State Board of Administration of Florida Retirement System trimmed its stake in Ingredion Incorporated (NYSE:INGR) by 2.7% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 72,970 shares of the company’s stock after selling 2,010 shares during the period. State Board of Administration of Florida Retirement System owned about 0.11% of Ingredion worth $6,495,000 as of its most recent filing with the SEC.
Other institutional investors also recently added to or reduced their stakes in the company. Exchange Traded Concepts LLC purchased a new stake in shares of Ingredion in the 3rd quarter valued at approximately $27,000. SOA Wealth Advisors LLC. acquired a new position in shares of Ingredion in the third quarter valued at approximately $39,000. Advisory Services Network LLC acquired a new position in shares of Ingredion in the second quarter valued at approximately $50,000. IFP Advisors Inc grew its holdings in shares of Ingredion by 84.0% in the third quarter. IFP Advisors Inc now owns 574 shares of the company’s stock valued at $51,000 after purchasing an additional 262 shares in the last quarter. Finally, North Star Investment Management Corp. acquired a new position in shares of Ingredion in the third quarter valued at approximately $71,000. 84.75% of the stock is currently owned by institutional investors and hedge funds.
A number of research analysts recently weighed in on INGR shares. BMO Capital Markets upgraded shares of Ingredion from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $92.00 to $112.00 in a report on Wednesday, November 3rd. TheStreet upgraded shares of Ingredion from a “c+” rating to a “b” rating in a report on Tuesday, November 23rd. Credit Suisse Group upgraded shares of Ingredion from a “neutral” rating to an “outperform” rating and boosted their price target for the stock from $93.00 to $110.00 in a report on Wednesday, November 3rd. Barclays assumed coverage on shares of Ingredion in a report on Tuesday, November 9th. They set an “overweight” rating and a $115.00 price target for the company. Finally, Zacks Investment Research upgraded shares of Ingredion from a “hold” rating to a “buy” rating and set a $111.00 price target for the company in a report on Tuesday. One analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $109.60.
Ingredion (NYSE:INGR) last issued its earnings results on Tuesday, November 2nd. The company reported $1.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.45 by $0.22. Ingredion had a net margin of 2.45% and a return on equity of 17.13%. The business had revenue of $1.76 billion during the quarter. During the same quarter in the previous year, the company posted $1.77 EPS. On average, analysts forecast that Ingredion Incorporated will post 6.91 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, January 24th. Stockholders of record on Monday, January 3rd will be issued a $0.65 dividend. This represents a $2.60 annualized dividend and a dividend yield of 2.57%. The ex-dividend date is Friday, December 31st. Ingredion’s payout ratio is 107.88%.
Ingredion Company Profile
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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