Summit Global Investments Acquires New Shares in Ingredion Incorporated (NYSE:INGR)

Summit Global Investments purchased a new stake in Ingredion Incorporated (NYSE:INGR - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 2,372 shares of the company's stock, valued at approximately $326,000.

Other hedge funds also recently modified their holdings of the company. BOK Financial Private Wealth Inc. acquired a new stake in shares of Ingredion during the 4th quarter valued at about $25,000. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in shares of Ingredion in the 4th quarter valued at $27,000. EverSource Wealth Advisors LLC increased its position in shares of Ingredion by 32.4% during the 4th quarter. EverSource Wealth Advisors LLC now owns 323 shares of the company's stock worth $44,000 after purchasing an additional 79 shares in the last quarter. Crews Bank & Trust bought a new position in Ingredion during the 4th quarter valued at about $48,000. Finally, Millstone Evans Group LLC acquired a new position in Ingredion in the fourth quarter valued at about $55,000. Institutional investors own 85.27% of the company's stock.

Ingredion Trading Up 0.4 %

INGR stock traded up $0.49 during trading on Thursday, hitting $135.53. The company had a trading volume of 66,286 shares, compared to its average volume of 431,762. The firm has a 50-day moving average price of $131.57 and a 200-day moving average price of $136.47. Ingredion Incorporated has a 12 month low of $109.51 and a 12 month high of $155.44. The company has a quick ratio of 1.69, a current ratio of 2.62 and a debt-to-equity ratio of 0.47. The stock has a market cap of $8.70 billion, a price-to-earnings ratio of 13.95, a PEG ratio of 1.03 and a beta of 0.75.

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Ingredion (NYSE:INGR - Get Free Report) last released its earnings results on Tuesday, February 4th. The company reported $2.63 earnings per share for the quarter, topping analysts' consensus estimates of $2.54 by $0.09. Ingredion had a return on equity of 18.62% and a net margin of 8.71%. The company had revenue of $1.80 billion during the quarter, compared to the consensus estimate of $1.82 billion. During the same quarter in the previous year, the company posted $1.65 earnings per share. The firm's quarterly revenue was down 6.3% on a year-over-year basis. As a group, analysts predict that Ingredion Incorporated will post 11.14 earnings per share for the current year.

Ingredion Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 22nd. Shareholders of record on Tuesday, April 1st will be given a dividend of $0.80 per share. The ex-dividend date is Tuesday, April 1st. This represents a $3.20 dividend on an annualized basis and a yield of 2.36%. Ingredion's payout ratio is presently 32.96%.

Insider Activity

In related news, CEO James P. Zallie sold 10,815 shares of the business's stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $125.88, for a total transaction of $1,361,392.20. Following the completion of the sale, the chief executive officer now directly owns 34,127 shares of the company's stock, valued at $4,295,906.76. The trade was a 24.06 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Insiders own 1.80% of the company's stock.

Analyst Upgrades and Downgrades

INGR has been the subject of several recent analyst reports. StockNews.com lowered shares of Ingredion from a "strong-buy" rating to a "buy" rating in a report on Thursday, February 6th. Stephens dropped their price target on Ingredion from $155.00 to $150.00 and set an "equal weight" rating for the company in a report on Wednesday, February 5th. Oppenheimer reduced their price objective on Ingredion from $178.00 to $167.00 and set an "outperform" rating on the stock in a research note on Wednesday, February 5th. Finally, BMO Capital Markets lowered their target price on Ingredion from $147.00 to $133.00 and set a "market perform" rating for the company in a research note on Wednesday, February 5th. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $158.20.

Ingredion Company Profile

Ingredion Incorporated, together with its subsidiaries, manufactures 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.