Expenses	13.9%	82.00	72.00	-	-	-
Net Income	10.6%	492	445	457	493	117
Net Income Margin	7.3%	0.06*	0.06*	0.06*	0.07*	-
Free Cahsflow	-70.1%	-148	-87.00	-68.00	44.00	-

* denotes actual numbers (not divided by Millions)
Balance Sheet					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Assets	2.1%	7,561	7,403	7,389	7,435	6,999
Current Assets	1.3%	3,309	3,268	3,177	3,129	2,697
Cash Equivalents	-19.7%	236	294	318	324	328
Inventory	6.5%	1,597	1,500	1,403	1,306	1,172
Net PPE	4.3%	2,407	2,308	2,375	2,446	2,423
Liabilities	1.8%	4,299	4,224	4,121	4,021	3,774
Current Liabilities	-3.4%	1,882	1,949	1,845	1,721	1,512
LT Debt, Non Current	11.6%	1,940	1,739	1,739	1,739	1,738
Shareholder's Equity	2.6%	3,147	3,066	3,146	3,293	3,100
Retained Earnings	1.6%	4,210	4,143	4,085	3,986	3,899
Additional Paid-In Capital	-0.1%	1,132	1,133	1,133	1,160	1,158
Accumulated Depreciation	2.1%	3,326	3,256	3,279	3,304	3,232
Shares Outstanding	-0.9%	66.00	66.00	67.00	-	-

Cashflow (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Cashflow From Operations	-28.6%	152	213	259	318	392
Share Based Compensation	11.1%	30.00	27.00	25.00	23.00	-
Cashflow From Investing	-7.0%	-320	-299	-314	-347	-335
Cashflow From Financing	786.7%	103	-15.00	-134	-214	-373
Dividend Payments	1.1%	181	179	181	184	184
Buy Backs	-10.8%	-103	-93.00	-108	-74.00	-49.00

Risks for INGR

What is the probability of a big loss on INGR?

61.9%

Probability that Ingredion stock will be more than 20% underwater in next one year

33.5%

Probability that Ingredion stock will be more than 30% underwater in next one year.

Probability that Ingredion stock will be more than 40% underwater in next one year.

*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does INGR drawdown profile look like?

Y-axis is the maximum loss one would have experienced if Ingredion was unfortunately bought at previous high price.

Drawdowns

Returns for INGR

Cumulative Returns on INGR

5.7%

10-Year Cumulative Returns

1.7%

7-Year Cumulative Returns

-2%

5-Year Cumulative Returns

14.0%

3-Year Cumulative Returns

What are the long-term rolling returns for INGR?

FIve years rolling returns for Ingredion.

Annualized Returns

Which funds bought or sold INGR recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
2023-03-23	MetLife Investment Management, LLC	reduced	-1.91	653,762	4,041,960	0.03%
2023-03-17	American Portfolios Advisors	added	94.82	13,261	30,276	-%
2023-03-10	VICTORY CAPITAL MANAGEMENT INC	reduced	-0.21	19,136,300	108,703,000	0.12%
2023-03-06	Rockefeller Capital Management L.P.	reduced	-2.54	43,000	277,000	-%
2023-03-03	TIAA, FSB	reduced	-16.72	4,269	304,269	-%
2023-03-01	Regal Investment Advisors LLC	reduced	-0.41	217,831	1,251,830	0.12%
2023-02-28	Voya Investment Management LLC	added	0.32	159,685	880,685	-%
2023-02-22	TEACHERS RETIREMENT SYSTEM OF THE STATE OF KENTUCKY	unchanged	-	183,000	1,032,000	0.01%
2023-02-21	Adalta Capital Management LLC	new	-	197,000	197,000	0.14%
2023-02-21	NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO	added	10.79	81,822	315,822	-%

Latest Funds Activity

Are funds buying INGR calls or puts?

Calls

Puts

Are funds bullish or bearish(Calls - Puts)?

Net Call Options

No. of funds that own INGR

No. of Funds

Ingredion News

Schedule 13G FIlings of Ingredion

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 09, 2023	vanguard group inc	11.26%	7,379,241	SC 13G/A
Jan 24, 2023	blackrock inc.	9.4%	6,165,517	SC 13G/A
Feb 01, 2022	blackrock inc.	8.5%	5,683,001	SC 13G/A
Oct 12, 2021	vanguard group inc	10.00%	6,701,732	SC 13G/A
Feb 10, 2021	vanguard group inc	9.15%	6,126,244	SC 13G/A
Jan 29, 2021	blackrock inc.	8.7%	5,825,821	SC 13G/A
Feb 12, 2020	vanguard group inc	9.56%	6,384,990	SC 13G/A
Feb 04, 2020	blackrock inc.	10.6%	7,069,576	SC 13G/A

INGR Fair Value

Ingredion fair value in different scenarios

The table shows the Fair Value estimates for Ingredion for various scenarios. Disclaimer: These are just estimations from a model. None of the models are good at predicting the future. Please dont buy or sell stocks based on these outputs.

Fair Value	Very Pessimistic	Pessimistic	Base Case	Optimistic	Very Optimistic
Very Low Inflation	67.79 -32.42%	85.57 -14.69%	102.68 2.36%	127.81 27.42%	164.65 64.14%
Current Inflation	76.99 -23.25%	89.40 -10.88%	124.13 23.75%	154.60 54.12%	177.46 76.91%
Very High Inflation	59.47 -40.71%	73.32 -26.91%	81.18 -19.07%	98.78 -1.53%	122.57 22.19%

Historical Ingredion Fair Value Estimates

Very Pessimistic Case

Pessimistic Case

Fair Value

Optimistic Case

Very Optimistic Case

Closing Stock Price

Recent SEC filings of Ingredion

View All Filings

Date Filed	Form Type	Document
Mar 24, 2023	PRE 14A	PRE 14A
Mar 20, 2023	4	Insider Trading
Mar 20, 2023	4	Insider Trading
Mar 20, 2023	4	Insider Trading
Mar 20, 2023	4	Insider Trading
Mar 20, 2023	4	Insider Trading
Mar 20, 2023	4	Insider Trading
Mar 17, 2023	4	Insider Trading
Mar 17, 2023	4	Insider Trading
Mar 03, 2023	4	Insider Trading

Latest Insider Trading transactions for INGR

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
2023-03-16	Perez y Landazuri Pierre	sold	-2.71312	96.21	-0.0282	svp, president emea
2023-03-16	Bastos-Evans Valdirene	sold	-20.6178	96.21	-0.2143	svp, president, apac
2023-03-16	Kokke Jorgen	sold (taxes)	-30,113	96.21	-313	evp, president americas
2023-03-16	Gray James D	sold (taxes)	-36,271	96.21	-377	evp, chief financial officer
2023-03-16	Fernandes Larry	sold (taxes)	-8,466	96.21	-88.00	svp, chief commercial officer
2023-03-16	Xu Jinghuai	sold	-52.3575	96.21	-0.5442	svp, chief innovation officer
2023-03-16	Perez y Landazuri Pierre	sold (taxes)	-14,623	96.21	-152	svp, president emea
2023-03-16	Bastos-Evans Valdirene	sold (taxes)	-3,655	96.21	-38.00	svp, president, apac
2023-03-16	Xu Jinghuai	sold (taxes)	-37,618	96.21	-391	svp, chief innovation officer
2023-03-16	Kokke Jorgen	sold	-42.0149	96.21	-0.4367	evp, president americas

About Ingredion

James P. Zallie

www.ingredion.com

12000

Ingredion Incorporated, together with its subsidiaries, produces and sells starches and sweeteners for various industries. It operates through four segments: North America; South America; Asia-Pacific; and Europe, Middle East and Africa. The company offers sweetener products comprising glucose syrups, high maltose syrups, high fructose corn syrups, caramel colors, dextrose, polyols, maltodextrins, and glucose syrup solids, as well as food-grade and industrial starches, biomaterials, and nutrition ingredients. It also provides edible corn oil; refined corn oil to packers of cooking oil and to producers of margarine, salad dressings, shortening, mayonnaise, and other foods; and corn gluten feed used as protein feed for chickens, pet food, and aquaculture, as well as fruit and vegetable products, such as concentrates, purees and essences, pulse proteins, and hydrocolloids systems and blends. The company's products are derived primarily from processing corn and other starch-based materials, such as tapioca, potato, and rice. It serves food, beverage, brewing, and animal nutrition industries. The company was formerly known as Corn Products International, Inc. and changed its name to Ingredion Incorporated in June 2012. Ingredion Incorporated was founded in 1906 and is headquartered in Westchester, Illinois.

INGR Income Statement

2022-12-31

Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
Net sales	$ 7,946	$ 6,894	$ 5,987
Cost of sales	6,452	5,563	4,715
Gross profit	1,494	1,331	1,272
Operating expenses	715	668	628
Other operating expense (income)	13	(34)	(31)
Restructuring/impairment charges and related adjustments	4	387	93
Operating income	762	310	582
Financing costs	99	74	81
Other non-operating (income)	(5)	(12)	(5)
Income before income taxes	668	248	506
Provision for income taxes	166	123	152
Net income	502	125	354
Less: Net income attributable to non-controlling interests	10	8	6
Net income attributable to Ingredion	$ 492	$ 117	$ 348
Weighted average common shares outstanding:
Basic (in shares)	66.2	67.1	67.2
Diluted (in shares)	67.0	67.8	67.6
Earnings per common share of Ingredion:
Basic (in dollars per share)	$ 7.43	$ 1.74	$ 5.18
Diluted (in dollars per share)	$ 7.34	$ 1.73	$ 5.15

INGR Balance Sheet

2022-12-31

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 236	$ 328
Short-term investments	3	4
Accounts receivable, net	1,411	1,130
Inventories	1,597	1,172
Prepaid expenses	62	63
Total current assets	3,309	2,697
Property, plant and equipment, net of accumulated depreciation of $3,326 and $3,232, respectively	2,407	2,423
Intangible assets	1,301	1,348
Other assets	544	531
Total assets	7,561	6,999
Current liabilities:
Short-term borrowings	543	308
Accounts payable	873	774
Accrued liabilities	466	430
Total current liabilities	1,882	1,512
Long-term debt	1,940	1,738
Other non-current liabilities	477	524
Total liabilities	4,299	3,774
Share-based payments subject to redemption	48	36
Redeemable non-controlling interests	51	71
Ingredion stockholders’ equity:
Preferred stock — authorized 25,000,000 shares — $0.01 par value, none issued	0	0
Common stock — authorized 200,000,000 shares — $0.01 par value, 77,810,875 issued at December 31, 2022 and December 31, 2021	1	1
Additional paid-in capital	1,132	1,158
Less: Treasury stock (common stock: 12,116,920 and 11,154,203 shares at December 31, 2022 and December 31, 2021, respectively) at cost	(1,148)	(1,061)
Accumulated other comprehensive loss	(1,048)	(897)
Retained earnings	4,210	3,899
Total Ingredion stockholders’ equity	3,147	3,100
Non-redeemable non-controlling interests	16	18
Total equity	3,163	3,118
Total liabilities and equity	$ 7,561	$ 6,999