State Board of Administration of Florida Retirement System lowered its stake in shares of Ingredion Incorporated (NYSE:INGR) by 2.7% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 72,970 shares of the company’s stock after selling 2,010 shares during the quarter. State Board of Administration of Florida Retirement System’s holdings in Ingredion were worth $6,495,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in shares of Ingredion by 1.2% during the second quarter. Vanguard Group Inc. now owns 6,253,162 shares of the company’s stock worth $565,911,000 after buying an additional 71,172 shares in the last quarter. State Street Corp grew its position in shares of Ingredion by 12.8% during the second quarter. State Street Corp now owns 2,154,697 shares of the company’s stock worth $196,322,000 after buying an additional 243,890 shares in the last quarter. Dimensional Fund Advisors LP grew its position in shares of Ingredion by 4.1% during the second quarter. Dimensional Fund Advisors LP now owns 1,902,910 shares of the company’s stock worth $172,211,000 after buying an additional 75,716 shares in the last quarter. Macquarie Group Ltd. grew its position in shares of Ingredion by 1.1% during the second quarter. Macquarie Group Ltd. now owns 1,170,979 shares of the company’s stock worth $105,910,000 after buying an additional 12,960 shares in the last quarter. Finally, Cooke & Bieler LP acquired a new stake in shares of Ingredion during the second quarter worth approximately $104,139,000. 84.75% of the stock is owned by institutional investors and hedge funds.
Shares of INGR opened at $101.01 on Friday. Ingredion Incorporated has a 1 year low of $73.82 and a 1 year high of $101.45. The firm has a fifty day moving average of $97.30 and a 200-day moving average of $92.65. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.13 and a current ratio of 1.88. The company has a market cap of $6.72 billion, a price-to-earnings ratio of 41.91 and a beta of 0.83.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, January 24th. Investors of record on Monday, January 3rd will be paid a dividend of $0.65 per share. This represents a $2.60 dividend on an annualized basis and a dividend yield of 2.57%. The ex-dividend date of this dividend is Friday, December 31st. Ingredion’s dividend payout ratio is currently 107.88%.
A number of equities analysts have commented on the stock. Credit Suisse Group raised shares of Ingredion from a “neutral” rating to an “outperform” rating and lifted their price objective for the stock from $93.00 to $110.00 in a report on Wednesday, November 3rd. Zacks Investment Research raised shares of Ingredion from a “hold” rating to a “buy” rating and set a $111.00 price objective for the company in a report on Tuesday. TheStreet raised shares of Ingredion from a “c+” rating to a “b” rating in a report on Tuesday, November 23rd. Barclays assumed coverage on shares of Ingredion in a report on Tuesday, November 9th. They issued an “overweight” rating and a $115.00 price objective for the company. Finally, BMO Capital Markets raised shares of Ingredion from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $92.00 to $112.00 in a report on Wednesday, November 3rd. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $109.60.
Ingredion, Inc manufactures and sells sweetener, starches, nutrition ingredients, and biomaterial solutions derived from the wet milling and processing of corn and other starch based materials. Its activities include turning corn, tapioca, potatoes and other vegetables and fruits into value added ingredients and biomaterials for the food, beverage, paper and corrugating, brewing, and other industries.
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