Ingredion Incorporated (NYSE:INGR) Shares Acquired by Arizona State Retirement System

Posted by MarketBeat News on May 11th, 2023

Arizona State Retirement System lifted its stake in Ingredion Incorporated (NYSE:INGR – Get Rating) by 2.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 18,488 shares of the company’s stock after buying an additional 493 shares during the period. Arizona State Retirement System’s holdings in Ingredion were worth $1,811,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of INGR. Acadian Asset Management LLC increased its position in shares of Ingredion by 1,760.0% during the first quarter. Acadian Asset Management LLC now owns 1,581 shares of the company’s stock worth $137,000 after purchasing an additional 1,496 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its stake in Ingredion by 10.5% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 24,385 shares of the company’s stock valued at $2,125,000 after buying an additional 2,325 shares during the last quarter. BlackRock Inc. boosted its holdings in shares of Ingredion by 1.9% in the first quarter. BlackRock Inc. now owns 5,790,111 shares of the company’s stock valued at $504,608,000 after acquiring an additional 107,110 shares during the period. Great West Life Assurance Co. Can grew its position in shares of Ingredion by 14.6% during the first quarter. Great West Life Assurance Co. Can now owns 42,242 shares of the company’s stock worth $3,791,000 after acquiring an additional 5,392 shares during the last quarter. Finally, Yousif Capital Management LLC increased its holdings in shares of Ingredion by 1.2% in the 1st quarter. Yousif Capital Management LLC now owns 29,968 shares of the company’s stock valued at $2,612,000 after acquiring an additional 350 shares during the period. 85.70% of the stock is owned by hedge funds and other institutional investors.

Ingredion Price Performance

Shares of INGR opened at $109.93 on Thursday. The firm has a market capitalization of $7.25 billion, a PE ratio of 13.29 and a beta of 0.76. The stock’s 50 day moving average is $102.01 and its two-hundred day moving average is $99.18. Ingredion Incorporated has a twelve month low of $78.81 and a twelve month high of $112.30. The company has a current ratio of 1.80, a quick ratio of 0.92 and a debt-to-equity ratio of 0.59.

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Ingredion (NYSE:INGR – Get Rating) last posted its quarterly earnings results on Wednesday, May 3rd. The company reported $2.80 earnings per share for the quarter, beating analysts’ consensus estimates of $2.01 by $0.79. The firm had revenue of $2.14 billion for the quarter, compared to the consensus estimate of $2.18 billion. Ingredion had a return on equity of 17.51% and a net margin of 6.75%. The company’s revenue for the quarter was up 12.9% compared to the same quarter last year. During the same period in the previous year, the business earned $1.95 earnings per share. Research analysts anticipate that Ingredion Incorporated will post 9.05 earnings per share for the current year.

Ingredion Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 25th. Investors of record on Monday, April 3rd were paid a $0.71 dividend. This represents a $2.84 annualized dividend and a dividend yield of 2.58%. The ex-dividend date was Friday, March 31st. Ingredion’s dividend payout ratio (DPR) is 34.34%.

Insider Buying and Selling

In other Ingredion news, EVP Jorgen Kokke sold 7,119 shares of the stock in a transaction dated Friday, March 3rd. The shares were sold at an average price of $100.21, for a total value of $713,394.99. Following the completion of the transaction, 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 filing with the SEC, which is available at this link. In related news, SVP Larry Fernandes sold 1,746 shares of the business’s stock in a transaction dated Thursday, May 4th. The shares were sold at an average price of $108.61, for a total value of $189,633.06. Following the sale, the senior vice president now directly owns 20,246 shares in the company, valued at approximately $2,198,918.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Jorgen Kokke sold 7,119 shares of the firm’s stock in a transaction dated Friday, March 3rd. The shares were sold at an average price of $100.21, for a total transaction of $713,394.99. Following the transaction, the executive vice president now owns 36,537 shares of the company’s stock, valued at $3,661,372.77. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 8,866 shares of company stock valued at $903,124. Corporate insiders own 1.68% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. BMO Capital Markets increased their price target on shares of Ingredion from $115.00 to $123.00 in a research note on Thursday, May 4th. StockNews.com assumed coverage on Ingredion in a report on Thursday, March 16th. They set a “buy” rating on the stock. UBS Group raised Ingredion from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $105.00 to $121.00 in a research report on Thursday, April 13th. Barclays boosted their target price on Ingredion from $110.00 to $120.00 in a report on Thursday, May 4th. Finally, Stephens reaffirmed an “overweight” rating and set a $120.00 price target on shares of Ingredion in a report on Friday, March 17th. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, Ingredion has a consensus rating of “Moderate Buy” and a consensus target price of $118.80.

Ingredion Company Profile

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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.