Ingredion Inc (NYSE:INGR) saw a significant increase in short interest during the month of July. As of July 31st, there was short interest totalling 3,851,900 shares, an increase of 20.4% from the June 30th total of 3,199,300 shares. Based on an average daily trading volume, of 605,500 shares, the short-interest ratio is currently 6.4 days. Approximately 5.9% of the shares of the stock are short sold.
INGR traded down $1.37 during trading on Wednesday, hitting $74.75. 391,373 shares of the stock were exchanged, compared to its average volume of 562,140. The stock has a 50 day moving average price of $80.07. The firm has a market capitalization of $5.01 billion, a price-to-earnings ratio of 10.80 and a beta of 0.85. Ingredion has a 1 year low of $74.69 and a 1 year high of $107.52. 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 (NYSE:INGR) last released its quarterly earnings data on Thursday, August 1st. The company reported $1.66 EPS for the quarter, topping the consensus estimate of $1.60 by $0.06. The company had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.47 billion. Ingredion had a return on equity of 17.23% and a net margin of 6.61%. Ingredion’s quarterly revenue was down 4.1% on a year-over-year basis. During the same period last year, the business posted $1.66 EPS. As a group, equities analysts forecast that Ingredion will post 6.68 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Thursday, July 25th. Stockholders of record on Monday, July 1st were issued a $0.625 dividend. The ex-dividend date was Friday, June 28th. This represents a $2.50 dividend on an annualized basis and a dividend yield of 3.34%. Ingredion’s dividend payout ratio is presently 36.13%.
In other news, CFO James D. Gray purchased 1,000 shares of the company’s stock in a transaction that occurred on Friday, May 24th. The stock was bought at an average cost of $78.37 per share, with a total value of $78,370.00. Following the completion of the purchase, the chief financial officer now owns 15,222 shares in the company, valued at $1,192,948.14. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.56% of the stock is currently owned by corporate insiders.
Several large investors have recently made changes to their positions in INGR. LSV Asset Management increased its holdings in shares of Ingredion by 13.8% in the 2nd quarter. LSV Asset Management now owns 2,859,755 shares of the company’s stock valued at $235,901,000 after acquiring an additional 345,722 shares during the period. D. E. Shaw & Co. Inc. increased its holdings in shares of Ingredion by 359.8% in the 2nd quarter. D. E. Shaw & Co. Inc. now owns 428,854 shares of the company’s stock valued at $35,376,000 after acquiring an additional 335,588 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Ingredion by 24.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,355,320 shares of the company’s stock worth $123,876,000 after purchasing an additional 265,248 shares in the last quarter. WINTON GROUP Ltd acquired a new stake in shares of Ingredion in the 2nd quarter worth $21,732,000. Finally, AJO LP boosted its position in shares of Ingredion by 18.4% in the 1st quarter. AJO LP now owns 1,040,979 shares of the company’s stock worth $98,570,000 after purchasing an additional 162,133 shares in the last quarter. Institutional investors and hedge funds own 88.82% of the company’s stock.
Several research firms have recently issued reports on INGR. Credit Suisse Group lowered their price objective on Ingredion from $85.00 to $77.00 and set a “neutral” rating for the company in a research note on Tuesday, July 23rd. They noted that the move was a valuation call. TheStreet lowered Ingredion from a “b-” rating to a “c+” rating in a research note on Tuesday, May 7th. Citigroup lowered their price objective on Ingredion from $95.00 to $85.00 and set a “neutral” rating for the company in a research note on Tuesday, August 6th. Finally, Zacks Investment Research lowered Ingredion from a “hold” rating to a “strong sell” rating in a research note on Tuesday, August 6th. Two analysts have rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company. Ingredion currently has an average rating of “Hold” and an average price target of $102.33.
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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