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INGR · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is Ingredion Incorporated (INGR) stock moving?
Ingredion's Q3 2026 results on Nov 5 missed: adjusted EPS was $2.28 against a $2.60 estimate and sales were $1.792B against $1.802B. Management cited a slower-than-expected recovery at its Argo facility, higher input costs and consumer softness. FY2026 adjusted EPS guidance was cut to $9.25-$9.70 from $10.30-$10.90, below the $10.46 estimate, and GAAP EPS guidance was cut to $8.04-$8.49 from $9.15-$9.75. The shares opened at $92.49 that day but recovered to close at $97.42 on 1.84M shares, roughly double the usual volume. The sell-off came the following session, with a close of $91.72 on 1.34M shares on Nov 6. Since then the stock has traded between $90.14 and $92.78 on lower volume (731K on Nov 10), about 7% below the Nov 2 close of $98.93 and near the 30-day low. Stephens & Co. kept its Equal-Weight rating but lowered its price target to $100. A Nov 9 law-firm notice about a pending investigation into possible fiduciary duty breaches adds headline risk but gives no specifics. A 10-Q was filed Nov 6, but its content was not provided. The guidance cut is a clear, asset-specific negative, and the share price has partly reflected it. The outlook depends on whether Argo recovers and input costs ease.
News behind the analysis
- Levi & Korsinsky Notifies Investors of Pending Investigation Into Ingredion IncorporatedLaw firm Levi & Korsinsky announced an investigation into Ingredion over potential breaches of fiduciary duty. The notice gives no specifics on allegations.
- Stephens & Co. Maintains Equal-Weight Rating on IngredionStephens & Co. kept its Equal-Weight rating on Ingredion after the company's recent financial disclosures.
- Stephens & Co. Maintains Equal-Weight on Ingredion, Lowers Price Target to $100Stephens & Co. retained its Equal-Weight rating and cut its price target to $100 following the Q3 results.
- Ingredion Incorporated Reports Third Quarter 2026 ResultsIngredion reported Q3 2026 results that fell short of expectations, citing a slower Argo facility recovery, higher input costs and consumer softness.
- Ingredion Q3 2026 Earnings Call TranscriptIngredion published the transcript of its Q3 2026 earnings call, held on Nov 5 with management discussing the quarter's results.
- Ingredion Q3 Adj. EPS $2.28 Misses $2.60 Estimate, Sales $1.792B Miss $1.802B EstimateQ3 adjusted EPS of $2.28 missed the $2.60 estimate, and sales of $1.792B missed the $1.802B estimate.
- Ingredion Lowers FY2026 Adj EPS Guidance from $10.30-$10.90 to $9.25-$9.70 vs $10.46 EstIngredion cut its FY2026 adjusted EPS guidance to $9.25-$9.70, below the prior $10.30-$10.90 range and the $10.46 estimate.
- Ingredion Lowers FY2026 GAAP EPS Guidance from $9.15-$9.75 to $8.04-$8.49 vs $9.60 EstIngredion lowered its FY2026 GAAP EPS guidance to $8.04-$8.49, versus the prior $9.15-$9.75 range and the $9.60 estimate.
About Ingredion Incorporated
Ingredion is a Chicago-area company that turns corn, tapioca, potatoes, fruits and other plant materials into ingredients such as starches, sweeteners, texturizers and plant proteins. It sells to food, beverage, brewing, animal nutrition and industrial customers in more than 120 countries, and had about $7.2 billion in net sales in 2025. It is moving its mix toward higher-value 'Texture & Healthful Solutions' ingredients.
How it makes money
Ingredion sells ingredients to other businesses, not to consumers. Most of its revenue comes from basic starches, glucose syrups, high-fructose corn syrup and corn co-products sold through its US/Canada and Latin America Food & Industrial Ingredients segments. A growing share comes from specialty products like texturizers, clean-label starches, sugar reducers, stevia and plant proteins. These specialty products usually earn higher margins. Its main costs are corn and other crops, so it often passes changes in crop prices on to customers through annual contracts.
What usually moves INGR
- Corn and other crop input costs
- Demand from packaged food and beverage makers
- Growth of specialty texture and sugar-reduction ingredients
- Latin American currencies, e.g. Argentine peso and Mexican peso
- Plant operations and energy costs