Victory Capital Management Inc. Sells 273,806 Shares of Ingredion Incorporated (NYSE:INGR)

Victory Capital Management Inc. cut its stake in shares of Ingredion Incorporated (NYSE:INGR) by 90.9% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 27,386 shares of the company’s stock after selling 273,806 shares during the quarter. Victory Capital Management Inc.’s holdings in Ingredion were worth $3,141,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Foster & Motley Inc. grew its stake in shares of Ingredion by 15.5% during the 2nd quarter. Foster & Motley Inc. now owns 10,677 shares of the company’s stock valued at $1,225,000 after acquiring an additional 1,433 shares during the period. Impact Partnership Wealth LLC bought a new position in shares of Ingredion during the 2nd quarter valued at approximately $408,000. Cooke & Bieler LP grew its stake in shares of Ingredion by 2.7% during the 2nd quarter. Cooke & Bieler LP now owns 1,018,002 shares of the company’s stock valued at $116,765,000 after acquiring an additional 27,087 shares during the period. Foundations Investment Advisors LLC grew its stake in shares of Ingredion by 8.1% during the 2nd quarter. Foundations Investment Advisors LLC now owns 2,107 shares of the company’s stock valued at $242,000 after acquiring an additional 158 shares during the period. Finally, Legacy Capital Wealth Partners LLC bought a new position in shares of Ingredion during the 2nd quarter valued at approximately $464,000. 85.27% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, CEO James P. Zallie sold 1,000 shares of the firm’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $134.02, for a total value of $134,020.00. Following the completion of the sale, the chief executive officer now directly owns 52,530 shares in the company, valued at $7,040,070.60. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, CEO James P. Zallie sold 1,000 shares of Ingredion stock in a transaction on Monday, August 26th. The stock was sold at an average price of $134.02, for a total transaction of $134,020.00. Following the completion of the sale, the chief executive officer now directly owns 52,530 shares in the company, valued at $7,040,070.60. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO James P. Zallie sold 22,550 shares of Ingredion stock in a transaction on 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 sale, the chief executive officer now owns 52,530 shares of the company’s stock, valued at $7,046,374.20. The disclosure for this sale can be found here. Insiders sold a total of 26,045 shares of company stock worth $3,482,491 over the last three months. 1.80% of the stock is owned by insiders.

Analyst Ratings Changes

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

Ingredion Stock Up 0.1 %

NYSE INGR opened at $134.70 on Tuesday. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.51 and a current ratio of 2.52. The company has a market capitalization of $8.76 billion, a P/E ratio of 13.50, a P/E/G ratio of 1.23 and a beta of 0.73. Ingredion Incorporated has a one year low of $89.54 and a one year high of $137.21. The stock has a 50 day moving average price of $127.02 and a 200-day moving average price of $119.65.

Ingredion (NYSE:INGR) last posted its earnings results on Tuesday, August 6th. The company reported $2.87 EPS for the quarter, beating analysts’ consensus estimates of $2.53 by $0.34. The firm had revenue of $1.88 billion during the quarter, compared to the consensus estimate of $1.98 billion. Ingredion had a return on equity of 17.18% and a net margin of 8.47%. The company’s quarterly revenue was down 9.2% compared to the same quarter last year. During the same period in the prior year, the company earned $2.32 EPS. As a group, equities analysts predict that Ingredion Incorporated will post 9.95 EPS for the current fiscal year.

Ingredion Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 22nd. Investors of record on Tuesday, October 1st will be given a $0.80 dividend. The ex-dividend date of this dividend is Tuesday, October 1st. This is an increase from Ingredion’s previous quarterly dividend of $0.78. This represents a $3.20 dividend on an annualized basis and a yield of 2.38%. Ingredion’s dividend payout ratio (DPR) is currently 31.26%.

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.