Zacks Investment Research upgraded shares of Ingredion (NYSE:INGR) from a sell rating to a hold rating in a report issued on Wednesday morning, Zacks.com reports.
According to Zacks, “Ingredion Incorporated is an ingredients solutions provider specializing in nature-based sweeteners, starches and nutrition ingredients. The Company serves diverse sectors in food, beverage, brewing, pharmaceuticals and other industries. Its sweetener products include dextrose, glucose, polyols, HFCS and Maltodextrin. The Company’s nutrition solutions include prebiotic fibers, resistant starch, soluble fibers and Inulin fibers. Its starch-based products include both industrial and food-grade starches. Ingredion Incorporated, formerly known as Corn Products International, Inc., is headquartered in Chicago. “
Several other equities research analysts also recently commented on the stock. ValuEngine upgraded shares of Ingredion from a sell rating to a hold rating in a research note on Wednesday, October 2nd. Citigroup reduced their target price on shares of Ingredion from $95.00 to $85.00 and set a neutral rating on the stock in a research note on Tuesday, August 6th. Credit Suisse Group reduced their target price on shares of Ingredion from $85.00 to $77.00 and set a neutral rating on the stock in a research note on Tuesday, July 23rd. They noted that the move was a valuation call. Finally, Stephens assumed coverage on shares of Ingredion in a research note on Monday, October 7th. They issued an overweight rating and a $97.00 target price on the stock. Five research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The company presently has a consensus rating of Hold and a consensus target price of $101.00.
INGR traded up $1.62 during trading on Wednesday, reaching $80.47. 202,968 shares of the company’s stock were exchanged, compared to its average volume of 525,015. Ingredion has a fifty-two week low of $73.00 and a fifty-two week high of $107.52. The company has a quick ratio of 1.51, a current ratio of 2.48 and a debt-to-equity ratio of 0.79. The business has a 50 day moving average price of $79.47 and a 200 day moving average price of $82.88. The company has a market capitalization of $5.21 billion, a P/E ratio of 11.63 and a beta of 0.82.
Ingredion (NYSE:INGR) last issued its earnings results on Thursday, August 1st. The company reported $1.66 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 for the quarter, compared to the consensus estimate of $1.47 billion. During the same quarter in the previous year, the company earned $1.66 EPS. The firm’s revenue for the quarter was down 4.1% compared to the same quarter last year. As a group, research analysts forecast that Ingredion will post 6.6 EPS for the current year.
The company also recently announced a 0.62500 dividend, which will be paid on Friday, October 25th. Stockholders of record on Tuesday, October 1st will be paid a $0.63 dividend. The ex-dividend date of this dividend is Monday, September 30th. This represents a dividend yield of 3%. Ingredion’s dividend payout ratio is presently 36.42%.
In related news, SVP Larry Fernandes sold 2,200 shares of the company’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $82.53, for a total transaction of $181,566.00. Following the transaction, the senior vice president now owns 15,172 shares in the company, valued at approximately $1,252,145.16. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.56% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Cerebellum GP LLC lifted its position in Ingredion by 57.0% during the 3rd quarter. Cerebellum GP LLC now owns 5,476 shares of the company’s stock worth $448,000 after buying an additional 1,987 shares in the last quarter. State of Alaska Department of Revenue lifted its position in Ingredion by 64.9% during the 3rd quarter. State of Alaska Department of Revenue now owns 11,862 shares of the company’s stock worth $969,000 after buying an additional 4,670 shares in the last quarter. Atria Investments LLC acquired a new position in Ingredion during the 2nd quarter worth about $263,000. Treasurer of the State of North Carolina lifted its position in Ingredion by 0.5% during the 2nd quarter. Treasurer of the State of North Carolina now owns 33,882 shares of the company’s stock worth $2,795,000 after buying an additional 170 shares in the last quarter. Finally, BlackRock Inc. lifted its position in Ingredion by 1.0% during the 2nd quarter. BlackRock Inc. now owns 7,450,448 shares of the company’s stock worth $614,589,000 after buying an additional 72,014 shares in the last quarter. Institutional investors and hedge funds own 87.81% of the company’s stock.
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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