Corebridge Financial Inc. Sells 3,212 Shares of Ingredion Incorporated (NYSE:INGR)

Corebridge Financial Inc. cut its holdings in Ingredion Incorporated (NYSE:INGR) by 4.2% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 73,730 shares of the company’s stock after selling 3,212 shares during the period. Corebridge Financial Inc. owned approximately 0.11% of Ingredion worth $10,142,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Quest Partners LLC bought a new stake in Ingredion in the third quarter worth approximately $86,000. Cerity Partners LLC increased its stake in shares of Ingredion by 3.9% in the 3rd quarter. Cerity Partners LLC now owns 18,691 shares of the company’s stock valued at $2,569,000 after acquiring an additional 694 shares in the last quarter. D.A. Davidson & CO. lifted its position in shares of Ingredion by 9.4% during the 3rd quarter. D.A. Davidson & CO. now owns 4,018 shares of the company’s stock valued at $552,000 after acquiring an additional 345 shares during the period. BNP Paribas Financial Markets boosted its stake in Ingredion by 33.2% during the third quarter. BNP Paribas Financial Markets now owns 49,237 shares of the company’s stock worth $6,767,000 after acquiring an additional 12,270 shares in the last quarter. Finally, Townsquare Capital LLC grew its holdings in Ingredion by 8.8% in the third quarter. Townsquare Capital LLC now owns 5,070 shares of the company’s stock worth $697,000 after purchasing an additional 412 shares during the period. 85.27% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on INGR shares. StockNews.com lowered shares of Ingredion from a “strong-buy” rating to a “buy” rating in a report on Thursday, February 6th. BMO Capital Markets dropped their price target on Ingredion from $147.00 to $133.00 and set a “market perform” rating on the stock in a research note on Wednesday, February 5th. Stephens reduced their price objective on Ingredion from $155.00 to $150.00 and set an “equal weight” rating for the company in a research note on Wednesday, February 5th. Finally, Oppenheimer lowered their target price on Ingredion from $178.00 to $167.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 5th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $158.20.

Insider Transactions at Ingredion

In other news, CEO James P. Zallie sold 10,815 shares of the business’s stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $125.88, for a total value of $1,361,392.20. Following the transaction, the chief executive officer now owns 34,127 shares in the company, valued at $4,295,906.76. The trade was a 24.06 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 1.80% of the company’s stock.

Ingredion Trading Up 1.9 %

INGR opened at $135.01 on Thursday. The firm has a market capitalization of $8.67 billion, a PE ratio of 13.90, a P/E/G ratio of 1.03 and a beta of 0.75. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.62 and a quick ratio of 1.69. Ingredion Incorporated has a fifty-two week low of $109.51 and a fifty-two week high of $155.44. The company’s 50-day moving average is $131.57 and its 200 day moving average is $136.47.

Ingredion (NYSE:INGR) last posted its earnings results on Tuesday, February 4th. The company reported $2.63 earnings per share for the quarter, beating analysts’ consensus estimates of $2.54 by $0.09. The company had revenue of $1.80 billion for the quarter, compared to analyst estimates of $1.82 billion. Ingredion had a return on equity of 18.62% and a net margin of 8.71%. The company’s revenue for the quarter was down 6.3% on a year-over-year basis. During the same quarter last year, the company earned $1.65 earnings per share. As a group, research analysts predict that Ingredion Incorporated will post 11.14 earnings per share for the current fiscal year.

Ingredion Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 22nd. Shareholders of record on Tuesday, April 1st will be issued a dividend of $0.80 per share. This represents a $3.20 dividend on an annualized basis and a yield of 2.37%. The ex-dividend date is Tuesday, April 1st. Ingredion’s dividend payout ratio is 32.96%.

Ingredion 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.