Point72 Asset Management L.P. Buys Shares of 25,855 Ingredion Incorporated (NYSE:INGR)

Point72 Asset Management L.P. purchased a new position in shares of Ingredion Incorporated (NYSE:INGR) in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 25,855 shares of the company’s stock, valued at approximately $2,966,000.

A number of other hedge funds have also made changes to their positions in INGR. Jones Financial Companies Lllp bought a new stake in Ingredion during the fourth quarter worth approximately $25,000. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in shares of Ingredion in the second quarter worth $26,000. EverSource Wealth Advisors LLC boosted its holdings in shares of Ingredion by 102.6% during the 1st quarter. EverSource Wealth Advisors LLC now owns 233 shares of the company’s stock worth $27,000 after buying an additional 118 shares during the period. Point72 Asia Singapore Pte. Ltd. acquired a new position in Ingredion in the 2nd quarter valued at $33,000. Finally, Family Firm Inc. bought a new position in Ingredion in the 2nd quarter worth $36,000. Institutional investors and hedge funds own 85.27% of the company’s stock.

Wall Street Analysts Forecast Growth

INGR has been the subject of several research analyst reports. UBS Group boosted their price objective on Ingredion from $141.00 to $148.00 and gave the stock a “buy” rating in a research report on Thursday, August 15th. BMO Capital Markets increased their price objective on Ingredion from $120.00 to $128.00 and gave the company a “market perform” rating in a research 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 stock from $122.00 to $145.00 in a research report on Friday, August 9th. Oppenheimer increased their price target on shares of Ingredion from $126.00 to $138.00 and gave the company an “outperform” rating in a report on Wednesday, August 7th. Finally, StockNews.com lowered shares of Ingredion from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, August 7th. One analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, Ingredion presently has a consensus rating of “Moderate Buy” and an average price target of $137.33.

Insider Transactions at Ingredion

In related news, SVP Robert A. Ritchie sold 1,195 shares of the firm’s stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $125.00, for a total transaction of $149,375.00. Following the completion of the sale, the senior vice president now directly owns 15,906 shares of the company’s stock, valued at approximately $1,988,250. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO James P. Zallie sold 1,000 shares of the stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $134.02, for a total transaction of $134,020.00. Following the sale, the chief executive officer now directly owns 52,530 shares of the company’s stock, valued at $7,040,070.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Robert A. Ritchie sold 1,195 shares of the business’s stock in a transaction that occurred on Wednesday, July 31st. The stock was sold at an average price of $125.00, for a total transaction of $149,375.00. Following the completion of the transaction, the senior vice president now owns 15,906 shares of the company’s stock, valued at approximately $1,988,250. The disclosure for this sale can be found here. Insiders have sold 26,046 shares of company stock valued at $3,482,626 in the last three months. 1.80% of the stock is owned by corporate insiders.

Ingredion Stock Performance

NYSE INGR opened at $135.98 on Thursday. 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 company’s 50-day simple moving average is $131.63 and its 200 day simple moving average is $121.24. The stock has a market cap of $8.93 billion, a P/E ratio of 13.63, a PEG ratio of 1.23 and a beta of 0.73. Ingredion Incorporated has a twelve month low of $89.54 and a twelve month high of $138.37.

Ingredion (NYSE:INGR) last announced its quarterly 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. The firm had revenue of $1.88 billion for the quarter, compared to analysts’ expectations of $1.98 billion. Ingredion had a return on equity of 17.18% and a net margin of 8.47%. The business’s revenue was down 9.2% compared to the same quarter last year. During the same period in the prior year, the business posted $2.32 earnings per share. As a group, research analysts forecast that Ingredion Incorporated will post 9.95 earnings per share for the current fiscal year.

Ingredion Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 22nd. Stockholders of record on Tuesday, October 1st will be paid a $0.80 dividend. The ex-dividend date of this dividend is Tuesday, October 1st. This represents a $3.20 dividend on an annualized basis and a dividend yield of 2.35%. This is a boost from Ingredion’s previous quarterly dividend of $0.78. Ingredion’s payout ratio is 32.06%.

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.