State of Michigan Retirement System Decreases Holdings in Ingredion Incorporated (NYSE:INGR)

State of Michigan Retirement System cut its stake in Ingredion Incorporated (NYSE:INGR) by 1.3% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 15,788 shares of the company’s stock after selling 200 shares during the quarter. State of Michigan Retirement System’s holdings in Ingredion were worth $1,811,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Thurston Springer Miller Herd & Titak Inc. acquired a new position in shares of Ingredion in the second quarter worth about $26,000. Jones Financial Companies Lllp purchased a new stake in Ingredion during the 4th quarter worth approximately $25,000. EverSource Wealth Advisors LLC raised its position in shares of Ingredion by 102.6% in the 1st quarter. EverSource Wealth Advisors LLC now owns 233 shares of the company’s stock valued at $27,000 after purchasing an additional 118 shares in the last quarter. Family Firm Inc. purchased a new position in shares of Ingredion during the 2nd quarter valued at approximately $36,000. Finally, National Bank of Canada FI grew its position in shares of Ingredion by 59.8% during the fourth quarter. National Bank of Canada FI now owns 425 shares of the company’s stock worth $47,000 after buying an additional 159 shares in the last quarter. Institutional investors and hedge funds own 85.27% of the company’s stock.

Ingredion Stock Performance

Shares of INGR stock opened at $133.80 on Thursday. The company has a market cap of $8.78 billion, a P/E ratio of 13.41, a PEG ratio of 1.16 and a beta of 0.72. The business has a 50 day moving average of $121.65 and a two-hundred day moving average of $117.73. Ingredion Incorporated has a 52 week low of $89.54 and a 52 week high of $134.18. The company has a quick ratio of 1.39, a current ratio of 2.44 and a debt-to-equity ratio of 0.47.

Ingredion (NYSE:INGR) last released its quarterly earnings data on Tuesday, August 6th. The company reported $2.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.53 by $0.34. Ingredion had a return on equity of 16.56% and a net margin of 8.45%. The business had revenue of $1.88 billion during the quarter, compared to analyst estimates of $1.98 billion. During the same quarter in the previous year, the firm posted $2.32 EPS. The business’s revenue for the quarter was down 9.2% compared to the same quarter last year. As a group, analysts anticipate that Ingredion Incorporated will post 9.7 EPS for the current year.

Ingredion Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 22nd. Investors of record on Tuesday, October 1st will be given a $0.80 dividend. The ex-dividend date is Tuesday, October 1st. This is an increase from Ingredion’s previous quarterly dividend of $0.78. This represents a $3.20 annualized dividend and a yield of 2.39%. Ingredion’s dividend payout ratio (DPR) is currently 31.26%.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on INGR shares. UBS Group upped their price target on shares of Ingredion from $141.00 to $148.00 and gave the company a “buy” rating in a report on Thursday, August 15th. Oppenheimer increased their price target on shares of Ingredion from $126.00 to $138.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 7th. BMO Capital Markets boosted their price objective on Ingredion from $120.00 to $128.00 and gave the company a “market perform” rating in a report on Wednesday, August 7th. Barclays raised Ingredion from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $122.00 to $145.00 in a report on Friday, August 9th. Finally, StockNews.com downgraded Ingredion from a “strong-buy” rating to a “buy” rating in a report on Wednesday, August 7th. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, Ingredion currently has a consensus rating of “Moderate Buy” and a consensus price target of $137.33.

Insider Buying and Selling at Ingredion

In other Ingredion news, CEO James P. Zallie sold 1,000 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $134.02, for a total value of $134,020.00. Following the sale, the chief executive officer now owns 52,530 shares in the company, valued at $7,040,070.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO James P. Zallie sold 1,000 shares of the stock in a transaction on Monday, August 26th. The stock was sold at an average price of $134.02, for a total value of $134,020.00. Following the completion of the transaction, the chief executive officer now owns 52,530 shares of the company’s stock, valued at $7,040,070.60. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Robert A. Ritchie sold 1,195 shares of Ingredion stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $125.00, for a total transaction of $149,375.00. Following the sale, the senior vice president now owns 15,906 shares in the company, valued at $1,988,250. The disclosure for this sale can be found here. Insiders sold 29,695 shares of company stock valued at $3,483,295 in the last ninety days. Company insiders own 1.80% of the company’s stock.

Ingredion Profile

Ingredion Incorporated, together with its subsidiaries, manufactures 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.