State Street Corp cut its position in Ingredion Incorporated (NYSE:INGR) by 1.9% during the first quarter, Holdings Channel reports. The fund owned 2,888,801 shares of the company’s stock after selling 54,605 shares during the period. State Street Corp’s holdings in Ingredion were worth $347,890,000 as of its most recent filing with the SEC.
Other institutional investors also recently modified their holdings of the company. Assetmark Inc. boosted its position in shares of Ingredion by 105.3% in the first quarter. Assetmark Inc. now owns 975 shares of the company’s stock worth $118,000 after buying an additional 500 shares during the last quarter. Sit Investment Associates Inc. boosted its position in shares of Ingredion by 287.5% in the first quarter. Sit Investment Associates Inc. now owns 4,650 shares of the company’s stock worth $560,000 after buying an additional 3,450 shares during the last quarter. FMR LLC boosted its position in shares of Ingredion by 0.6% in the fourth quarter. FMR LLC now owns 243,087 shares of the company’s stock worth $30,376,000 after buying an additional 1,531 shares during the last quarter. Canada Pension Plan Investment Board boosted its position in shares of Ingredion by 9.2% in the first quarter. Canada Pension Plan Investment Board now owns 286,595 shares of the company’s stock worth $34,515,000 after buying an additional 24,100 shares during the last quarter. Finally, Swiss National Bank boosted its position in shares of Ingredion by 28.8% in the first quarter. Swiss National Bank now owns 256,600 shares of the company’s stock worth $30,902,000 after buying an additional 57,400 shares during the last quarter. 85.53% of the stock is owned by institutional investors and hedge funds.
Ingredion Incorporated (INGR) traded up 0.12% during midday trading on Thursday, reaching $117.84. The company had a trading volume of 198,331 shares. Ingredion Incorporated has a one year low of $113.07 and a one year high of $140.00. The stock’s 50 day moving average is $117.67 and its 200 day moving average is $121.22. The company has a market capitalization of $8.44 billion, a PE ratio of 18.24 and a beta of 0.57.
Ingredion (NYSE:INGR) last announced its quarterly earnings results on Wednesday, May 3rd. The company reported $1.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.81 by $0.07. The company had revenue of $1.45 billion during the quarter, compared to the consensus estimate of $1.43 billion. Ingredion had a net margin of 8.14% and a return on equity of 20.94%. The company’s revenue for the quarter was up 6.8% compared to the same quarter last year. During the same period in the prior year, the business earned $1.74 earnings per share. Equities research analysts forecast that Ingredion Incorporated will post $7.56 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 25th. Stockholders of record on Friday, June 30th will be issued a dividend of $0.50 per share. The ex-dividend date is Wednesday, June 28th. This represents a $2.00 annualized dividend and a dividend yield of 1.70%. Ingredion’s dividend payout ratio (DPR) is presently 31.01%.
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A number of equities analysts have recently issued reports on INGR shares. Zacks Investment Research cut Ingredion from a “buy” rating to a “hold” rating in a report on Tuesday, March 21st. Jefferies Group LLC reissued a “buy” rating and issued a $145.00 target price on shares of Ingredion in a report on Wednesday, April 26th. BMO Capital Markets restated a “hold” rating and set a $125.00 price target on shares of Ingredion in a research report on Wednesday, April 12th. Finally, BidaskClub upgraded Ingredion from a “strong sell” rating to a “sell” rating in a research report on Thursday, June 15th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and three have issued a buy rating to the company. Ingredion has an average rating of “Hold” and a consensus price target of $143.80.
Ingredion Incorporated is an ingredients solutions provider. The Company manufactures and sells sweetener, starches, nutrition ingredients and biomaterial solutions derived from the wet milling and processing of corn and other starch-based materials to a range of industries, both domestically and internationally.
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