Ingredion Incorporated $INGR Stock Acquired by Equity Investment Corp

Equity Investment Corp boosted its holdings in Ingredion Incorporated (NYSE:INGR) by 24.6% in the third quarter, HoldingsChannel reports. The firm owned 1,085,601 shares of the company’s stock after purchasing an additional 214,536 shares during the period. Ingredion makes up about 1.4% of Equity Investment Corp’s investment portfolio, making the stock its 27th biggest holding. Equity Investment Corp’s holdings in Ingredion were worth $104,011,000 as of its most recent filing with the SEC.

Other institutional investors have also recently added to or reduced their stakes in the company. Glenview Trust Co boosted its holdings in shares of Ingredion by 4.1% during the 3rd quarter. Glenview Trust Co now owns 3,034 shares of the company’s stock worth $291,000 after buying an additional 120 shares in the last quarter. Nisa Investment Advisors LLC grew its position in shares of Ingredion by 0.6% during the 3rd quarter. Nisa Investment Advisors LLC now owns 24,795 shares of the company’s stock worth $2,376,000 after buying an additional 141 shares during the period. Lazard Asset Management LLC increased its stake in shares of Ingredion by 0.4% in the 1st quarter. Lazard Asset Management LLC now owns 32,525 shares of the company’s stock valued at $3,664,000 after acquiring an additional 143 shares in the last quarter. Net Worth Advisory Group increased its stake in shares of Ingredion by 2.9% in the 3rd quarter. Net Worth Advisory Group now owns 5,320 shares of the company’s stock valued at $505,000 after acquiring an additional 148 shares in the last quarter. Finally, State of Michigan Retirement System increased its stake in shares of Ingredion by 1.3% in the 1st quarter. State of Michigan Retirement System now owns 15,188 shares of the company’s stock valued at $1,711,000 after acquiring an additional 200 shares in the last quarter. 85.27% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

INGR has been the topic of a number of research reports. Weiss Ratings upgraded shares of Ingredion from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, October 23rd. Barclays reduced their price target on shares of Ingredion from $118.00 to $115.00 and set an “equal weight” rating for the company in a report on Wednesday, October 14th. UBS Group decreased their price target on shares of Ingredion from $108.00 to $104.00 and set a “neutral” rating for the company in a research note on Monday, October 5th. Zacks Research raised shares of Ingredion from a “strong sell” rating to a “hold” rating in a research note on Tuesday, July 14th. Finally, Stephens dropped their price objective on shares of Ingredion from $105.00 to $100.00 and set an “equal weight” rating on the stock in a report on Friday, November 6th. One research analyst has rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $115.00.

Ingredion Stock Down 0.8%

Shares of NYSE:INGR opened at $92.00 on Wednesday. The stock has a market cap of $5.80 billion, a price-to-earnings ratio of 10.47, a PEG ratio of 0.89 and a beta of 0.63. The company has a quick ratio of 1.36, a current ratio of 2.01 and a debt-to-equity ratio of 0.27. Ingredion Incorporated has a 12-month low of $90.14 and a 12-month high of $123.49. The business’s 50 day moving average is $97.19 and its 200 day moving average is $105.04.

Ingredion (NYSE:INGR) last announced its quarterly earnings results on Thursday, November 5th. The company reported $2.28 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.59 by ($0.31). The company had revenue of $1.79 billion for the quarter, compared to the consensus estimate of $1.80 billion. Ingredion had a return on equity of 14.36% and a net margin of 7.83%. The company’s quarterly revenue was down 1.3% compared to the same quarter last year. During the same quarter last year, the company posted $2.75 EPS. On average, sell-side analysts forecast that Ingredion Incorporated will post 9.49 earnings per share for the current fiscal year.

Ingredion Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 20th. Stockholders of record on Thursday, October 1st were paid a $0.83 dividend. This represents a $3.32 annualized dividend and a dividend yield of 3.6%. The ex-dividend date was Thursday, October 1st. This is a positive change from Ingredion’s previous quarterly dividend of $0.82. Ingredion’s dividend payout ratio (DPR) is currently 37.77%.

Ingredion Profile

Ingredion Incorporated is a global ingredient solutions company that transforms corn, tapioca, potato and other plant-based materials into ingredients used by manufacturers. Its products include starches, sweeteners, glucose syrups, dextrose, maltodextrins, plant proteins and texturizers. The company’s ingredients are used in food and beverages, as well as in applications such as animal nutrition, brewing, pharmaceuticals, paper and packaging. Ingredion works with customers to develop ingredients and formulations that support product texture, taste, nutrition and performance.