PNC Financial Services Group Inc. Reduces Stock Position in Ingredion Incorporated (NYSE:INGR)

PNC Financial Services Group Inc. lessened its holdings in Ingredion Incorporated (NYSE:INGR) by 0.6% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 27,091 shares of the company’s stock after selling 164 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Ingredion were worth $3,723,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Belmont Capital LLC acquired a new stake in shares of Ingredion during the third quarter worth about $161,000. Quest Partners LLC acquired a new stake in shares of Ingredion during the third quarter worth about $86,000. AMG National Trust Bank increased its position in shares of Ingredion by 3.4% during the third quarter. AMG National Trust Bank now owns 11,220 shares of the company’s stock worth $1,542,000 after purchasing an additional 364 shares in the last quarter. Chesapeake Capital Corp IL increased its position in shares of Ingredion by 27.9% during the third quarter. Chesapeake Capital Corp IL now owns 6,121 shares of the company’s stock worth $841,000 after purchasing an additional 1,335 shares in the last quarter. Finally, Natixis Advisors LLC increased its position in shares of Ingredion by 1.4% during the third quarter. Natixis Advisors LLC now owns 42,373 shares of the company’s stock worth $5,823,000 after purchasing an additional 577 shares in the last quarter. Hedge funds and other institutional investors own 85.27% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on INGR shares. BMO Capital Markets raised their price target on Ingredion from $128.00 to $147.00 and gave the stock a “market perform” rating in a report on Wednesday, November 6th. StockNews.com lowered Ingredion from a “strong-buy” rating to a “buy” rating in a report on Wednesday, August 7th. Oppenheimer raised their price target on Ingredion from $147.00 to $178.00 and gave the stock an “outperform” rating in a report on Wednesday, November 6th. Barclays lifted their price objective on Ingredion from $145.00 to $168.00 and gave the company an “overweight” rating in a report on Wednesday, November 6th. Finally, UBS Group boosted their price target on Ingredion from $165.00 to $173.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $155.17.

Ingredion Trading Up 1.5 %

Shares of INGR opened at $146.47 on Monday. The stock has a fifty day moving average of $138.33 and a two-hundred day moving average of $127.58. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.69 and a current ratio of 2.67. The company has a market capitalization of $9.54 billion, a PE ratio of 14.29, a price-to-earnings-growth ratio of 1.24 and a beta of 0.73. Ingredion Incorporated has a fifty-two week low of $100.90 and a fifty-two week high of $155.44.

Ingredion (NYSE:INGR) last issued its quarterly earnings results on Tuesday, November 5th. The company reported $3.05 earnings per share for the quarter, beating the consensus estimate of $2.58 by $0.47. The company had revenue of $1.87 billion during the quarter, compared to the consensus estimate of $1.94 billion. Ingredion had a return on equity of 17.75% and a net margin of 9.05%. Ingredion’s revenue was down 8.0% on a year-over-year basis. During the same period in the previous year, the firm posted $2.33 EPS. As a group, analysts forecast that Ingredion Incorporated will post 10.6 EPS for the current year.

Ingredion Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 22nd. Investors of record on Tuesday, October 1st were given a dividend of $0.80 per share. This represents a $3.20 dividend on an annualized basis and a yield of 2.18%. This is a boost from Ingredion’s previous quarterly dividend of $0.78. The ex-dividend date of this dividend was Tuesday, October 1st. Ingredion’s dividend payout ratio is 31.22%.

Insider Buying and Selling

In other Ingredion news, SVP Larry Fernandes sold 6,122 shares of the company’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $140.66, for a total value of $861,120.52. Following the completion of the transaction, the senior vice president now directly owns 29,034 shares of the company’s stock, valued at $4,083,922.44. This represents a 17.41 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO James P. Zallie sold 22,550 shares of the company’s stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $134.14, for a total transaction of $3,024,857.00. Following the completion of the transaction, the chief executive officer now directly owns 52,530 shares of the company’s stock, valued at approximately $7,046,374.20. The trade was a 30.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 35,178 shares of company stock valued at $4,848,837. Company insiders own 1.80% of the company’s stock.

Ingredion Company Profile

Ingredion Incorporated, together with its subsidiaries, manufactures and sells sweeteners, starches, nutrition ingredients, and biomaterial solutions derived from wet milling and processing corn, and other starch-based materials to a range of industries in North America, South America, the Asia Pacific, Europe, the Middle East, and Africa.