- Chicken, turkey, and stockfeed producer and distributor Inghams Group’s share price hit a 52 week high on 6 February.
- The company reported blockbuster Half Year 2024 financial results on 15 February.
- A cautionary outlook may have been responsible for a collapsing share price, down double digits in the past month.
Inghams listed on the ASX in 2016, taking its shareholders on a wild ride, with dips worthy of a roller coaster, yet managing a 14..2% increase since it began trading.
Source: ASX
The company’s steady financial performance over the last four fiscal years broke free with a doubling of net profit between FY 2022 and FY 2023. The share price jumped on the news.
Half Year 2024 financial results showed an 8.7% revenue increase and stunning rises in net profit after tax – up 268.6%, and underlying net profit after tax – up 134.2%.
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Inghams Group Financial Performance
Source: ASX
Investors ignored the positive performance, driving down the share price 16.4% over the last month following a cautious outlook for the full year.
Inghams Group began paying dividends in FY2018, maintaining dividends during the COVID 19 pandemic. The FY 2023 payment was $0.24 per share. Inghams dividend payments have a five year average dividend yield of 3.73%.
An analyst at Marcus Today has a SELL recommendation on Inghams Group shares, citing “rising costs and net debt reported in the Half Year 2024 results along with challenging market conditions with ongoing inflationary pressures and a continuing shift towards in-home dining.”
Marketscreener.com has an analyst consensus BUY rating on Inghams, with eight of twelve analysts reporting at BUY, one at OUTPERFORM, two at HOLD, and one at UNDERPERFORM.
Yahoo finance Australia also has an analyst consensus BUY rating on ING shares, with one of eight analysts reporting at STRONG BUY, five at BUY, and two at HOLD.
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