Insider Selling: Jack C. Fortnum Sells 18,400 Shares of Ingredion Stock (INGR)
Ingredion (NASDAQ:INGR) CFO Jack C. Fortnum sold 18,400 shares of Ingredion stock on the open market in a transaction dated Wednesday, September 3rd. The shares were sold at an average price of $80.07, for a total value of $1,473,288.00. Following the completion of the sale, the chief financial officer now directly owns 129,548 shares in the company, valued at approximately $10,372,908. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
Shares of Ingredion (NASDAQ:INGR) traded down 0.47% on Thursday, hitting $79.15. 341,850 shares of the company’s stock traded hands. Ingredion has a one year low of $58.28 and a one year high of $80.25. The stock’s 50-day moving average is $77.58 and its 200-day moving average is $72.9. The company has a market cap of $5.929 billion and a P/E ratio of 16.74.
Ingredion (NASDAQ:INGR) last announced its earnings results on Wednesday, July 30th. The company reported $1.35 earnings per share for the quarter, missing the analysts’ consensus estimate of $1.41 by $0.06. The company had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.47 billion. During the same quarter last year, the company posted $1.20 earnings per share. Ingredion’s revenue was down 9.2% compared to the same quarter last year. On average, analysts predict that Ingredion will post $5.53 earnings per share for the current fiscal year.
INGR has been the subject of a number of recent research reports. Analysts at Standpoint Research downgraded shares of Ingredion from a “buy” rating to a “hold” rating in a research note on Wednesday. Separately, analysts at Citigroup Inc. reiterated a “neutral” rating on shares of Ingredion in a research note on Thursday, July 31st. They now have a $80.00 price target on the stock, up previously from $71.00. Finally, analysts at Stephens downgraded shares of Ingredion from an “overweight” rating to an “equal weight” rating in a research note on Thursday, July 10th. Seven investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $70.71.
Ingredion Incorporated (NASDAQ:INGR), formerly Corn Products International, Inc is a global manufacturer and supplier of starch and sweetener ingredients to a range of industries, including packaged food, beverage, brewing and industrial customers.
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