Sit Investment Associates Inc. Maintains Position in Ingredion Inc. (INGR)
Sit Investment Associates Inc. held its stake in Ingredion Inc. (NYSE:INGR) during the second quarter, Holdings Channel reports. The institutional investor owned 800 shares of the company’s stock at the end of the second quarter. Sit Investment Associates Inc.’s holdings in Ingredion were worth $104,000 as of its most recent filing with the SEC.
A number of other hedge funds also recently added to or reduced their stakes in the stock. ClariVest Asset Management LLC bought a new stake in Ingredion during the second quarter valued at $135,000. Financial Architects Inc raised its stake in Ingredion by 297.7% in the second quarter. Financial Architects Inc now owns 1,193 shares of the company’s stock valued at $154,000 after buying an additional 893 shares during the last quarter. Citizens Financial Group Inc RI raised its stake in Ingredion by 1,399.0% in the first quarter. Citizens Financial Group Inc RI now owns 1,544 shares of the company’s stock valued at $165,000 after buying an additional 1,441 shares during the last quarter. Springbok Capital Management LLC raised its stake in Ingredion by 220.0% in the first quarter. Springbok Capital Management LLC now owns 1,600 shares of the company’s stock valued at $171,000 after buying an additional 1,100 shares during the last quarter. Finally, American National Bank bought a new stake in Ingredion during the second quarter valued at $194,000. Institutional investors own 86.61% of the company’s stock.
Ingredion Inc. (NYSE:INGR) traded down 0.13% during trading on Friday, hitting $133.38. The stock had a trading volume of 388,891 shares. The company has a market cap of $9.63 billion, a P/E ratio of 21.34 and a beta of 1.00. The firm has a 50 day moving average of $133.61 and a 200-day moving average of $125.00. Ingredion Inc. has a one year low of $84.57 and a one year high of $140.00.
Ingredion (NYSE:INGR) last issued its quarterly earnings results on Thursday, July 28th. The company reported $1.58 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.65 by $0.07. The firm earned $1.46 billion during the quarter, compared to analyst estimates of $1.45 billion. Ingredion had a return on equity of 21.01% and a net margin of 7.94%. During the same period in the prior year, the firm earned $1.53 earnings per share. Equities analysts anticipate that Ingredion Inc. will post $6.81 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 25th. Shareholders of record on Monday, October 3rd will be paid a dividend of $0.50 per share. The ex-dividend date of this dividend is Thursday, September 29th. This represents a $2.00 dividend on an annualized basis and a yield of 1.50%. This is a positive change from Ingredion’s previous quarterly dividend of $0.45. Ingredion’s payout ratio is 32.21%.
INGR has been the topic of several recent research reports. Citigroup Inc. increased their price target on Ingredion from $140.00 to $154.00 and gave the company a “buy” rating in a report on Friday, July 29th. Jefferies Group reiterated a “buy” rating and issued a $147.00 target price (up previously from $136.00) on shares of Ingredion in a research note on Friday, July 15th. Zacks Investment Research upgraded Ingredion from a “hold” rating to a “buy” rating and set a $146.00 target price on the stock in a research note on Thursday, September 22nd. Finally, Societe Generale began coverage on Ingredion in a research note on Wednesday, September 7th. They issued a “hold” rating on the stock. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the company. Ingredion has an average rating of “Hold” and an average target price of $124.33.
In other Ingredion news, SVP Robert J. Stefansic sold 18,810 shares of the business’s stock in a transaction on Tuesday, August 9th. The stock was sold at an average price of $135.97, for a total transaction of $2,557,595.70. Following the transaction, the senior vice president now owns 16,890 shares of the company’s stock, valued at $2,296,533.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Jack C. Fortnum sold 34,800 shares of the business’s stock in a transaction on Monday, August 8th. The stock was sold at an average price of $134.54, for a total value of $4,681,992.00. Following the transaction, the vice president now directly owns 145,369 shares in the company, valued at approximately $19,557,945.26. The disclosure for this sale can be found here. Company insiders own 1.70% of the company’s stock.
Ingredion Company Profile
Ingredion Incorporated (Ingredion) is a global ingredients solutions provider. The Company is engaged in the production and sale of starches and sweeteners for a range of industries. Its operations are classified into four segments: North America, South America, Asia Pacific, and Europe, Middle East and Africa (EMEA).
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