Morningstar Investment Services LLC cut its stake in shares of Ingredion Inc (NYSE:INGR) by 5.1% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 55,387 shares of the company’s stock after selling 3,005 shares during the period. Morningstar Investment Services LLC owned approximately 0.08% of Ingredion worth $4,502,000 at the end of the most recent quarter.
Several other institutional investors also recently made changes to their positions in INGR. Copper Rock Capital Partners LLC raised its position in shares of Ingredion by 4,767.2% during the second quarter. Copper Rock Capital Partners LLC now owns 7,671,469 shares of the company’s stock worth $626,229,000 after purchasing an additional 7,513,853 shares during the period. Norges Bank acquired a new position in Ingredion during the fourth quarter valued at $68,271,000. Caisse DE Depot ET Placement DU Quebec raised its position in Ingredion by 44.3% during the first quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,048,682 shares of the company’s stock valued at $154,675,000 after buying an additional 629,284 shares during the period. St. James Investment Company LLC raised its position in Ingredion by 7,802.4% during the first quarter. St. James Investment Company LLC now owns 307,402 shares of the company’s stock valued at $23,209,000 after buying an additional 303,512 shares during the period. Finally, BNP Paribas Arbitrage SA raised its position in Ingredion by 732.6% during the first quarter. BNP Paribas Arbitrage SA now owns 276,887 shares of the company’s stock valued at $20,905,000 after buying an additional 243,631 shares during the period. 85.15% of the stock is currently owned by institutional investors.
NYSE:INGR traded down $1.72 during mid-day trading on Friday, hitting $86.50. 340,381 shares of the company’s stock traded hands, compared to its average volume of 342,333. The firm has a 50 day moving average of $84.00 and a two-hundred day moving average of $83.74. Ingredion Inc has a 12 month low of $59.11 and a 12 month high of $99.51. The firm has a market capitalization of $5.79 billion, a price-to-earnings ratio of 15.04 and a beta of 0.76. The company has a current ratio of 2.34, a quick ratio of 1.42 and a debt-to-equity ratio of 0.76.
The firm also recently announced a quarterly dividend, which was paid on Monday, July 27th. Investors of record on Wednesday, July 1st were paid a dividend of $0.63 per share. The ex-dividend date was Tuesday, June 30th. This represents a $2.52 annualized dividend and a yield of 2.91%. Ingredion’s payout ratio is 37.89%.
Several research analysts recently weighed in on the company. ValuEngine lowered Ingredion from a “sell” rating to a “strong sell” rating in a research report on Thursday, July 2nd. Zacks Investment Research lowered Ingredion from a “hold” rating to a “sell” rating in a research report on Wednesday, July 1st. Berenberg Bank began coverage on Ingredion in a research report on Thursday, July 16th. They set a “buy” rating and a $105.00 price target on the stock. Credit Suisse Group lowered their target price on Ingredion from $94.00 to $90.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 6th. Finally, BMO Capital Markets lowered their target price on Ingredion from $104.00 to $93.00 and set a “market perform” rating on the stock in a research note on Wednesday, May 6th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $94.43.
In other Ingredion news, Director Stephan B. Tanda bought 985 shares of the firm’s stock in a transaction that occurred on Wednesday, May 13th. The stock was purchased at an average price of $81.04 per share, for a total transaction of $79,824.40. Following the purchase, the director now directly owns 2,318 shares in the company, valued at $187,850.72. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.15% of the stock is owned by corporate insiders.
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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