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 on Tuesday.
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. “
A number of other equities research analysts also recently weighed in on INGR. Jefferies Group reissued a “buy” rating and set a $147.00 target price (up from $136.00) on shares of Ingredion in a research report on Friday, July 15th. Citigroup Inc. lifted their target price on Ingredion from $140.00 to $154.00 and gave the stock a “buy” rating in a research report on Friday, July 29th. Finally, Societe Generale initiated coverage on Ingredion in a research report on Wednesday, September 7th. They set a “hold” rating on the stock. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $124.33.
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Ingredion (NYSE:INGR) traded up 1.41% during mid-day trading on Tuesday, reaching $134.80. The company had a trading volume of 258,479 shares. The stock has a market capitalization of $9.73 billion, a price-to-earnings ratio of 21.56 and a beta of 1.00. The company’s 50 day moving average is $133.40 and its 200 day moving average is $125.82. Ingredion has a 52-week low of $84.57 and a 52-week high of $140.00.
Ingredion (NYSE:INGR) last released its earnings results on Thursday, July 28th. The company reported $1.58 earnings per share for the quarter, missing analysts’ consensus estimates of $1.65 by $0.07. Ingredion had a return on equity of 21.01% and a net margin of 7.94%. The firm had revenue of $1.46 billion for the quarter, compared to analyst estimates of $1.45 billion. During the same period last year, the business earned $1.53 earnings per share. Equities analysts predict that Ingredion will post $6.81 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 25th. Stockholders of record on Monday, October 3rd will be issued a $0.50 dividend. This is an increase from Ingredion’s previous quarterly dividend of $0.45. This represents a $2.00 annualized dividend and a dividend yield of 1.48%. The ex-dividend date of this dividend is Thursday, September 29th. Ingredion’s payout ratio is presently 32.21%.
In other news, SVP Robert J. Stefansic sold 18,810 shares of the business’s stock in a transaction that occurred on Tuesday, August 9th. The stock was sold at an average price of $135.97, for a total value 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Jack C. Fortnum sold 34,800 shares of the business’s stock in a transaction that occurred on Monday, August 8th. The stock was sold at an average price of $134.54, for a total value of $4,681,992.00. Following the completion of the transaction, the vice president now directly owns 145,369 shares in the company, valued at $19,557,945.26. The disclosure for this sale can be found here. 1.70% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Renaissance Technologies LLC increased its position in shares of Ingredion by 14,201.6% in the first quarter. Renaissance Technologies LLC now owns 572,064 shares of the company’s stock valued at $61,091,000 after buying an additional 568,064 shares during the last quarter. Citizens Financial Group Inc RI increased its position in shares of Ingredion by 1,399.0% in the first quarter. Citizens Financial Group Inc RI now owns 1,544 shares of the company’s stock valued at $165,000 after buying an additional 1,441 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Ingredion by 6.4% in the first quarter. Geode Capital Management LLC now owns 462,739 shares of the company’s stock valued at $49,415,000 after buying an additional 27,815 shares during the last quarter. Goldman Sachs Group Inc. increased its position in shares of Ingredion by 61.4% in the first quarter. Goldman Sachs Group Inc. now owns 692,933 shares of the company’s stock valued at $73,998,000 after buying an additional 263,651 shares during the last quarter. Finally, AXA increased its position in shares of Ingredion by 0.8% in the first quarter. AXA now owns 479,784 shares of the company’s stock valued at $51,236,000 after buying an additional 3,996 shares during the last quarter. 86.60% of the stock is currently owned by institutional investors and hedge funds.
Ingredion Company Profile
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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