Ingredion Incorporated (INGR) Upgraded by Zacks Investment Research to “Buy”
Ingredion Incorporated (NYSE:INGR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Thursday. The brokerage presently has a $139.00 price target on the stock. Zacks Investment Research‘s price objective points to a potential upside of 11.34% from the stock’s previous close.
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 commented on INGR. BidaskClub raised Ingredion from a “strong sell” rating to a “sell” rating in a research report on Wednesday, August 16th. BMO Capital Markets reaffirmed a “hold” rating and issued a $125.00 target price on shares of Ingredion in a research report on Tuesday, June 27th. Finally, Jefferies Group LLC reiterated a “buy” rating and set a $145.00 price objective on shares of Ingredion in a research note on Wednesday, June 14th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $141.00.
Ingredion (INGR) traded up 0.10% on Thursday, hitting $124.84. 484,559 shares of the stock were exchanged. Ingredion has a one year low of $113.07 and a one year high of $137.62. The company has a market cap of $8.95 billion, a P/E ratio of 18.78 and a beta of 0.60. The company’s 50 day moving average price is $123.36 and its 200-day moving average price is $120.31.
Ingredion (NYSE:INGR) last issued its earnings results on Tuesday, August 1st. The company reported $1.89 EPS for the quarter, topping the consensus estimate of $1.86 by $0.03. The firm had revenue of $1.46 billion during the quarter, compared to analysts’ expectations of $1.50 billion. Ingredion had a return on equity of 20.84% and a net margin of 8.35%. Ingredion’s quarterly revenue was up .1% compared to the same quarter last year. During the same period last year, the business earned $1.53 earnings per share. Equities research analysts predict that Ingredion will post $7.61 EPS for the current fiscal year.
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In other Ingredion news, VP James P. Zallie sold 21,862 shares of the stock in a transaction on Wednesday, September 13th. The stock was sold at an average price of $125.04, for a total transaction of $2,733,624.48. Following the completion of the transaction, the vice president now directly owns 29,306 shares in the company, valued at $3,664,422.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 1.92% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in INGR. National Pension Service increased its stake in shares of Ingredion by 108.9% in the second quarter. National Pension Service now owns 894 shares of the company’s stock valued at $105,000 after buying an additional 466 shares in the last quarter. Toronto Dominion Bank increased its stake in shares of Ingredion by 10.6% in the second quarter. Toronto Dominion Bank now owns 952 shares of the company’s stock valued at $113,000 after buying an additional 91 shares in the last quarter. Assetmark Inc. increased its stake in shares of Ingredion by 105.3% in the first quarter. Assetmark Inc. now owns 975 shares of the company’s stock valued at $118,000 after buying an additional 500 shares in the last quarter. Penserra Capital Management LLC increased its stake in shares of Ingredion by 9.5% in the first quarter. Penserra Capital Management LLC now owns 1,242 shares of the company’s stock valued at $149,000 after buying an additional 108 shares in the last quarter. Finally, Global X Management Co. LLC increased its stake in shares of Ingredion by 30.0% in the first quarter. Global X Management Co. LLC now owns 1,325 shares of the company’s stock valued at $160,000 after buying an additional 306 shares in the last quarter. Hedge funds and other institutional investors own 84.31% of the company’s stock.
Ingredion Incorporated is an ingredients solutions provider. The Company manufactures and sells sweetener, starches, nutrition ingredients and biomaterial solutions derived from the wet milling and processing of corn and other starch-based materials to a range of industries, both domestically and internationally.
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