Legacy Wealth Asset Management LLC bought a new position in shares of Ingredion Incorporated (NYSE:INGR) in the fourth quarter, Holdings Channel.com reports. The institutional investor bought 6,593 shares of the company’s stock, valued at approximately $519,000.
Other hedge funds also recently made changes to their positions in the company. Highlander Capital Management LLC purchased a new position in Ingredion during the third quarter valued at approximately $1,097,000. Reinhart Partners Inc. raised its position in Ingredion by 22.0% during the fourth quarter. Reinhart Partners Inc. now owns 274,251 shares of the company’s stock valued at $21,575,000 after acquiring an additional 49,481 shares in the last quarter. Goodman Financial Corp raised its position in Ingredion by 8.0% during the fourth quarter. Goodman Financial Corp now owns 81,405 shares of the company’s stock valued at $6,404,000 after acquiring an additional 6,002 shares in the last quarter. Exchange Traded Concepts LLC raised its position in Ingredion by 4.7% during the fourth quarter. Exchange Traded Concepts LLC now owns 4,373 shares of the company’s stock valued at $344,000 after acquiring an additional 198 shares in the last quarter. Finally, California State Teachers Retirement System raised its position in Ingredion by 1.5% during the third quarter. California State Teachers Retirement System now owns 140,662 shares of the company’s stock valued at $10,645,000 after acquiring an additional 2,044 shares in the last quarter. Institutional investors own 85.21% of the company’s stock.
A number of research firms have recently commented on INGR. Credit Suisse Group boosted their price objective on Ingredion from $77.00 to $82.00 and gave the company a “neutral” rating in a research report on Thursday, February 4th. Zacks Investment Research upgraded Ingredion from a “hold” rating to a “buy” rating and set a $101.00 price objective for the company in a research report on Tuesday, March 23rd. Finally, TheStreet upgraded Ingredion from a “c+” rating to a “b” rating in a research report on Thursday, February 4th. Two investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $95.25.
Ingredion (NYSE:INGR) last issued its quarterly earnings results on Wednesday, February 3rd. The company reported $1.75 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.46 by $0.29. The firm had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.44 billion. Ingredion had a return on equity of 15.30% and a net margin of 5.75%. The business’s revenue was up 2.8% on a year-over-year basis. During the same period in the previous year, the company posted $1.54 earnings per share. As a group, analysts expect that Ingredion Incorporated will post 5.97 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 26th. Shareholders of record on Thursday, April 1st will be paid a dividend of $0.64 per share. This represents a $2.56 dividend on an annualized basis and a yield of 2.84%. The ex-dividend date is Wednesday, March 31st. Ingredion’s dividend payout ratio (DPR) is currently 38.50%.
In other Ingredion news, SVP Larry Fernandes sold 750 shares of the business’s stock in a transaction on Wednesday, February 24th. The stock was sold at an average price of $92.00, for a total transaction of $69,000.00. Following the transaction, the senior vice president now owns 16,393 shares of the company’s stock, valued at $1,508,156. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold 1,502 shares of company stock worth $132,923 in the last three months. 1.15% of the stock is currently owned by corporate insiders.
Ingredion, Inc manufactures and sells sweetener, 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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