Zacks Investment Research upgraded shares of Ingredion (NYSE:INGR) from a hold rating to a buy rating in a research report sent to investors on Wednesday morning. Zacks Investment Research currently has $157.00 price objective on the stock.
According to Zacks, “Ingredion Incorporated is an ingredients solutions provider specializing in nature-based sweeteners, starches and nutrition ingredients. The Company serves diverse sectors in food, beverage, brewing, pharmaceuticals and other industries. Its sweetener products include dextrose, glucose, polyols, HFCS and Maltodextrin. The Company’s nutrition solutions include prebiotic fibers, resistant starch, soluble fibers and Inulin fibers. Its starch-based products include both industrial and food-grade starches. Ingredion Incorporated, formerly known as Corn Products International, Inc., is headquartered in Chicago. “
Other analysts also recently issued reports about the company. Jefferies Group set a $145.00 target price on Ingredion and gave the stock a buy rating in a research note on Sunday, October 29th. BidaskClub upgraded Ingredion from a sell rating to a hold rating in a report on Friday, October 6th. BMO Capital Markets reiterated a hold rating and set a $125.00 price target on shares of Ingredion in a report on Friday, September 29th. Credit Suisse Group reiterated an outperform rating and set a $145.00 price target (up from $140.00) on shares of Ingredion in a report on Thursday, November 2nd. Finally, Stephens upgraded Ingredion from an equal weight rating to an overweight rating in a report on Wednesday, November 15th. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The stock presently has an average rating of Buy and an average target price of $145.75.
Ingredion (NYSE:INGR) last issued its earnings results on Wednesday, November 1st. The company reported $2.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.04 by $0.17. Ingredion had a return on equity of 20.92% and a net margin of 8.73%. The business had revenue of $1.49 billion during the quarter, compared to the consensus estimate of $1.52 billion. During the same period last year, the company earned $1.96 EPS. The company’s revenue for the quarter was down .3% on a year-over-year basis. equities analysts expect that Ingredion will post 7.73 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 25th. Stockholders of record on Tuesday, January 2nd will be issued a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 1.74%. The ex-dividend date is Friday, December 29th. Ingredion’s dividend payout ratio is presently 34.33%.
In other news, SVP Jorgen Kokke sold 20,674 shares of the stock in a transaction on Thursday, November 16th. The stock was sold at an average price of $133.00, for a total transaction of $2,749,642.00. Following the completion of the transaction, the senior vice president now directly owns 23,119 shares in the company, valued at approximately $3,074,827. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 1.92% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Toronto Dominion Bank grew its holdings in shares of Ingredion by 10.6% during the 2nd quarter. Toronto Dominion Bank now owns 952 shares of the company’s stock worth $113,000 after purchasing an additional 91 shares during the period. WFG Advisors LP grew its holdings in shares of Ingredion by 0.4% during the 2nd quarter. WFG Advisors LP now owns 1,373 shares of the company’s stock worth $164,000 after purchasing an additional 6 shares during the period. Fieldpoint Private Securities LLC purchased a new position in shares of Ingredion during the 3rd quarter worth $173,000. Pacer Advisors Inc. grew its holdings in shares of Ingredion by 8.3% during the 2nd quarter. Pacer Advisors Inc. now owns 1,506 shares of the company’s stock worth $180,000 after purchasing an additional 116 shares during the period. Finally, Acrospire Investment Management LLC grew its holdings in shares of Ingredion by 124.8% during the 2nd quarter. Acrospire Investment Management LLC now owns 1,801 shares of the company’s stock worth $215,000 after purchasing an additional 1,000 shares during the period. Institutional investors and hedge funds own 84.46% of the company’s stock.
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Ingredion Company Profile
Ingredion Incorporated is an ingredients solutions provider. The Company manufactures and sells sweetener, starches, nutrition ingredients and biomaterial solutions derived from the wet milling and processing of corn and other starch-based materials to a range of industries, both domestically and internationally.
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