Ingredion Incorporated (NYSE:INGR) Holdings Lifted by California Public Employees Retirement System

Posted by Defense World Staff on May 14th, 2023

California Public Employees Retirement System lifted its stake in Ingredion Incorporated (NYSE:INGR – Get Rating) by 4.8% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 157,840 shares of the company’s stock after purchasing an additional 7,190 shares during the quarter. California Public Employees Retirement System owned 0.24% of Ingredion worth $15,457,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Swiss National Bank boosted its position in shares of Ingredion by 0.7% in the 4th quarter. Swiss National Bank now owns 158,200 shares of the company’s stock valued at $15,493,000 after purchasing an additional 1,100 shares during the period. Heartland Advisors Inc. acquired a new position in shares of Ingredion in the 4th quarter valued at $3,133,000. Equity Investment Corp boosted its position in shares of Ingredion by 0.6% in the 4th quarter. Equity Investment Corp now owns 1,091,306 shares of the company’s stock valued at $106,872,000 after purchasing an additional 6,259 shares during the period. Boston Partners boosted its position in Ingredion by 22.8% during the 4th quarter. Boston Partners now owns 112,155 shares of the company’s stock worth $10,984,000 after acquiring an additional 20,847 shares during the period. Finally, AMG National Trust Bank boosted its position in Ingredion by 1.2% during the 4th quarter. AMG National Trust Bank now owns 10,575 shares of the company’s stock worth $1,036,000 after acquiring an additional 123 shares during the period. Institutional investors and hedge funds own 85.70% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on INGR shares. StockNews.com started coverage on Ingredion in a research report on Thursday, March 16th. They set a “buy” rating for the company. Barclays raised their price objective on Ingredion from $110.00 to $120.00 in a research report on Thursday, May 4th. UBS Group upgraded Ingredion from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $105.00 to $121.00 in a research report on Thursday, April 13th. Stephens restated an “overweight” rating and set a $120.00 price objective on shares of Ingredion in a research report on Friday, March 17th. Finally, Credit Suisse Group lifted their price target on Ingredion from $100.00 to $110.00 and gave the company a “neutral” rating in a report on Thursday, February 9th. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $118.80.

Ingredion Stock Down 0.0 %

INGR opened at $109.58 on Friday. The business has a 50 day moving average price of $102.56 and a 200 day moving average price of $99.60. Ingredion Incorporated has a twelve month low of $78.81 and a twelve month high of $112.30. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.92 and a current ratio of 1.80. The firm has a market cap of $7.23 billion, a P/E ratio of 13.25 and a beta of 0.76.

Ingredion (NYSE:INGR – Get Rating) last posted its earnings results on Wednesday, May 3rd. The company reported $2.80 earnings per share for the quarter, topping the consensus estimate of $2.01 by $0.79. Ingredion had a return on equity of 17.51% and a net margin of 6.75%. The firm had revenue of $2.14 billion during the quarter, compared to analyst estimates of $2.18 billion. During the same period in the previous year, the company earned $1.95 EPS. The company’s revenue for the quarter was up 12.9% on a year-over-year basis. Research analysts forecast that Ingredion Incorporated will post 9.05 EPS for the current year.

Ingredion Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 25th. Stockholders of record on Monday, April 3rd were issued a dividend of $0.71 per share. The ex-dividend date of this dividend was Friday, March 31st. This represents a $2.84 dividend on an annualized basis and a dividend yield of 2.59%. Ingredion’s dividend payout ratio (DPR) is presently 34.34%.

Insider Transactions at Ingredion

In other news, EVP Jorgen Kokke sold 7,119 shares of the company’s stock in a transaction that occurred on Friday, March 3rd. The stock was sold at an average price of $100.21, for a total transaction of $713,394.99. Following the completion of the transaction, the executive vice president now directly owns 36,537 shares in the company, valued at $3,661,372.77. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, EVP Jorgen Kokke sold 7,119 shares of the company’s stock in a transaction that occurred on Friday, March 3rd. The stock was sold at an average price of $100.21, for a total transaction of $713,394.99. Following the completion of the transaction, the executive vice president now directly owns 36,537 shares in the company, valued at $3,661,372.77. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP Larry Fernandes sold 1,746 shares of the company’s stock in a transaction that occurred on Thursday, May 4th. The stock was sold at an average price of $108.61, for a total value of $189,633.06. Following the transaction, the senior vice president now owns 20,246 shares of the company’s stock, valued at $2,198,918.06. The disclosure for this sale can be found here. Insiders sold a total of 8,866 shares of company stock worth $903,124 over the last three months. 1.68% of the stock is currently owned by insiders.

About Ingredion

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Ingredion, Inc engages in the development, production, and sale of food and beverage ingredients, primarily starches and sweeteners. The firm is involved in transforming corn, tapioca, potatoes, plant-based stevia, grains, fruits, gums, and vegetables into value-added ingredients and biomaterials for the food, beverage, brewing, and other industries.