Rhumbline Advisers Reduces Stock Holdings in Ingredion Incorporated (NYSE:INGR)

Rhumbline Advisers reduced its holdings in Ingredion Incorporated (NYSE:INGR) by 1.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 200,322 shares of the company’s stock after selling 2,480 shares during the period. Rhumbline Advisers owned about 0.30% of Ingredion worth $20,379,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Group One Trading L.P. acquired a new position in shares of Ingredion in the 4th quarter valued at $27,000. National Bank of Canada FI lifted its stake in shares of Ingredion by 119.5% in the 1st quarter. National Bank of Canada FI now owns 292 shares of the company’s stock valued at $30,000 after purchasing an additional 159 shares during the period. Global Retirement Partners LLC lifted its stake in shares of Ingredion by 3,260.0% in the 1st quarter. Global Retirement Partners LLC now owns 336 shares of the company’s stock valued at $37,000 after purchasing an additional 326 shares during the period. Altshuler Shaham Ltd acquired a new position in shares of Ingredion in the 1st quarter valued at $43,000. Finally, Gradient Investments LLC lifted its stake in shares of Ingredion by 230.8% in the 1st quarter. Gradient Investments LLC now owns 430 shares of the company’s stock valued at $44,000 after purchasing an additional 300 shares during the period. 84.80% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

INGR has been the subject of a number of research analyst reports. Barclays reduced their price objective on shares of Ingredion from $120.00 to $118.00 in a research report on Thursday, June 1st. StockNews.com initiated coverage on shares of Ingredion in a research report on Thursday, August 17th. They set a “buy” rating for the company. Stephens restated an “overweight” rating and set a $130.00 price objective on shares of Ingredion in a research report on Wednesday, August 9th. Finally, BMO Capital Markets reduced their price objective on shares of Ingredion from $125.00 to $117.00 and set a “market perform” rating for the company in a research report on Wednesday, August 9th. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $119.20.

Insiders Place Their Bets

In other Ingredion news, CFO James D. Gray sold 5,000 shares of the stock in a transaction dated Thursday, June 1st. The shares were sold at an average price of $104.90, for a total transaction of $524,500.00. Following the completion of the transaction, the chief financial officer now owns 32,960 shares of the company’s stock, valued at $3,457,504. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, CFO James D. Gray sold 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 1st. The shares were sold at an average price of $104.90, for a total value of $524,500.00. Following the completion of the transaction, the chief financial officer now owns 32,960 shares of the company’s stock, valued at $3,457,504. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, SVP Larry Fernandes sold 2,779 shares of the firm’s stock in a transaction that occurred on Tuesday, July 18th. The shares were sold at an average price of $110.10, for a total transaction of $305,967.90. Following the completion of the transaction, the senior vice president now directly owns 20,246 shares of the company’s stock, valued at approximately $2,229,084.60. The disclosure for this sale can be found here. Insiders sold a total of 9,700 shares of company stock valued at $1,041,797 over the last 90 days. 1.56% of the stock is owned by company insiders.

Ingredion Price Performance

Shares of NYSE INGR opened at $103.00 on Wednesday. The firm has a 50-day simple moving average of $105.62 and a 200-day simple moving average of $104.36. The stock has a market capitalization of $6.81 billion, a price-to-earnings ratio of 12.02 and a beta of 0.78. The company has a quick ratio of 0.98, a current ratio of 1.92 and a debt-to-equity ratio of 0.57. Ingredion Incorporated has a 52 week low of $78.81 and a 52 week high of $113.46.

Ingredion (NYSE:INGR) last announced its quarterly earnings data on Tuesday, August 8th. The company reported $2.32 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.33 by ($0.01). Ingredion had a net margin of 6.99% and a return on equity of 17.63%. The firm had revenue of $2.07 billion during the quarter, compared to analysts’ expectations of $2.20 billion. During the same period in the prior year, the company posted $2.12 EPS. The company’s revenue for the quarter was up 1.2% compared to the same quarter last year. On average, equities analysts predict that Ingredion Incorporated will post 9.23 earnings per share for the current fiscal year.

Ingredion Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 24th. Shareholders of record on Monday, October 2nd will be paid a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a yield of 3.03%. The ex-dividend date of this dividend is Friday, September 29th. This is a positive change from Ingredion’s previous quarterly dividend of $0.71. Ingredion’s dividend payout ratio (DPR) is 33.14%.

Ingredion Profile

Ingredion Incorporated, together with its subsidiaries, produces 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.