State Board of Administration of Florida Retirement System decreased its stake in shares of Ingredion Inc (NYSE:INGR) by 18.8% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 82,193 shares of the company’s stock after selling 18,974 shares during the period. State Board of Administration of Florida Retirement System owned 0.12% of Ingredion worth $6,780,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently modified their holdings of INGR. BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its holdings in shares of Ingredion by 12.7% in the 2nd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 5,864 shares of the company’s stock valued at $484,000 after buying an additional 660 shares during the last quarter. Qube Research & Technologies Ltd purchased a new stake in Ingredion during the 2nd quarter valued at about $200,000. Pflug Koory LLC boosted its holdings in Ingredion by 2.8% during the 2nd quarter. Pflug Koory LLC now owns 5,135 shares of the company’s stock valued at $424,000 after acquiring an additional 140 shares during the period. Comerica Bank lifted its holdings in Ingredion by 3.2% in the 2nd quarter. Comerica Bank now owns 32,714 shares of the company’s stock worth $2,627,000 after buying an additional 1,022 shares during the period. Finally, Envestnet Asset Management Inc. raised its position in shares of Ingredion by 33.3% in the 2nd quarter. Envestnet Asset Management Inc. now owns 58,332 shares of the company’s stock worth $4,812,000 after acquiring an additional 14,561 shares in the last quarter. Institutional investors and hedge funds own 88.41% of the company’s stock.
Shares of INGR stock traded up $1.13 during mid-day trading on Wednesday, hitting $74.38. 12,604 shares of the stock were exchanged, compared to its average volume of 619,482. The firm has a fifty day moving average of $78.39 and a 200 day moving average of $85.76. The company has a quick ratio of 1.51, a current ratio of 2.48 and a debt-to-equity ratio of 0.79. Ingredion Inc has a 52-week low of $73.00 and a 52-week high of $107.52. The company has a market cap of $5.07 billion, a PE ratio of 10.75 and a beta of 0.85.
A number of equities analysts have recently issued reports on INGR shares. TheStreet downgraded Ingredion from a “b-” rating to a “c+” rating in a research note on Tuesday, May 7th. Credit Suisse Group reduced their target price on Ingredion from $85.00 to $77.00 and set a “neutral” rating on the stock in a report on Tuesday, July 23rd. They noted that the move was a valuation call. Citigroup reduced their price objective on Ingredion from $95.00 to $85.00 and set a “neutral” rating on the stock in a research note on Tuesday, August 6th. Finally, Zacks Investment Research lowered Ingredion from a “hold” rating to a “strong sell” rating in a research report on Tuesday, August 6th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the stock. Ingredion has a consensus rating of “Hold” and an average target price of $102.33.
Ingredion Company Profile
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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