OppenheimerFunds Inc. raised its holdings in Ingredion Inc (NYSE:INGR) by 11.7% during the first quarter, HoldingsChannel reports. The firm owned 13,416 shares of the company’s stock after acquiring an additional 1,408 shares during the quarter. OppenheimerFunds Inc.’s holdings in Ingredion were worth $1,730,000 at the end of the most recent reporting period.
Several other hedge funds have also modified their holdings of INGR. Bedel Financial Consulting Inc. acquired a new stake in shares of Ingredion in the 1st quarter valued at $119,000. Focused Wealth Management Inc acquired a new stake in shares of Ingredion during the 4th quarter valued at $140,000. IBM Retirement Fund acquired a new stake in shares of Ingredion during the 1st quarter valued at $203,000. BKS Advisors LLC acquired a new stake in shares of Ingredion during the 1st quarter valued at $206,000. Finally, MML Investors Services LLC acquired a new stake in shares of Ingredion during the 4th quarter valued at $210,000. 85.62% of the stock is currently owned by hedge funds and other institutional investors.
In related news, Chairman Ilene S. Gordon sold 28,141 shares of the company’s stock in a transaction that occurred on Monday, May 14th. The stock was sold at an average price of $111.33, for a total value of $3,132,937.53. Following the transaction, the chairman now owns 252,255 shares in the company, valued at $28,083,549.15. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 1.80% of the stock is currently owned by corporate insiders.
Ingredion opened at $114.84 on Monday, according to MarketBeat.com. Ingredion Inc has a twelve month low of $107.77 and a twelve month high of $146.28. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.59 and a current ratio of 2.52. The firm has a market cap of $8.30 billion, a P/E ratio of 14.91, a PEG ratio of 1.30 and a beta of 0.75.
Ingredion (NYSE:INGR) last posted its quarterly earnings data on Thursday, May 3rd. The company reported $1.94 EPS for the quarter, beating the consensus estimate of $1.89 by $0.05. Ingredion had a return on equity of 19.75% and a net margin of 8.71%. The business had revenue of $1.47 billion for the quarter, compared to the consensus estimate of $1.46 billion. During the same quarter in the prior year, the business earned $1.88 earnings per share. Ingredion’s revenue for the quarter was up 1.1% on a year-over-year basis. analysts forecast that Ingredion Inc will post 8 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 25th. Investors of record on Monday, July 2nd will be paid a $0.60 dividend. The ex-dividend date is Friday, June 29th. This represents a $2.40 annualized dividend and a yield of 2.09%. Ingredion’s payout ratio is 31.17%.
Several equities research analysts recently weighed in on the company. Zacks Investment Research raised Ingredion from a “sell” rating to a “hold” rating in a report on Thursday. Citigroup downgraded Ingredion from a “buy” rating to a “neutral” rating in a report on Friday, May 4th. BMO Capital Markets cut their price objective on Ingredion from $125.00 to $115.00 and set a “market perform” rating on the stock in a report on Friday, May 4th. ValuEngine raised Ingredion from a “hold” rating to a “buy” rating in a report on Friday, March 2nd. Finally, Credit Suisse Group set a $130.00 price objective on Ingredion and gave the company a “buy” rating in a report on Friday, May 4th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the company. The company has an average rating of “Hold” and an average target price of $137.00.
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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