Ingredion Inc. (INGR) Cut to “Hold” at Zacks Investment Research
Ingredion Inc. (NYSE:INGR) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.
According to Zacks, “Ingredion Incorporated is an ingredients solutions provider specializing in nature-based sweeteners, starches and nutrition ingredients. The Company serves diverse sectors in food, beverage, brewing, pharmaceuticals and other industries. Its sweetener products include dextrose, glucose, polyols, HFCS and Maltodextrin. The Company’s nutrition solutions include prebiotic fibers, resistant starch, soluble fibers and Inulin fibers. Its starch-based products include both industrial and food-grade starches. Ingredion Incorporated, formerly known as Corn Products International, Inc., is headquartered in Chicago. “
Several other brokerages have also recently issued reports on INGR. Citigroup Inc. upped their price objective on shares of Ingredion from $130.00 to $140.00 and gave the company a “buy” rating in a research note on Wednesday, June 15th. Jefferies Group reaffirmed a “buy” rating and set a $147.00 price objective (up previously from $136.00) on shares of Ingredion in a research note on Friday, July 15th. Finally, Societe Generale initiated coverage on shares of Ingredion in a research note on Wednesday, September 7th. They set a “hold” rating for the company. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $125.50.
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Shares of Ingredion (NYSE:INGR) traded up 0.74% during trading on Wednesday, hitting $130.09. 500,968 shares of the stock were exchanged. Ingredion has a one year low of $84.57 and a one year high of $140.00. The company has a market cap of $9.39 billion, a price-to-earnings ratio of 20.81 and a beta of 1.11. The stock’s 50 day moving average price is $135.09 and its 200-day moving average price is $122.25.
Ingredion (NYSE:INGR) last announced its quarterly earnings data on Thursday, July 28th. The company reported $1.58 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.65 by $0.07. Ingredion had a net margin of 7.94% and a return on equity of 21.01%. The business had revenue of $1.46 billion for the quarter, compared to analysts’ expectations of $1.45 billion. During the same period in the prior year, the company posted $1.53 EPS. On average, analysts predict that Ingredion will post $6.81 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 25th. Shareholders of record on Monday, October 3rd will be issued a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 1.54%. This is a positive change from Ingredion’s previous quarterly dividend of $0.45. Ingredion’s payout ratio is presently 28.99%.
In related news, CEO Ilene S. Gordon sold 70,492 shares of the stock in a transaction that occurred on Monday, August 15th. The shares were sold at an average price of $135.19, for a total transaction of $9,529,813.48. Following the completion of the transaction, the chief executive officer now owns 188,430 shares of the company’s stock, valued at approximately $25,473,851.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Robert J. Stefansic sold 18,810 shares of the stock in a transaction that occurred on Tuesday, August 9th. The stock was sold at an average price of $135.97, for a total transaction of $2,557,595.70. Following the transaction, the senior vice president now directly owns 16,890 shares of the company’s stock, valued at approximately $2,296,533.30. The disclosure for this sale can be found here. 1.70% of the stock is currently owned by company insiders.
Institutional investors have recently bought and sold shares of the company. BlackRock Group LTD boosted its position in Ingredion by 66.7% in the first quarter. BlackRock Group LTD now owns 127,200 shares of the company’s stock worth $13,583,000 after buying an additional 50,908 shares during the last quarter. Teachers Advisors Inc. raised its stake in Ingredion by 13.1% in the first quarter. Teachers Advisors Inc. now owns 154,952 shares of the company’s stock worth $16,547,000 after buying an additional 18,001 shares during the period. TIAA CREF Investment Management LLC raised its stake in Ingredion by 0.7% in the first quarter. TIAA CREF Investment Management LLC now owns 802,809 shares of the company’s stock worth $85,732,000 after buying an additional 5,874 shares during the period. Apertura Capital LLC acquired a new stake in Ingredion during the first quarter worth about $1,068,000. Finally, CIBC World Markets Inc. raised its stake in Ingredion by 33.5% in the first quarter. CIBC World Markets Inc. now owns 8,396 shares of the company’s stock worth $897,000 after buying an additional 2,105 shares during the period. 86.61% of the stock is owned by hedge funds and other institutional investors.
Ingredion Incorporated (Ingredion) is a global ingredients solutions provider. The Company is engaged in the production and sale of starches and sweeteners for a range of industries. Its operations are classified into four segments: North America, South America, Asia Pacific, and Europe, Middle East and Africa (EMEA).
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