Verdence Capital Advisors LLC raised its stake in shares of Ingredion Incorporated (NYSE:INGR – Free Report) by 5.5% in the first quarter, according to its most recent 13F filing with the SEC. The fund owned 3,904 shares of the company’s stock after buying an additional 205 shares during the period. Verdence Capital Advisors LLC’s holdings in Ingredion were worth $397,000 at the end of the most recent quarter.
A number of other institutional investors have also modified their holdings of INGR. Norges Bank purchased a new position in shares of Ingredion during the 4th quarter valued at about $62,186,000. Arrowstreet Capital Limited Partnership raised its stake in shares of Ingredion by 4,100.0% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 340,834 shares of the company’s stock valued at $29,704,000 after buying an additional 332,719 shares during the last quarter. Nordea Investment Management AB acquired a new stake in shares of Ingredion during the 1st quarter valued at about $28,182,000. State Street Corp grew its position in shares of Ingredion by 7.1% during the 1st quarter. State Street Corp now owns 2,364,523 shares of the company’s stock valued at $207,518,000 after acquiring an additional 155,995 shares during the period. Finally, Millennium Management LLC grew its position in shares of Ingredion by 25.4% during the 4th quarter. Millennium Management LLC now owns 675,349 shares of the company’s stock valued at $66,137,000 after acquiring an additional 136,759 shares during the period. Hedge funds and other institutional investors own 85.77% of the company’s stock.
Analyst Upgrades and Downgrades
A number of equities research analysts have recently commented on the company. StockNews.com assumed coverage on Ingredion in a research report on Thursday, May 18th. They set a “buy” rating on the stock. Stephens restated an “overweight” rating and set a $120.00 target price on shares of Ingredion in a research report on Friday, March 17th. Barclays dropped their target price on Ingredion from $120.00 to $118.00 in a research report on Thursday, June 1st. UBS Group upgraded Ingredion from a “neutral” rating to a “buy” rating and raised their target price for the company from $105.00 to $121.00 in a research report on Thursday, April 13th. Finally, BMO Capital Markets raised their target price on Ingredion from $115.00 to $123.00 in a research report on Thursday, May 4th. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $118.40.
Ingredion Trading Up 0.3 %
Ingredion (NYSE:INGR – Free Report) last posted its quarterly earnings data on Wednesday, May 3rd. The company reported $2.80 earnings per share (EPS) 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 company had revenue of $2.14 billion for the quarter, compared to analysts’ expectations of $2.18 billion. During the same period in the previous year, the firm posted $1.95 EPS. Ingredion’s revenue was up 12.9% compared to the same quarter last year. On average, sell-side analysts anticipate that Ingredion Incorporated will post 9.1 EPS for the current fiscal year.
Ingredion Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 25th. Stockholders of record on Monday, July 3rd will be issued a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a dividend yield of 2.65%. The ex-dividend date of this dividend is Friday, June 30th. Ingredion’s dividend payout ratio is currently 34.34%.
Insider Transactions at Ingredion
In other news, CFO James D. Gray sold 5,000 shares of the business’s stock in a transaction that occurred on Thursday, June 1st. The stock was sold at an average price of $104.90, for a total transaction of $524,500.00. Following the transaction, the chief financial officer now directly owns 32,960 shares in the company, valued at approximately $3,457,504. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, VP Davida Marie Gable sold 1,164 shares of the business’s stock in a transaction that occurred on Wednesday, May 24th. The stock was sold at an average price of $110.19, for a total transaction of $128,261.16. Following the transaction, the vice president now directly owns 1,171 shares in the company, valued at approximately $129,032.49. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO James D. Gray sold 5,000 shares of Ingredion stock in a transaction that occurred on Thursday, June 1st. The shares were sold at an average price of $104.90, for a total transaction of $524,500.00. Following the sale, the chief financial officer now directly owns 32,960 shares in the company, valued at approximately $3,457,504. The disclosure for this sale can be found here. Insiders have sold a total of 7,910 shares of company stock worth $842,394 in the last ninety days. Insiders own 1.68% of the company’s stock.
About Ingredion
Ingredion Incorporated, together with its subsidiaries, produces and sells sweeteners, starches, nutrition ingredients, and biomaterial solutions derived from wet milling and processing corn, and other starch-based materials to a range of industries in North America, South America, the Asia Pacific, Europe, the Middle East, and Africa.
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