Ingredion Incorporated (NYSE:INGR – Get Rating) was the target of a large increase in short interest in the month of March. As of March 31st, there was short interest totalling 710,000 shares, an increase of 7.5% from the March 15th total of 660,600 shares. Based on an average daily volume of 314,200 shares, the short-interest ratio is currently 2.3 days. Currently, 1.1% of the shares of the company are short sold.
Ingredion Stock Down 0.3 %
Shares of INGR stock opened at $104.83 on Friday. The stock has a market cap of $6.92 billion, a P/E ratio of 14.28 and a beta of 0.76. Ingredion has a 52 week low of $78.81 and a 52 week high of $106.98. The company has a quick ratio of 0.91, a current ratio of 1.76 and a debt-to-equity ratio of 0.61. The company’s fifty day simple moving average is $100.33 and its two-hundred day simple moving average is $97.03.
Ingredion (NYSE:INGR – Get Rating) last announced its quarterly earnings results on Wednesday, February 8th. The company reported $1.65 EPS for the quarter, topping the consensus estimate of $1.45 by $0.20. The business had revenue of $1.99 billion for the quarter, compared to analysts’ expectations of $2.02 billion. Ingredion had a net margin of 6.19% and a return on equity of 15.70%. The business’s quarterly revenue was up 13.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.09 EPS. Analysts predict that Ingredion will post 8.32 EPS for the current fiscal year.
Ingredion Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 25th. Stockholders of record on Monday, April 3rd will be given a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a dividend yield of 2.71%. The ex-dividend date is Friday, March 31st. Ingredion’s dividend payout ratio is 38.69%.
Insiders Place Their Bets
In other Ingredion news, EVP Jorgen Kokke sold 7,119 shares of Ingredion stock in a transaction that occurred on Friday, March 3rd. The shares were sold at an average price of $100.21, for a total value of $713,394.99. Following the completion of the sale, the executive vice president now owns 36,537 shares of the company’s stock, valued at approximately $3,661,372.77. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In the last quarter, insiders sold 7,121 shares of company stock valued at $713,593. Company insiders own 1.68% of the company’s stock.
Institutional Trading of Ingredion
Several hedge funds have recently made changes to their positions in the business. NorthCrest Asset Manangement LLC raised its position in shares of Ingredion by 1.4% during the 4th quarter. NorthCrest Asset Manangement LLC now owns 7,350 shares of the company’s stock valued at $720,000 after buying an additional 100 shares in the last quarter. Total Clarity Wealth Management Inc. raised its position in Ingredion by 1.8% in the 4th quarter. Total Clarity Wealth Management Inc. now owns 5,655 shares of the company’s stock worth $554,000 after purchasing an additional 100 shares during the period. Securian Asset Management Inc. raised its position in Ingredion by 1.7% in the 4th quarter. Securian Asset Management Inc. now owns 6,037 shares of the company’s stock worth $591,000 after purchasing an additional 100 shares during the period. Profund Advisors LLC raised its position in Ingredion by 3.8% in the 4th quarter. Profund Advisors LLC now owns 2,766 shares of the company’s stock worth $271,000 after purchasing an additional 102 shares during the period. Finally, Eagle Bay Advisors LLC raised its position in Ingredion by 18.5% in the 3rd quarter. Eagle Bay Advisors LLC now owns 735 shares of the company’s stock worth $59,000 after purchasing an additional 115 shares during the period. 85.70% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Ratings Changes
A number of equities research analysts have recently issued reports on the stock. StockNews.com assumed coverage on shares of Ingredion in a research report on Thursday, March 16th. They set a “buy” rating for the company. Barclays downgraded shares of Ingredion from an “overweight” rating to an “equal weight” rating and upped their target price for the stock from $105.00 to $110.00 in a report on Monday, January 23rd. BMO Capital Markets began coverage on shares of Ingredion in a report on Thursday, April 13th. They issued a “market perform” rating and a $115.00 target price for the company. Stephens reaffirmed an “overweight” rating and issued a $120.00 target price on shares of Ingredion in a report on Friday, March 17th. Finally, UBS Group raised shares of Ingredion from a “neutral” rating to a “buy” rating and upped their target price for the stock from $105.00 to $121.00 in a report on Thursday, April 13th. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $115.20.
Ingredion Company Profile
Ingredion, Inc engages in the development, production, and sale of food and beverage ingredients, primarily starches and sweeteners. The firm is involved in transforming corn, tapioca, potatoes, plant-based stevia, grains, fruits, gums, and vegetables into value-added ingredients and biomaterials for the food, beverage, brewing, and other industries.
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