Gabelli Funds LLC cut its position in shares of Ingredion Inc (NYSE:INGR) by 22.0% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 46,000 shares of the company’s stock after selling 13,000 shares during the period. Gabelli Funds LLC’s holdings in Ingredion were worth $3,760,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently bought and sold shares of INGR. IFM Investors Pty Ltd raised its stake in shares of Ingredion by 47.6% in the 3rd quarter. IFM Investors Pty Ltd now owns 5,638 shares of the company’s stock valued at $461,000 after acquiring an additional 1,819 shares in the last quarter. Wedge Capital Management L L P NC grew its holdings in Ingredion by 16.6% in the 3rd quarter. Wedge Capital Management L L P NC now owns 95,579 shares of the company’s stock valued at $7,813,000 after buying an additional 13,589 shares during the last quarter. Russell Investments Group Ltd. grew its holdings in Ingredion by 23.9% in the 3rd quarter. Russell Investments Group Ltd. now owns 300,941 shares of the company’s stock valued at $24,527,000 after buying an additional 58,095 shares during the last quarter. Cypress Capital Management LLC acquired a new stake in Ingredion in the 3rd quarter valued at approximately $5,516,000. Finally, 6 Meridian grew its holdings in Ingredion by 39.3% in the 3rd quarter. 6 Meridian now owns 7,020 shares of the company’s stock valued at $574,000 after buying an additional 1,981 shares during the last quarter. 87.80% of the stock is owned by institutional investors.
In other news, SVP Larry Fernandes sold 2,200 shares of Ingredion stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $82.53, for a total transaction of $181,566.00. Following the sale, the senior vice president now owns 15,172 shares of the company’s stock, valued at approximately $1,252,145.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.56% of the stock is currently owned by company insiders.
A number of research firms have issued reports on INGR. Stephens began coverage on Ingredion in a report on Monday, October 7th. They issued an “overweight” rating and a $97.00 target price on the stock. ValuEngine raised Ingredion from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd. Citigroup lowered their target price on Ingredion from $95.00 to $85.00 and set a “neutral” rating on the stock in a report on Tuesday, August 6th. Credit Suisse Group lowered their target price on Ingredion from $85.00 to $77.00 and set a “neutral” rating on the stock in a report on Tuesday, July 23rd. They noted that the move was a valuation call. Finally, Zacks Investment Research raised Ingredion from a “sell” rating to a “hold” rating in a report on Tuesday. Five equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Ingredion currently has an average rating of “Hold” and a consensus target price of $101.00.
INGR opened at $84.62 on Friday. The firm has a market capitalization of $5.58 billion, a P/E ratio of 12.23 and a beta of 0.81. The stock’s 50 day moving average price is $80.52 and its two-hundred day moving average price is $81.06. The company has a quick ratio of 1.53, a current ratio of 2.45 and a debt-to-equity ratio of 0.81. Ingredion Inc has a 12-month low of $73.00 and a 12-month high of $106.28.
Ingredion (NYSE:INGR) last released its earnings results on Thursday, October 31st. The company reported $1.82 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.73 by $0.09. The firm had revenue of $1.57 billion for the quarter, compared to analyst estimates of $1.46 billion. Ingredion had a return on equity of 17.69% and a net margin of 6.67%. The company’s revenue was up .7% on a year-over-year basis. During the same quarter last year, the firm posted $1.70 EPS. As a group, analysts anticipate that Ingredion Inc will post 6.55 earnings per share for the current year.
The firm also recently announced a 0.62500 dividend, which was paid on Friday, October 25th. Shareholders of record on Tuesday, October 1st were issued a $0.63 dividend. This represents a yield of 3%. The ex-dividend date of this dividend was Monday, September 30th. Ingredion’s dividend payout ratio (DPR) is currently 36.42%.
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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