Ingredion Inc. (INGR) Stake Raised by Penobscot Investment Management Company Inc.
Penobscot Investment Management Company Inc. raised its stake in Ingredion Inc. (NYSE:INGR) by 2.2% during the second quarter, Holdings Channel reports. The institutional investor owned 4,140 shares of the company’s stock after buying an additional 90 shares during the period. Penobscot Investment Management Company Inc.’s holdings in Ingredion were worth $536,000 at the end of the most recent quarter.
Other large investors have also added to or reduced their stakes in the company. ClariVest Asset Management LLC purchased a new position in Ingredion during the second quarter worth approximately $135,000. Financial Architects Inc boosted its position in Ingredion by 297.7% in the second quarter. Financial Architects Inc now owns 1,193 shares of the company’s stock worth $154,000 after buying an additional 893 shares during the last quarter. American National Bank purchased a new position in Ingredion during the second quarter worth approximately $194,000. Citizens Financial Group Inc RI boosted its position 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 worth $165,000 after buying an additional 1,441 shares during the last quarter. Finally, Springbok Capital Management LLC boosted its position in Ingredion by 220.0% in the first quarter. Springbok Capital Management LLC now owns 1,600 shares of the company’s stock worth $171,000 after buying an additional 1,100 shares during the last quarter. Institutional investors own 86.60% of the company’s stock.
Ingredion Inc. (NYSE:INGR) traded up 1.41% during mid-day trading on Tuesday, reaching $134.80. 258,479 shares of the company’s stock traded hands. The firm’s 50-day moving average price is $133.44 and its 200 day moving average price is $125.64. Ingredion Inc. has a 12 month low of $84.57 and a 12 month high of $140.00. The stock has a market capitalization of $9.73 billion, a PE ratio of 21.56 and a beta of 1.00.
Ingredion (NYSE:INGR) last announced its quarterly earnings results on Thursday, July 28th. The company reported $1.58 EPS for the quarter, missing the consensus estimate of $1.65 by $0.07. Ingredion had a net margin of 7.94% and a return on equity of 21.01%. The company had revenue of $1.46 billion for the quarter, compared to analyst estimates of $1.45 billion. During the same quarter last year, the business earned $1.53 EPS. Equities research analysts predict that Ingredion Inc. will post $6.81 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 25th. Shareholders of record on Monday, October 3rd will be issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 1.48%. The ex-dividend date is Thursday, September 29th. This is an increase from Ingredion’s previous quarterly dividend of $0.45. Ingredion’s dividend payout ratio (DPR) is 32.21%.
A number of research analysts have recently commented on INGR shares. Societe Generale started coverage on shares of Ingredion in a research report on Wednesday, September 7th. They set a “hold” rating on the stock. Zacks Investment Research raised shares of Ingredion from a “hold” rating to a “buy” rating and set a $146.00 price target on the stock in a report on Thursday, September 22nd. Citigroup Inc. upped their price target on shares of Ingredion from $140.00 to $154.00 and gave the company a “buy” rating in a report on Friday, July 29th. Finally, Jefferies Group reaffirmed a “buy” rating and issued a $147.00 price target (up from $136.00) on shares of Ingredion in a report on Friday, July 15th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the company. Ingredion has a consensus rating of “Hold” and an average target price of $124.33.
In other news, VP Jack C. Fortnum sold 34,800 shares of the stock in a transaction that occurred 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 completion of the sale, the vice president now directly owns 145,369 shares of the company’s stock, valued at $19,557,945.26. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Ilene S. Gordon sold 70,492 shares of the stock in a transaction that occurred on Monday, August 15th. The shares were sold at an average price of $135.19, for a total value of $9,529,813.48. Following the completion of the sale, the chief executive officer now directly owns 188,430 shares of the company’s stock, valued at $25,473,851.70. The disclosure for this sale can be found here. Company insiders own 1.70% of the company’s stock.
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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