Summit Global Investments purchased a new position in shares of Ingredion Inc (NYSE:INGR) in the first quarter, HoldingsChannel reports. The institutional investor purchased 148,225 shares of the company’s stock, valued at approximately $14,035,000. Ingredion accounts for 1.8% of Summit Global Investments’ portfolio, making the stock its 7th largest position.
A number of other institutional investors have also made changes to their positions in INGR. Oregon Public Employees Retirement Fund boosted its position in Ingredion by 10,975.9% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 4,539,107 shares of the company’s stock worth $50,000 after purchasing an additional 4,498,125 shares during the period. Norges Bank purchased a new stake in Ingredion during the 4th quarter worth $58,054,000. FMR LLC boosted its position in Ingredion by 36.5% during the 4th quarter. FMR LLC now owns 2,020,943 shares of the company’s stock worth $184,714,000 after purchasing an additional 540,698 shares during the period. Bank of New York Mellon Corp boosted its position in Ingredion by 26.5% during the 4th quarter. Bank of New York Mellon Corp now owns 2,085,995 shares of the company’s stock worth $190,659,000 after purchasing an additional 437,284 shares during the period. Finally, BlackRock Inc. boosted its position in Ingredion by 4.5% during the 4th quarter. BlackRock Inc. now owns 7,702,940 shares of the company’s stock worth $704,050,000 after purchasing an additional 334,715 shares during the period. 89.40% of the stock is owned by hedge funds and other institutional investors.
INGR has been the topic of a number of recent analyst reports. Zacks Investment Research lowered shares of Ingredion from a “hold” rating to a “sell” rating in a report on Thursday. TheStreet lowered shares of Ingredion from a “b-” rating to a “c+” rating in a report on Tuesday, May 7th. Finally, Seaport Global Securities initiated coverage on shares of Ingredion in a report on Thursday, February 21st. They issued a “buy” rating on the stock. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company. Ingredion has an average rating of “Hold” and a consensus price target of $118.50.
INGR stock traded down $0.30 during trading on Friday, reaching $81.10. The stock had a trading volume of 3,264 shares, compared to its average volume of 582,653. Ingredion Inc has a 1-year low of $75.67 and a 1-year high of $116.39. The company has a debt-to-equity ratio of 0.81, a current ratio of 2.41 and a quick ratio of 1.45. The firm has a market capitalization of $5.41 billion, a P/E ratio of 11.71 and a beta of 0.82.
Ingredion (NYSE:INGR) last issued its quarterly earnings data on Thursday, May 2nd. The company reported $1.54 EPS for the quarter, missing analysts’ consensus estimates of $1.66 by ($0.12). Ingredion had a return on equity of 17.18% and a net margin of 6.70%. The firm had revenue of $1.42 billion during the quarter, compared to analyst estimates of $1.45 billion. During the same quarter in the prior year, the firm earned $1.94 EPS. The business’s quarterly revenue was down 3.3% compared to the same quarter last year. On average, sell-side analysts anticipate that Ingredion Inc will post 6.95 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 25th. Shareholders of record on Monday, July 1st will be issued a $0.625 dividend. The ex-dividend date is Friday, June 28th. This represents a $2.50 dividend on an annualized basis and a yield of 3.08%. Ingredion’s dividend payout ratio is currently 36.13%.
In other news, CFO James D. Gray acquired 1,000 shares of the business’s stock in a transaction on Friday, May 24th. The shares were purchased at an average price of $78.37 per share, for a total transaction of $78,370.00. Following the acquisition, the chief financial officer now directly owns 15,222 shares of the company’s stock, valued at approximately $1,192,948.14. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 0.56% of the company’s stock.
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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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