Ingredion Inc (INGR) Sees Large Growth in Short Interest

Ingredion Inc (NYSE:INGR) was the target of a large increase in short interest in the month of November. As of November 15th, there was short interest totalling 5,436,833 shares, an increase of 165.3% from the October 31st total of 2,049,692 shares. Based on an average trading volume of 527,550 shares, the short-interest ratio is currently 10.3 days. Approximately 7.8% of the company’s shares are short sold.

Shares of NYSE:INGR opened at $104.46 on Monday. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.50 and a quick ratio of 1.53. Ingredion has a 52-week low of $89.48 and a 52-week high of $146.28. The company has a market capitalization of $7.39 billion, a price-to-earnings ratio of 13.57, a PEG ratio of 1.37 and a beta of 0.64.

Ingredion (NYSE:INGR) last issued its quarterly earnings data on Thursday, November 1st. The company reported $1.70 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $1.70. Ingredion had a net margin of 7.40% and a return on equity of 17.55%. The company had revenue of $1.56 billion during the quarter, compared to the consensus estimate of $1.46 billion. During the same quarter last year, the company earned $2.21 earnings per share. Ingredion’s revenue for the quarter was down 1.8% on a year-over-year basis. On average, analysts anticipate that Ingredion will post 6.92 EPS for the current fiscal year.

Several research firms recently commented on INGR. ValuEngine upgraded shares of Ingredion from a “strong sell” rating to a “sell” rating in a report on Thursday, September 27th. Citigroup cut their price target on shares of Ingredion from $95.00 to $89.00 and set a “sell” rating on the stock in a report on Wednesday, October 24th. Zacks Investment Research upgraded shares of Ingredion from a “sell” rating to a “hold” rating in a report on Thursday, October 4th. Finally, Jefferies Financial Group raised their price target on shares of Ingredion to $145.00 and gave the company a “buy” rating in a report on Monday, November 19th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company. Ingredion currently has an average rating of “Hold” and an average target price of $124.50.

In related news, VP Christine M. Castellano sold 37,267 shares of the firm’s stock in a transaction that occurred on Tuesday, November 6th. The shares were sold at an average price of $105.30, for a total value of $3,924,215.10. Following the transaction, the vice president now owns 28,168 shares in the company, valued at $2,966,090.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Barbara A. Klein sold 1,775 shares of the firm’s stock in a transaction that occurred on Wednesday, November 14th. The shares were sold at an average price of $103.46, for a total transaction of $183,641.50. The disclosure for this sale can be found here. Corporate insiders own 1.80% of the company’s stock.

A number of large investors have recently modified their holdings of INGR. Bank of New York Mellon Corp grew its position in Ingredion by 66.8% in the third quarter. Bank of New York Mellon Corp now owns 1,648,711 shares of the company’s stock valued at $173,050,000 after acquiring an additional 660,285 shares in the last quarter. Massachusetts Financial Services Co. MA acquired a new stake in Ingredion in the third quarter valued at approximately $60,506,000. FMR LLC grew its position in Ingredion by 49.3% in the third quarter. FMR LLC now owns 1,480,245 shares of the company’s stock valued at $155,366,000 after acquiring an additional 488,810 shares in the last quarter. Panagora Asset Management Inc. grew its position in Ingredion by 848.3% in the third quarter. Panagora Asset Management Inc. now owns 533,197 shares of the company’s stock valued at $55,964,000 after acquiring an additional 476,973 shares in the last quarter. Finally, Victory Capital Management Inc. grew its position in Ingredion by 19.7% in the third quarter. Victory Capital Management Inc. now owns 2,061,660 shares of the company’s stock valued at $216,392,000 after acquiring an additional 339,432 shares in the last quarter. 86.25% of the stock is owned by institutional investors.

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About Ingredion

Ingredion Incorporated, together with its subsidiaries, produces and sells starches and sweeteners for various industries. The company operates through four segments: North America, South America, Asia Pacific and Europe, and Middle East and Africa. It offers sweetener products comprising glucose syrups, high maltose syrups, high fructose corn syrups, caramel colors, dextrose, polyols, maltodextrins, glucose and syrup solids, as well as food-grade and industrial starches, and biomaterials.

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