ingr stock value opportunity analysis

$INGR - Thoughts and DD
I've been looking at $INGR and here's what I found: $INGR turns corn and tapioca into must-haves for 38% of the world's food makers (think Coca-Cola's sweeteners, bakery starch, and pharma ingredients). Their business has dropped % since May highs. It's trading at 12x P/E compared to 15-20x for top-notch industrials.
Why I'm interested
P/E: 11.95 (a good price for a quality stock)
EV/EBITDA: 6.74 (industry average: 10-12x)
PEG: 0.97 (under 1.0)
Forward P/E: 10.72 (earnings are growing)
Business strength:
Serves 38% of global food and beverage companies (a small group)
High switching costs (changing formulas is expensive and risky)
Resistant to recession (people keep eating)
Moving into specialty ingredients (34% of sales, higher profits)
Shareholder rewards:
$3.28/year dividend = 2.7% yield
Active buybacks (shares down 1.05% YoY)
The issues I'm considering
What caused the drop from $140 in May to $121 now? Was it an earnings miss or just market shift? Concerns about HFCS volume drops due to anti-sugar trends? INGR vs ADM - which one has better quality and growth?
Risk/Reward
Upside: $145-160 = 20-32% + 2.7% div = 25-35% total return
Downside: Maybe $105-110 if the market falls = 10-15% max
Ratio: 3:1 to 4:1
Is this a value trap or a real opportunity?