Norges Bank Purchases New Stake in Ingredion Incorporated (NYSE:INGR)

Norges Bank acquired a new stake in Ingredion Incorporated (NYSE:INGR - Free Report) during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 697,966 shares of the company's stock, valued at approximately $96,012,000. Norges Bank owned about 1.07% of Ingredion as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of INGR. Vanguard Group Inc. increased its stake in shares of Ingredion by 1.2% in the 4th quarter. Vanguard Group Inc. now owns 7,285,705 shares of the company's stock valued at $1,002,222,000 after acquiring an additional 84,863 shares in the last quarter. State Street Corp increased its stake in Ingredion by 0.8% in the third quarter. State Street Corp now owns 2,436,601 shares of the company's stock valued at $334,862,000 after purchasing an additional 19,560 shares in the last quarter. Pacer Advisors Inc. increased its stake in Ingredion by 16.5% in the fourth quarter. Pacer Advisors Inc. now owns 1,890,488 shares of the company's stock valued at $260,056,000 after purchasing an additional 268,389 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Ingredion by 1.7% during the third quarter. Geode Capital Management LLC now owns 1,167,693 shares of the company's stock valued at $160,516,000 after purchasing an additional 19,064 shares during the period. Finally, Allianz Asset Management GmbH boosted its position in shares of Ingredion by 11.9% during the 4th quarter. Allianz Asset Management GmbH now owns 842,763 shares of the company's stock worth $115,930,000 after purchasing an additional 89,335 shares in the last quarter. 85.27% of the stock is currently owned by institutional investors and hedge funds.

Remove Ads

Analyst Ratings Changes

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

Ingredion Stock Down 4.2 %

NYSE INGR traded down $5.72 on Friday, reaching $130.69. The company had a trading volume of 611,511 shares, compared to its average volume of 453,271. 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 company's fifty day moving average is $131.47 and its 200 day moving average is $136.47. Ingredion Incorporated has a 52-week low of $109.51 and a 52-week high of $155.44. The stock has a market capitalization of $8.39 billion, a P/E ratio of 13.46, a P/E/G ratio of 1.03 and a beta of 0.71.

Ingredion (NYSE:INGR - Get Free Report) last announced its earnings results on Tuesday, February 4th. The company reported $2.63 EPS for the quarter, beating the consensus estimate of $2.54 by $0.09. Ingredion had a net margin of 8.71% and a return on equity of 18.62%. 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 prior year, the company posted $1.65 earnings per share. The firm's revenue for the quarter was down 6.3% on a year-over-year basis. Sell-side analysts anticipate that Ingredion Incorporated will post 11.14 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 22nd. Stockholders of record on Tuesday, April 1st will be issued a $0.80 dividend. This represents a $3.20 annualized dividend and a dividend yield of 2.45%. The ex-dividend date is Tuesday, April 1st. Ingredion's dividend payout ratio is presently 32.96%.

Insider Activity at Ingredion

In related news, CEO James P. Zallie sold 10,815 shares of the stock in a transaction dated 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 transaction, the chief executive officer now owns 34,127 shares in the company, valued at approximately $4,295,906.76. This represents a 24.06 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 1.80% of the stock is currently owned by company insiders.

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.