Wedge Capital Management L L P NC decreased its stake in Ingredion Inc. (NYSE:INGR) by 18.7% during the second quarter, Holdings Channel reports. The institutional investor owned 64,310 shares of the company’s stock after selling 14,753 shares during the period. Wedge Capital Management L L P NC’s holdings in Ingredion were worth $8,322,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also bought and sold shares of INGR. Aperio Group LLC raised its stake in shares of Ingredion by 47.0% in the first quarter. Aperio Group LLC now owns 20,669 shares of the company’s stock worth $2,207,000 after buying an additional 6,610 shares during the period. Teachers Advisors Inc. raised its stake in shares of 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. BlackRock Group LTD raised its stake in shares of 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 period. BlackRock Institutional Trust Company N.A. raised its stake in shares of Ingredion by 2.2% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 2,111,532 shares of the company’s stock worth $225,491,000 after buying an additional 45,635 shares during the period. Finally, Advisor Partners LLC purchased a new stake in shares of Ingredion during the first quarter worth approximately $201,000. Hedge funds and other institutional investors own 86.61% of the company’s stock.
Shares of Ingredion Inc. (NYSE:INGR) traded down 0.13% during trading on Friday, reaching $133.38. The company’s stock had a trading volume of 388,891 shares. The stock’s 50 day moving average price is $133.53 and its 200-day moving average price is $125.20. The firm has a market cap of $9.63 billion, a PE ratio of 21.34 and a beta of 1.00. Ingredion Inc. has a 12 month low of $84.57 and a 12 month high of $140.00.
Ingredion (NYSE:INGR) last issued its quarterly earnings results on Thursday, July 28th. The company reported $1.58 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.65 by $0.07. Ingredion had a return on equity of 21.01% and a net margin of 7.94%. The business had revenue of $1.46 billion for the quarter, compared to analyst estimates of $1.45 billion. During the same quarter in the previous year, the business posted $1.53 earnings per share. Equities analysts predict that Ingredion Inc. will post $6.81 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 25th. Shareholders of record on Monday, October 3rd will be issued a dividend of $0.50 per share. This is an increase from Ingredion’s previous quarterly dividend of $0.45. This represents a $2.00 dividend on an annualized basis and a yield of 1.50%. The ex-dividend date of this dividend is Thursday, September 29th. Ingredion’s dividend payout ratio (DPR) is presently 32.21%.
INGR has been the topic of a number of research reports. Citigroup Inc. boosted their price target on Ingredion from $140.00 to $154.00 and gave the company a “buy” rating in a report on Friday, July 29th. Zacks Investment Research raised Ingredion from a “hold” rating to a “strong-buy” rating and set a $153.00 target price on the stock in a research report on Monday, July 18th. Jefferies Group reaffirmed a “buy” rating and issued a $147.00 target price (up previously from $136.00) on shares of Ingredion in a research report on Friday, July 15th. Finally, Societe Generale started coverage on Ingredion in a research report on Wednesday, September 7th. They issued a “hold” rating on the stock. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $124.33.
In other news, VP Jack C. Fortnum sold 34,800 shares of the stock in a transaction dated Monday, August 8th. The shares were sold at an average price of $134.54, for a total transaction of $4,681,992.00. Following the transaction, the vice president now owns 145,369 shares of the company’s stock, valued at approximately $19,557,945.26. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Ilene S. Gordon sold 70,492 shares of the stock in a transaction dated Monday, August 15th. The stock was sold at an average price of $135.19, for a total transaction of $9,529,813.48. Following the transaction, the chief executive officer now directly owns 188,430 shares in the company, valued at approximately $25,473,851.70. The disclosure for this sale can be found here. Company insiders own 1.70% of the company’s stock.
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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