Convergence Investment Partners LLC purchased a new stake in Ingredion Inc (NYSE:INGR) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 11,765 shares of the company’s stock, valued at approximately $976,000.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Sunbelt Securities Inc. purchased a new stake in shares of Ingredion during the 4th quarter valued at $5,345,000. CWM Advisors LLC purchased a new stake in shares of Ingredion during the 1st quarter valued at $37,000. Bartlett & Co. LLC purchased a new stake in shares of Ingredion during the 1st quarter valued at $40,000. Cornerstone Advisors Inc. increased its position in shares of Ingredion by 83.6% during the 2nd quarter. Cornerstone Advisors Inc. now owns 549 shares of the company’s stock valued at $46,000 after purchasing an additional 250 shares during the last quarter. Finally, First Quadrant L P CA purchased a new stake in shares of Ingredion during the 2nd quarter valued at $104,000. 85.15% of the stock is owned by institutional investors and hedge funds.
Shares of INGR stock traded down $1.72 during mid-day trading on Friday, hitting $86.50. The company’s stock had a trading volume of 340,381 shares, compared to its average volume of 342,333. Ingredion Inc has a 52-week low of $59.11 and a 52-week high of $99.51. The business has a 50-day moving average price of $84.00 and a 200 day moving average price of $83.74. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.42 and a current ratio of 2.34. The stock has a market cap of $5.79 billion, a price-to-earnings ratio of 15.04 and a beta of 0.76.
The company also recently disclosed a quarterly dividend, which was paid on Monday, July 27th. Investors of record on Wednesday, July 1st were given a dividend of $0.63 per share. This represents a $2.52 dividend on an annualized basis and a yield of 2.91%. The ex-dividend date of this dividend was Tuesday, June 30th. Ingredion’s dividend payout ratio (DPR) is presently 37.89%.
INGR has been the subject of several research reports. Berenberg Bank initiated coverage on Ingredion in a research note on Thursday, July 16th. They set a “buy” rating and a $105.00 price target for the company. Credit Suisse Group cut their price target on Ingredion from $94.00 to $90.00 and set a “neutral” rating for the company in a research note on Wednesday, May 6th. Zacks Investment Research downgraded Ingredion from a “hold” rating to a “sell” rating in a research note on Wednesday, July 1st. ValuEngine downgraded Ingredion from a “sell” rating to a “strong sell” rating in a research note on Thursday, July 2nd. Finally, BMO Capital Markets cut their price target on Ingredion from $104.00 to $93.00 and set a “market perform” rating for the company in a research note on Wednesday, May 6th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $94.43.
In other news, Director Stephan B. Tanda acquired 985 shares of Ingredion stock in a transaction that occurred on Wednesday, May 13th. The stock was bought at an average price of $81.04 per share, for a total transaction of $79,824.40. Following the completion of the transaction, the director now owns 2,318 shares in the company, valued at $187,850.72. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.15% of the stock is currently owned by corporate insiders.
Ingredion Company Profile
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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