Ingredion Inc (NYSE:INGR) was the recipient of a large growth in short interest in June. As of June 30th, there was short interest totalling 2,850,700 shares, a growth of 12.7% from the May 30th total of 2,529,200 shares. Based on an average daily trading volume, of 522,600 shares, the days-to-cover ratio is presently 5.5 days. Approximately 4.3% of the shares of the stock are sold short.
In related news, CFO James D. Gray purchased 1,000 shares of the firm’s stock in a transaction that occurred on Friday, May 24th. The shares were purchased at an average cost of $78.37 per share, with a total value of $78,370.00. Following the purchase, the chief financial officer now owns 15,222 shares of the company’s stock, valued at approximately $1,192,948.14. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.56% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in INGR. Norges Bank acquired a new stake in shares of Ingredion during the 4th quarter worth approximately $58,054,000. FMR LLC increased its holdings in shares of 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 buying an additional 540,698 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Ingredion by 24.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,355,320 shares of the company’s stock worth $123,876,000 after buying an additional 265,248 shares during the last quarter. WINTON GROUP Ltd acquired a new stake in shares of Ingredion during the 2nd quarter worth approximately $21,732,000. Finally, AJO LP increased its holdings in shares of Ingredion by 18.4% during the 1st quarter. AJO LP now owns 1,040,979 shares of the company’s stock worth $98,570,000 after buying an additional 162,133 shares during the last quarter. Institutional investors and hedge funds own 89.69% of the company’s stock.
INGR traded down $1.05 during trading on Monday, reaching $80.75. The company’s stock had a trading volume of 349,700 shares, compared to its average volume of 542,411. The company has a current ratio of 2.41, a quick ratio of 1.45 and a debt-to-equity ratio of 0.81. The stock has a fifty day simple moving average of $81.14. Ingredion has a 1 year low of $75.67 and a 1 year high of $107.52. The company has a market capitalization of $5.46 billion, a P/E ratio of 11.67 and a beta of 0.85.
Ingredion (NYSE:INGR) last released its earnings results on Thursday, May 2nd. The company reported $1.54 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.66 by ($0.12). Ingredion had a return on equity of 17.18% and a net margin of 6.70%. The business had revenue of $1.42 billion during the quarter, compared to analysts’ expectations of $1.45 billion. During the same period last year, the business earned $1.94 earnings per share. The company’s revenue for the quarter was down 3.3% compared to the same quarter last year. On average, equities analysts expect that Ingredion will post 6.95 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, July 25th. Stockholders of record on Monday, July 1st will be issued a dividend of $0.625 per share. The ex-dividend date of this dividend is Friday, June 28th. This represents a $2.50 dividend on an annualized basis and a dividend yield of 3.10%. Ingredion’s dividend payout ratio is currently 36.13%.
A number of research analysts recently weighed in on the stock. Zacks Investment Research lowered shares of Hancock Jaffe Laboratories from a “buy” rating to a “hold” rating in a research note on Wednesday, June 26th. TheStreet raised shares of Rent-A-Center from a “c” rating to a “b-” rating in a research note on Tuesday, May 7th. One research analyst has rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $121.33.
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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