Ingredion Incorporated (INGR) Downgraded by Zacks Investment Research
Ingredion Incorporated (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. “
INGR has been the subject of several other reports. 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 set a $125.00 price objective on shares of Ingredion in a research report on Tuesday, May 16th. Finally, Jefferies Group LLC reaffirmed a “buy” rating and set a $145.00 price objective on shares of Ingredion in a research report on Wednesday, June 14th. One research analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $141.00.
Shares of Ingredion (NYSE INGR) traded up 0.10% during midday trading on Wednesday, reaching $124.84. The company had a trading volume of 484,559 shares. Ingredion has a 52 week low of $113.07 and a 52 week high of $137.62. The company has a market capitalization of $8.95 billion, a P/E ratio of 18.61 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 released its earnings results on Tuesday, August 1st. The company reported $1.89 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.86 by $0.03. Ingredion had a return on equity of 20.84% and a net margin of 8.35%. The firm had revenue of $1.46 billion during the quarter, compared to analysts’ expectations of $1.50 billion. During the same period in the previous year, the firm posted $1.53 EPS. Ingredion’s revenue for the quarter was up .1% on a year-over-year basis. On average, equities research analysts predict that Ingredion will post $7.61 earnings per share for the current fiscal year.
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In other news, VP James P. Zallie sold 21,862 shares of the company’s stock in a transaction dated 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 of the company’s stock, valued at approximately $3,664,422.24. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 1.92% of the company’s stock.
Several large investors have recently added to or reduced their stakes in INGR. BlackRock Inc. lifted its holdings in shares of Ingredion by 1,655.4% in the 1st quarter. BlackRock Inc. now owns 8,284,372 shares of the company’s stock valued at $997,686,000 after purchasing an additional 7,812,440 shares during the last quarter. Victory Capital Management Inc. lifted its holdings in shares of Ingredion by 6,380.0% in the 2nd quarter. Victory Capital Management Inc. now owns 745,917 shares of the company’s stock valued at $88,921,000 after purchasing an additional 734,406 shares during the last quarter. Schroder Investment Management Group lifted its holdings in shares of Ingredion by 244.5% in the 2nd quarter. Schroder Investment Management Group now owns 675,062 shares of the company’s stock valued at $79,319,000 after purchasing an additional 479,087 shares during the last quarter. Wellington Management Group LLP lifted its holdings in shares of Ingredion by 39.7% in the 1st quarter. Wellington Management Group LLP now owns 1,524,557 shares of the company’s stock valued at $183,602,000 after purchasing an additional 433,572 shares during the last quarter. Finally, Janus Henderson Group PLC lifted its holdings in shares of Ingredion by 2,022.8% in the 2nd quarter. Janus Henderson Group PLC now owns 299,848 shares of the company’s stock valued at $35,744,000 after purchasing an additional 285,723 shares during the last quarter. 84.31% of the stock is owned by institutional investors and hedge funds.
Ingredion Company Profile
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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