Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its stake in shares of Ingredion Inc (NYSE:INGR) by 3.2% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,920 shares of the company’s stock after purchasing an additional 273 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd.’s holdings in Ingredion were worth $736,000 as of its most recent SEC filing.
Several other institutional investors also recently modified their holdings of INGR. Advisory Services Network LLC raised its position in shares of Ingredion by 65.4% during the 2nd quarter. Advisory Services Network LLC now owns 407 shares of the company’s stock worth $33,000 after purchasing an additional 161 shares during the last quarter. Harvest Group Wealth Management LLC acquired a new position in Ingredion in the 1st quarter valued at $36,000. Steward Partners Investment Advisory LLC acquired a new position in Ingredion in the 2nd quarter valued at $50,000. Zions Bancorporation N.A. acquired a new position in Ingredion in the 1st quarter valued at $63,000. Finally, Signaturefd LLC raised its holdings in Ingredion by 49.5% in the 1st quarter. Signaturefd LLC now owns 1,159 shares of the company’s stock valued at $110,000 after acquiring an additional 384 shares during the last quarter. Hedge funds and other institutional investors own 87.85% of the company’s stock.
Several brokerages have weighed in on INGR. Credit Suisse Group cut their price target on Ingredion from $85.00 to $77.00 and set a “neutral” rating for the company in a report on Tuesday, July 23rd. They noted that the move was a valuation call. Zacks Investment Research downgraded Ingredion from a “hold” rating to a “strong sell” rating in a report on Tuesday, August 6th. TheStreet downgraded Ingredion from a “b-” rating to a “c+” rating in a report on Tuesday, May 7th. Finally, Citigroup cut their price target on Ingredion from $95.00 to $85.00 and set a “neutral” rating for the company in a report on Tuesday, August 6th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $102.33.
Ingredion (NYSE:INGR) last announced its quarterly earnings data on Thursday, August 1st. The company reported $1.66 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.60 by $0.06. Ingredion had a net margin of 6.61% and a return on equity of 17.23%. The company had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.47 billion. During the same period in the previous year, the company earned $1.66 EPS. The business’s quarterly revenue was down 4.1% compared to the same quarter last year. Equities analysts anticipate that Ingredion Inc will post 6.68 earnings per share for the current year.
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.
Further Reading: Return on Investment (ROI) Defined, Explained
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