Brookstone Capital Management trimmed its stake in shares of Ingredion Inc (NYSE:INGR) by 47.6% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,648 shares of the company’s stock after selling 2,404 shares during the quarter. Brookstone Capital Management’s holdings in Ingredion were worth $216,000 at the end of the most recent reporting period.
A number of other hedge funds also recently added to or reduced their stakes in INGR. Nuveen Asset Management LLC bought a new stake in Ingredion during the 2nd quarter worth approximately $33,559,000. LSV Asset Management grew its holdings in Ingredion by 13.8% during the 2nd quarter. LSV Asset Management now owns 2,859,755 shares of the company’s stock worth $235,901,000 after acquiring an additional 345,722 shares during the last quarter. D. E. Shaw & Co. Inc. grew its holdings in Ingredion by 359.8% during the 2nd quarter. D. E. Shaw & Co. Inc. now owns 428,854 shares of the company’s stock worth $35,376,000 after acquiring an additional 335,588 shares during the last quarter. WINTON GROUP Ltd bought a new stake in Ingredion during the 2nd quarter worth approximately $21,732,000. Finally, Vanguard Group Inc. grew its holdings in Ingredion by 2.4% during the 2nd quarter. Vanguard Group Inc. now owns 6,531,690 shares of the company’s stock worth $538,798,000 after acquiring an additional 154,078 shares during the last quarter. Institutional investors and hedge funds own 87.97% of the company’s stock.
A number of research firms have weighed in on INGR. Credit Suisse Group reduced their target price on shares of Ingredion from $85.00 to $77.00 and set a “neutral” rating on the stock in a report on Tuesday, July 23rd. They noted that the move was a valuation call. Stephens started coverage on shares of Ingredion in a research note on Monday, October 7th. They issued an “overweight” rating and a $97.00 price objective on the stock. ValuEngine raised shares of Ingredion from a “sell” rating to a “hold” rating in a research note on Wednesday, October 2nd. Zacks Investment Research raised shares of Ingredion from a “sell” rating to a “hold” rating in a research note on Wednesday. Finally, Citigroup reduced their price objective on shares of Ingredion from $95.00 to $85.00 and set a “neutral” rating on the stock in a research note on Tuesday, August 6th. Five equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $101.00.
NYSE:INGR opened at $80.13 on Wednesday. The firm’s fifty day moving average is $80.38 and its 200-day moving average is $82.15. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.51 and a current ratio of 2.48. Ingredion Inc has a 52 week low of $73.00 and a 52 week high of $107.52. The firm has a market cap of $5.34 billion, a P/E ratio of 11.58 and a beta of 0.82.
Ingredion (NYSE:INGR) last posted its quarterly earnings data on Thursday, August 1st. The company reported $1.66 EPS for the quarter, beating the Zacks’ consensus estimate of $1.60 by $0.06. Ingredion had a net margin of 6.61% and a return on equity of 17.23%. The company had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.47 billion. During the same period in the prior year, the firm posted $1.66 EPS. The company’s quarterly revenue was down 4.1% on a year-over-year basis. As a group, sell-side analysts anticipate that Ingredion Inc will post 6.6 earnings per share for the current year.
The company also recently disclosed a 0.62500 dividend, which will be paid on Friday, October 25th. Stockholders of record on Tuesday, October 1st will be paid a $0.63 dividend. This represents a dividend yield of 3%. The ex-dividend date is Monday, September 30th. Ingredion’s dividend payout ratio is currently 36.42%.
Ingredion Incorporated, together with its subsidiaries, produces and sells starches and sweeteners for various industries. The company operates through four segments: North America, South America, Asia Pacific and Europe, and Middle East and Africa. It offers sweetener products comprising glucose syrups, high maltose syrups, high fructose corn syrups, caramel colors, dextrose, polyols, maltodextrins, glucose and syrup solids, as well as food-grade and industrial starches, and biomaterials.
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