Ingredion (NYSE:INGR) Downgraded by Credit Suisse Group to “Neutral”

Credit Suisse Group cut shares of Ingredion (NYSE:INGRGet Rating) from an outperform rating to a neutral rating in a research note issued to investors on Tuesday morning, Marketbeat.com reports. Credit Suisse Group currently has $94.00 price objective on the stock, down from their previous price objective of $102.00.

INGR has been the subject of several other research reports. StockNews.com raised Ingredion from a hold rating to a buy rating in a research note on Monday. TheStreet cut Ingredion from a b rating to a c+ rating in a research note on Monday, March 14th. Finally, Zacks Investment Research cut Ingredion from a hold rating to a sell rating in a research note on Wednesday, April 6th. One research analyst has rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Ingredion presently has a consensus rating of Hold and an average price target of $105.60.

NYSE INGR opened at $87.61 on Tuesday. Ingredion has a 1-year low of $81.25 and a 1-year high of $101.89. The company has a market cap of $5.83 billion, a PE ratio of 51.54 and a beta of 0.83. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.78 and a quick ratio of 1.01. The stock’s 50 day simple moving average is $86.94 and its 200-day simple moving average is $93.08.

Ingredion (NYSE:INGRGet Rating) last posted its earnings results on Thursday, February 3rd. The company reported $1.09 earnings per share (EPS) for the quarter. The company had revenue of $1.76 billion during the quarter, compared to analysts’ expectations of $1.72 billion. Ingredion had a return on equity of 15.42% and a net margin of 1.70%. The firm’s quarterly revenue was up 10.2% compared to the same quarter last year. During the same quarter last year, the firm earned $1.75 earnings per share. On average, equities research analysts anticipate that Ingredion will post 7.08 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 26th. Investors of record on Friday, April 1st will be paid a dividend of $0.65 per share. The ex-dividend date is Thursday, March 31st. This represents a $2.60 annualized dividend and a yield of 2.97%. Ingredion’s payout ratio is 152.94%.

In related news, SVP David Eric Seip bought 5,000 shares of the stock in a transaction that occurred on Friday, February 4th. The stock was purchased at an average cost of $85.90 per share, with a total value of $429,500.00. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Insiders have sold a total of 2 shares of company stock valued at $170 over the last three months. 1.40% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in INGR. Norges Bank purchased a new stake in Ingredion during the 4th quarter worth about $60,228,000. Macquarie Group Ltd. lifted its holdings in shares of Ingredion by 38.4% in the 3rd quarter. Macquarie Group Ltd. now owns 1,620,153 shares of the company’s stock valued at $144,195,000 after purchasing an additional 449,174 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Ingredion by 17.5% in the 3rd quarter. Dimensional Fund Advisors LP now owns 2,236,226 shares of the company’s stock valued at $199,055,000 after purchasing an additional 333,316 shares during the last quarter. Massachusetts Financial Services Co. MA increased its position in Ingredion by 31.1% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 1,332,557 shares of the company’s stock valued at $128,779,000 after acquiring an additional 316,030 shares during the period. Finally, Millennium Management LLC increased its position in Ingredion by 140.3% in the 3rd quarter. Millennium Management LLC now owns 477,427 shares of the company’s stock valued at $42,496,000 after acquiring an additional 278,744 shares during the period. 85.53% of the stock is owned by institutional investors.

About Ingredion (Get Rating)

Ingredion, Inc engages in the manufacture and sale of sweeteners, 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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