Ingredion Incorporated (NYSE:INGR – Get Free Report) announced a quarterly dividend on Tuesday, August 8th, Zacks reports. Stockholders of record on Monday, October 2nd will be paid a dividend of 0.78 per share on Tuesday, October 24th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 3.09%. The ex-dividend date of this dividend is Friday, September 29th. This is an increase from Ingredion’s previous quarterly dividend of $0.71.
Ingredion has increased its dividend by an average of 2.7% annually over the last three years and has raised its dividend annually for the last 12 consecutive years. Ingredion has a payout ratio of 29.1% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Ingredion to earn $9.88 per share next year, which means the company should continue to be able to cover its $2.84 annual dividend with an expected future payout ratio of 28.7%.
Ingredion Stock Performance
NYSE INGR opened at $101.06 on Thursday. The company has a market capitalization of $6.67 billion, a PE ratio of 12.22 and a beta of 0.78. The company has a fifty day moving average of $107.41 and a two-hundred day moving average of $104.44. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.80 and a quick ratio of 0.92. Ingredion has a 1 year low of $78.81 and a 1 year high of $113.46.
Insider Buying and Selling
In other Ingredion news, SVP Larry Fernandes sold 2,779 shares of the firm’s stock in a transaction dated Tuesday, July 18th. The shares were sold at an average price of $110.10, for a total value of $305,967.90. Following the transaction, the senior vice president now directly owns 20,246 shares of the company’s stock, valued at approximately $2,229,084.60. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In related news, VP Davida Marie Gable sold 1,164 shares of Ingredion stock in a transaction that occurred on Wednesday, May 24th. The stock was sold at an average price of $110.19, for a total value of $128,261.16. Following the transaction, the vice president now directly owns 1,171 shares of the company’s stock, valued at $129,032.49. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Larry Fernandes sold 2,779 shares of the firm’s stock in a transaction that occurred on Tuesday, July 18th. The stock was sold at an average price of $110.10, for a total transaction of $305,967.90. Following the transaction, the senior vice president now owns 20,246 shares of the company’s stock, valued at approximately $2,229,084.60. The disclosure for this sale can be found here. Over the last three months, insiders have sold 10,864 shares of company stock valued at $1,170,058. 1.56% of the stock is owned by company insiders.
Hedge Funds Weigh In On Ingredion
Institutional investors and hedge funds have recently made changes to their positions in the stock. Worth Asset Management LLC bought a new stake in shares of Ingredion in the 1st quarter worth $57,000. Covestor Ltd boosted its position in Ingredion by 68.4% in the first quarter. Covestor Ltd now owns 921 shares of the company’s stock worth $80,000 after purchasing an additional 374 shares during the last quarter. Sunbelt Securities Inc. purchased a new stake in Ingredion during the first quarter worth about $81,000. Atlas Capital Advisors LLC raised its position in Ingredion by 571.0% in the first quarter. Atlas Capital Advisors LLC now owns 832 shares of the company’s stock worth $85,000 after acquiring an additional 708 shares during the period. Finally, Belpointe Asset Management LLC grew its position in shares of Ingredion by 20.0% during the 1st quarter. Belpointe Asset Management LLC now owns 1,060 shares of the company’s stock valued at $108,000 after acquiring an additional 177 shares during the period. Institutional investors own 85.77% of the company’s stock.
Wall Street Analyst Weigh In
Several research firms have issued reports on INGR. UBS Group upgraded shares of Ingredion from a “neutral” rating to a “buy” rating and raised their price target for the stock from $105.00 to $121.00 in a research report on Thursday, April 13th. BMO Capital Markets decreased their price objective on shares of Ingredion from $125.00 to $117.00 in a report on Wednesday. StockNews.com began coverage on Ingredion in a report on Thursday, May 18th. They issued a “buy” rating for the company. Finally, Barclays decreased their price target on shares of Ingredion from $120.00 to $118.00 in a research note on Thursday, June 1st. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $117.20.
Check Out Our Latest Stock Analysis on Ingredion
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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