Shapiro Capital Management LLC Lowers Stock Position in Ingredion Incorporated (NYSE:INGR)

Shapiro Capital Management LLC lowered its position in shares of Ingredion Incorporated (NYSE:INGR) by 3.2% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 510,905 shares of the company’s stock after selling 16,725 shares during the quarter. Ingredion accounts for approximately 1.8% of Shapiro Capital Management LLC’s investment portfolio, making the stock its 24th biggest holding. Shapiro Capital Management LLC’s holdings in Ingredion were worth $58,601,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of INGR. Vanguard Group Inc. grew its stake in Ingredion by 5.8% in the 4th quarter. Vanguard Group Inc. now owns 7,773,126 shares of the company’s stock valued at $843,617,000 after purchasing an additional 427,496 shares during the period. Dimensional Fund Advisors LP lifted its stake in Ingredion by 4.9% in the second quarter. Dimensional Fund Advisors LP now owns 2,685,339 shares of the company’s stock valued at $308,009,000 after purchasing an additional 125,543 shares during the last quarter. Pacer Advisors Inc. increased its position in Ingredion by 92.4% in the second quarter. Pacer Advisors Inc. now owns 1,764,012 shares of the company’s stock worth $202,332,000 after buying an additional 846,967 shares during the last quarter. Cooke & Bieler LP raised its stake in shares of Ingredion by 2.7% in the second quarter. Cooke & Bieler LP now owns 1,018,002 shares of the company’s stock valued at $116,765,000 after buying an additional 27,087 shares during the period. Finally, Equity Investment Corp lifted its position in shares of Ingredion by 2.8% during the 2nd quarter. Equity Investment Corp now owns 978,636 shares of the company’s stock valued at $112,250,000 after buying an additional 26,526 shares during the last quarter. Hedge funds and other institutional investors own 85.27% of the company’s stock.

Ingredion Stock Up 0.0 %

INGR opened at $135.04 on Tuesday. The firm has a market capitalization of $8.86 billion, a P/E ratio of 13.53, a price-to-earnings-growth 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 company has a fifty day moving average price of $129.16 and a 200-day moving average price of $120.30. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.52 and a quick ratio of 1.51.

Ingredion (NYSE:INGR) last posted its earnings results on Tuesday, August 6th. The company reported $2.87 EPS for the quarter, topping the consensus estimate of $2.53 by $0.34. Ingredion had a return on equity of 17.18% and a net margin of 8.47%. The business had revenue of $1.88 billion during the quarter, compared to analysts’ expectations of $1.98 billion. During the same period in the previous year, the business earned $2.32 earnings per share. The firm’s revenue was down 9.2% on a year-over-year basis. Equities research analysts expect that Ingredion Incorporated will post 9.95 earnings per share for the current fiscal year.

Ingredion Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 22nd. Shareholders of record on Tuesday, October 1st will be given a dividend of $0.80 per share. The ex-dividend date of this dividend is Tuesday, October 1st. This is a positive change from Ingredion’s previous quarterly dividend of $0.78. This represents a $3.20 annualized dividend and a yield of 2.37%. Ingredion’s payout ratio is presently 32.06%.

Insiders Place Their Bets

In other news, CEO James P. Zallie sold 22,550 shares of the firm’s stock in a transaction on Friday, August 30th. The shares were sold at an average price of $134.14, for a total transaction of $3,024,857.00. Following the sale, the chief executive officer now owns 52,530 shares in the company, valued at approximately $7,046,374.20. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other news, CEO James P. Zallie sold 22,550 shares of the company’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 completion of the transaction, the chief executive officer now directly owns 52,530 shares in the company, valued at approximately $7,046,374.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO James P. Zallie sold 1,300 shares of the firm’s stock in a transaction dated Wednesday, August 28th. The shares were sold at an average price of $134.03, for a total value of $174,239.00. Following the transaction, the chief executive officer now directly owns 52,530 shares in the company, valued at $7,040,595.90. The disclosure for this sale can be found here. Insiders sold a total of 26,045 shares of company stock valued at $3,482,491 in the last quarter. Corporate insiders own 1.80% of the company’s stock.

Analyst Upgrades and Downgrades

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

Ingredion 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.