State of Michigan Retirement System decreased its holdings in Ingredion Incorporated (NYSE:INGR – Free Report) by 0.6% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 16,588 shares of the company’s stock after selling 100 shares during the quarter. State of Michigan Retirement System’s holdings in Ingredion were worth $1,687,000 as of its most recent SEC filing.
Other hedge funds have also recently added to or reduced their stakes in the company. Group One Trading L.P. acquired a new position in Ingredion in the fourth quarter worth approximately $27,000. National Bank of Canada FI grew its position in Ingredion by 119.5% in the first quarter. National Bank of Canada FI now owns 292 shares of the company’s stock worth $30,000 after buying an additional 159 shares during the last quarter. Aspire Private Capital LLC grew its position in Ingredion by 172.3% in the fourth quarter. Aspire Private Capital LLC now owns 354 shares of the company’s stock worth $34,667,220,000 after buying an additional 224 shares during the last quarter. Bank Julius Baer & Co. Ltd Zurich acquired a new position in Ingredion in the fourth quarter worth approximately $35,000. Finally, Gradient Investments LLC grew its position in Ingredion by 230.8% in the first quarter. Gradient Investments LLC now owns 430 shares of the company’s stock worth $44,000 after buying an additional 300 shares during the last quarter. Institutional investors and hedge funds own 85.77% of the company’s stock.
Analysts Set New Price Targets
Several research analysts have issued reports on INGR shares. UBS Group upgraded shares of Ingredion from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $105.00 to $121.00 in a research report on Thursday, April 13th. Barclays cut their target price on shares of Ingredion from $120.00 to $118.00 in a research note on Thursday, June 1st. BMO Capital Markets boosted their target price on shares of Ingredion from $115.00 to $123.00 in a research note on Thursday, May 4th. Finally, StockNews.com began coverage on shares of Ingredion in a research note on Thursday, May 18th. They set a “buy” rating on the stock. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, Ingredion currently has a consensus rating of “Moderate Buy” and an average target price of $118.40.
Ingredion Trading Up 0.5 %
Ingredion (NYSE:INGR – Get Free Report) last posted its quarterly earnings results on Wednesday, May 3rd. The company reported $2.80 EPS for the quarter, beating the consensus estimate of $2.01 by $0.79. Ingredion had a net margin of 6.75% and a return on equity of 17.51%. The business 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 company posted $1.95 EPS. Ingredion’s revenue was up 12.9% on a year-over-year basis. As a group, sell-side analysts forecast that Ingredion Incorporated will post 9.1 EPS for the current fiscal year.
Ingredion Announces Dividend
The business also recently declared 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 2.59%. The ex-dividend date of this dividend is Friday, June 30th. Ingredion’s dividend payout ratio is currently 34.34%.
Insider Activity
In other news, SVP Larry Fernandes sold 2,779 shares of the business’s stock in a transaction on Tuesday, July 18th. The shares were sold at an average price of $110.10, for a total transaction of $305,967.90. Following the transaction, the senior vice president now directly owns 20,246 shares in the company, valued at approximately $2,229,084.60. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, SVP Larry Fernandes sold 2,779 shares of the company’s stock in a transaction on Tuesday, July 18th. The shares were sold at an average price of $110.10, for a total value of $305,967.90. Following the completion of the sale, the senior vice president now directly owns 20,246 shares in the company, valued at $2,229,084.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Davida Marie Gable sold 1,164 shares of the company’s stock in a transaction 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 completion of the sale, the vice president now owns 1,171 shares of the company’s stock, valued at $129,032.49. The disclosure for this sale can be found here. Insiders have sold a total of 12,610 shares of company stock worth $1,359,691 in the last ninety days. Corporate insiders own 1.56% of the company’s stock.
Ingredion Company Profile
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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