James D. Gray, Executive Vice President and Chief Financial Officer of Ingredion Inc . (NYSE:INGR), recently executed a series of transactions involving the company's common stock. The timing of these transactions comes as Ingredion, currently valued at $9.7 billion, has seen its shares surge nearly 27% over the past six months. On November 29, Gray sold a total of 55,869 shares, amounting to approximately $8.05 million. The sale prices per share ranged from $146.693 to $146.782.
In addition to these sales, Gray acquired a total of 55,869 shares through multiple transactions at prices ranging from $91.85 to $130.30. These acquisitions were primarily through the exercise of employee stock options. According to InvestingPro, Ingredion maintains a GREAT financial health score, with strong profitability and momentum metrics.
Following these transactions, Gray holds 30,088 shares of Ingredion's common stock. The transactions were disclosed in a Form 4 filing with the Securities and Exchange Commission. InvestingPro analysis suggests the stock is currently trading below its Fair Value, with 14 additional valuable insights available to subscribers through the comprehensive Pro Research Report.
In other recent news, Ingredion Incorporated reported impressive third-quarter results, marking its best Q3 to date with a 29% increase in adjusted operating income. Despite a net sales decline, the company's strategic initiatives and operational efficiencies were highlighted as key drivers of this robust performance. Furthermore, the company's sales volume saw a 4% year-over-year increase, primarily due to growth in the U.S. food and beverage sectors and Brazil's brewing category recovery.
However, net sales fell by 8% to approximately $1.9 billion, influenced by lower pricing and foreign exchange impacts. These recent developments include the company's progress on a $50 million cost savings program, improved contract management, and operational efficiencies.
Looking ahead, Ingredion projects full-year operating income margins to be between 13% and 15% for Texture & Healthful Solutions and 18%-20% for Food and Industrial Ingredients LatAm. The company expects mid-single-digit declines in net sales for 2024, excluding the impact of the South Korea business sale, but anticipates an increase in adjusted operating income by high single digits. Despite these projections, Ingredion remains committed to organic investments, dividends, and strategic cash deployment for growth and shareholder returns.
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