StockNews.com Begins Coverage on Ingredion (NYSE:INGR)

Posted by Cynthia Vaughn on Mar 19th, 2023

StockNews.com began coverage on shares of Ingredion (NYSE:INGR – Get Rating) in a report published on Thursday morning. The brokerage issued a buy rating on the stock.

Other equities analysts also recently issued research reports about the company. Stephens upgraded Ingredion from an equal weight rating to an overweight rating and lifted their price objective for the stock from $100.00 to $120.00 in a research report on Tuesday, January 17th. Barclays downgraded Ingredion from an overweight rating to an equal weight rating and lifted their price objective for the stock from $105.00 to $110.00 in a research report on Monday, January 23rd. Finally, Credit Suisse Group lifted their price objective on Ingredion from $100.00 to $110.00 and gave the stock a neutral rating in a research report on Thursday, February 9th. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of Hold and an average price target of $107.25.

Ingredion Stock Performance

Shares of NYSE:INGR opened at $96.60 on Thursday. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.76 and a quick ratio of 0.91. The business’s 50 day moving average price is $99.85 and its 200-day moving average price is $93.80. The firm has a market capitalization of $6.37 billion, a PE ratio of 13.16 and a beta of 0.76. Ingredion has a 1 year low of $78.81 and a 1 year high of $105.24.

Ingredion (NYSE:INGR – Get Rating) last issued its quarterly earnings results on Wednesday, February 8th. The company reported $1.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.45 by $0.20. The firm had revenue of $1.99 billion for the quarter, compared to analyst estimates of $2.02 billion. Ingredion had a return on equity of 15.70% and a net margin of 6.19%. The business’s revenue was up 13.2% on a year-over-year basis. During the same period in the previous year, the company posted $1.09 earnings per share. As a group, equities research analysts expect that Ingredion will post 8.32 earnings per share for the current fiscal year.

Ingredion Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 25th. Shareholders of record on Monday, April 3rd will be given a $0.71 dividend. The ex-dividend date is Friday, March 31st. This represents a $2.84 dividend on an annualized basis and a yield of 2.94%. Ingredion’s dividend payout ratio is currently 38.69%.

Insider Activity

In other news, EVP Jorgen Kokke sold 7,119 shares of Ingredion stock in a transaction on Friday, March 3rd. The stock was 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 directly owns 36,537 shares of the company’s stock, valued at $3,661,372.77. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Over the last ninety days, insiders sold 7,120 shares of company stock valued at $713,497. 1.68% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of INGR. Norges Bank acquired a new position in Ingredion during the 4th quarter worth $62,186,000. Millennium Management LLC boosted its position in shares of Ingredion by 943.1% during the 2nd quarter. Millennium Management LLC now owns 628,246 shares of the company’s stock worth $55,386,000 after acquiring an additional 568,015 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its position in shares of Ingredion by 4,100.0% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 340,834 shares of the company’s stock worth $29,704,000 after acquiring an additional 332,719 shares in the last quarter. First Trust Advisors LP boosted its position in shares of Ingredion by 24.4% during the 3rd quarter. First Trust Advisors LP now owns 1,055,391 shares of the company’s stock worth $84,980,000 after acquiring an additional 207,300 shares in the last quarter. Finally, Bank of Montreal Can boosted its position in shares of Ingredion by 89.7% during the 2nd quarter. Bank of Montreal Can now owns 334,722 shares of the company’s stock worth $30,523,000 after acquiring an additional 158,303 shares in the last quarter. 85.70% of the stock is owned by institutional investors and hedge funds.

About Ingredion

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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.