BlackRock Inc. Sells 61,665 Shares of Ingredion Incorporated (NYSE:INGR)

by · The Markets Daily

https://www.americanbankingnews.com/wp-content/timthumb/timthumb.php?w=250&h=150&zc=2&src=https://www.marketbeat.com/logos/ingredion-logo.jpg
BlackRock Inc. reduced its stake in Ingredion Incorporated (NYSE:INGR – Free Report) by 1.0% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 6,103,373 shares of the company’s stock after selling 61,665 shares during the quarter. BlackRock Inc. owned about 9.23% of Ingredion worth $646,652,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Global Retirement Partners LLC raised its position in shares of Ingredion by 3,260.0% in the 1st quarter. Global Retirement Partners LLC now owns 336 shares of the company’s stock valued at $37,000 after purchasing an additional 326 shares during the last quarter. Altshuler Shaham Ltd purchased a new position in shares of Ingredion in the 1st quarter valued at approximately $43,000. Tradition Wealth Management LLC purchased a new position in shares of Ingredion in the 1st quarter valued at approximately $49,000. Pinnacle Bancorp Inc. raised its position in shares of Ingredion by 36.9% in the 2nd quarter. Pinnacle Bancorp Inc. now owns 486 shares of the company’s stock valued at $51,000 after purchasing an additional 131 shares during the last quarter. Finally, Worth Asset Management LLC purchased a new position in shares of Ingredion in the 1st quarter valued at approximately $57,000. 84.80% of the stock is owned by hedge funds and other institutional investors.

Ingredion Price Performance

NYSE:INGR opened at $105.43 on Wednesday. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.97 and a quick ratio of 1.07. The firm has a market cap of $6.87 billion, a price-to-earnings ratio of 11.29, a price-to-earnings-growth ratio of 1.04 and a beta of 0.82. The company has a 50 day moving average price of $97.83 and a 200-day moving average price of $102.38. Ingredion Incorporated has a 1-year low of $89.54 and a 1-year high of $113.46.

Ingredion (NYSE:INGR – Get Free Report) last posted its earnings results on Tuesday, November 7th. The company reported $2.33 earnings per share for the quarter, beating the consensus estimate of $1.95 by $0.38. The firm had revenue of $2.03 billion during the quarter, compared to analyst estimates of $2.12 billion. Ingredion had a net margin of 7.61% and a return on equity of 18.48%. The business’s quarterly revenue was up .5% on a year-over-year basis. During the same period in the previous year, the firm earned $1.73 EPS. Equities research analysts forecast that Ingredion Incorporated will post 9.18 EPS for the current year.

Analysts Set New Price Targets

Several brokerages recently commented on INGR. BMO Capital Markets decreased their price objective on shares of Ingredion from $125.00 to $117.00 and set a “market perform” rating for the company in a research report on Wednesday, August 9th. Oppenheimer assumed coverage on shares of Ingredion in a research report on Thursday, September 28th. They set an “outperform” rating and a $120.00 price target for the company. Stephens reissued an “overweight” rating and set a $130.00 price target on shares of Ingredion in a research report on Wednesday, November 8th. UBS Group raised their price target on shares of Ingredion from $132.00 to $136.00 and gave the stock a “buy” rating in a research report on Monday, November 13th. Finally, StockNews.com assumed coverage on shares of Ingredion in a research report on Thursday, October 5th. They set a “buy” rating for the company. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $120.50.

Check Out Our Latest Stock Report on INGR

About Ingredion

(Free Report)

Ingredion Incorporated, together with its subsidiaries, produces and sells sweeteners, starches, nutrition ingredients, and biomaterial solutions derived from wet milling and processing corn, and other starch-based materials to a range of industries in North America, South America, the Asia Pacific, Europe, the Middle East, and Africa.

Recommended Stories