Covea Finance Has $8 Million Position in Ingredion Incorporated (NYSE:INGR)

Covea Finance lowered its position in Ingredion Incorporated (NYSE:INGR - Free Report) by 8.5% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 58,200 shares of the company's stock after selling 5,400 shares during the period. Covea Finance owned 0.09% of Ingredion worth $7,998,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in Ingredion by 5.8% during the fourth quarter. Vanguard Group Inc. now owns 7,773,126 shares of the company's stock worth $843,617,000 after purchasing an additional 427,496 shares during the period. Dimensional Fund Advisors LP boosted its position in Ingredion by 4.9% during the second quarter. Dimensional Fund Advisors LP now owns 2,685,339 shares of the company's stock worth $308,009,000 after purchasing an additional 125,543 shares during the period. Pacer Advisors Inc. boosted its position in Ingredion by 92.4% during the second quarter. Pacer Advisors Inc. now owns 1,764,012 shares of the company's stock worth $202,332,000 after purchasing an additional 846,967 shares during the period. Cooke & Bieler LP boosted its position in Ingredion by 2.7% during the second quarter. Cooke & Bieler LP now owns 1,018,002 shares of the company's stock worth $116,765,000 after purchasing an additional 27,087 shares during the period. Finally, Equity Investment Corp boosted its position in Ingredion by 2.8% during the second quarter. Equity Investment Corp now owns 978,636 shares of the company's stock worth $112,250,000 after purchasing an additional 26,526 shares during the period. Institutional investors and hedge funds own 85.27% of the company's stock.

Ingredion Price Performance

Ingredion stock traded down $0.17 during mid-day trading on Friday, hitting $133.41. 340,749 shares of the company were exchanged, compared to its average volume of 377,959. Ingredion Incorporated has a 1-year low of $89.54 and a 1-year high of $138.37. The company has a market capitalization of $8.68 billion, a PE ratio of 13.64, a price-to-earnings-growth ratio of 1.22 and a beta of 0.72. The company has a quick ratio of 1.51, a current ratio of 2.52 and a debt-to-equity ratio of 0.47. The business has a fifty day moving average of $133.05 and a 200 day moving average of $121.95.

Ingredion (NYSE:INGR - Get Free Report) last announced its earnings results on Tuesday, August 6th. The company reported $2.87 earnings per share for the quarter, beating analysts' consensus estimates of $2.53 by $0.34. Ingredion had a return on equity of 17.18% and a net margin of 8.47%. The company had revenue of $1.88 billion during the quarter, compared to analyst estimates of $1.98 billion. During the same period last year, the company posted $2.32 earnings per share. The firm's quarterly revenue was down 9.2% compared to the same quarter last year. As a group, sell-side analysts expect that Ingredion Incorporated will post 9.95 earnings per share for the current year.

Ingredion Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 22nd. Investors of record on Tuesday, October 1st will be issued a $0.80 dividend. This is a boost from Ingredion's previous quarterly dividend of $0.78. The ex-dividend date is Tuesday, October 1st. This represents a $3.20 annualized dividend and a yield of 2.40%. Ingredion's dividend payout ratio (DPR) is currently 32.72%.

Insider Activity at Ingredion

In related news, CEO James P. Zallie sold 22,550 shares of the firm's stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $134.14, for a total value of $3,024,857.00. Following the transaction, the chief executive officer now owns 52,530 shares in the company, valued at $7,046,374.20. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Ingredion news, SVP Robert A. Ritchie sold 1,195 shares of the firm's stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $125.00, for a total transaction of $149,375.00. Following the transaction, the senior vice president now owns 15,906 shares in the company, valued at approximately $1,988,250. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO James P. Zallie sold 22,550 shares of the firm's stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $134.14, for a total value of $3,024,857.00. Following the transaction, the chief executive officer now owns 52,530 shares in the company, valued at approximately $7,046,374.20. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 26,046 shares of company stock worth $3,482,626 over the last 90 days. Insiders own 1.80% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. UBS Group increased their price objective on Ingredion from $141.00 to $148.00 and gave the company a "buy" rating in a research report on Thursday, August 15th. StockNews.com lowered Ingredion from a "strong-buy" rating to a "buy" rating in a research note on Wednesday, August 7th. Barclays upgraded Ingredion from an "equal weight" rating to an "overweight" rating and upped their target price for the company from $122.00 to $145.00 in a research note on Friday, August 9th. BMO Capital Markets upped their target price on Ingredion from $120.00 to $128.00 and gave the company a "market perform" rating in a research note on Wednesday, August 7th. Finally, Oppenheimer upped their target price on Ingredion from $126.00 to $138.00 and gave the company an "outperform" rating in a research note on Wednesday, August 7th. One analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $137.33.

About Ingredion

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.

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