Pointe Capital Management LLC Reduces Position in Ingredion Incorporated (NYSE:INGR)
Pointe Capital Management LLC lowered its position in shares of Ingredion Incorporated (NYSE:INGR) by 11.3% during the second quarter, according to its most recent disclosure with the SEC. The firm owned 2,180 shares of the company’s stock after selling 277 shares during the period. Pointe Capital Management LLC’s holdings in Ingredion were worth $260,000 as of its most recent SEC filing.
Other hedge funds have also recently added to or reduced their stakes in the company. Penobscot Investment Management Company Inc. boosted its stake in Ingredion by 17.5% in the first quarter. Penobscot Investment Management Company Inc. now owns 5,030 shares of the company’s stock worth $606,000 after buying an additional 750 shares during the last quarter. Northpointe Capital LLC bought a new position in Ingredion during the first quarter valued at $2,145,000. Sit Investment Associates Inc. raised its position in Ingredion by 287.5% in the first quarter. Sit Investment Associates Inc. now owns 4,650 shares of the company’s stock valued at $560,000 after buying an additional 3,450 shares during the period. First Manhattan Co. raised its position in Ingredion by 1.0% in the first quarter. First Manhattan Co. now owns 458,512 shares of the company’s stock valued at $61,009,000 after buying an additional 4,748 shares during the period. Finally, Mn Services Vermogensbeheer B.V. raised its position in Ingredion by 6.2% in the first quarter. Mn Services Vermogensbeheer B.V. now owns 1,931 shares of the company’s stock valued at $217,000 after buying an additional 113 shares during the period. 84.12% of the stock is owned by hedge funds and other institutional investors.
Ingredion Incorporated (NYSE:INGR) opened at 122.27 on Friday. The company has a market capitalization of $8.77 billion, a price-to-earnings ratio of 18.39 and a beta of 0.60. The firm’s 50-day moving average price is $120.07 and its 200 day moving average price is $120.06. Ingredion Incorporated has a 12-month low of $113.07 and a 12-month high of $140.00.
Ingredion (NYSE:INGR) last posted its quarterly earnings data on Tuesday, August 1st. The company reported $1.89 EPS for the quarter, topping the Zacks’ consensus estimate of $1.86 by $0.03. Ingredion had a net margin of 8.35% and a return on equity of 20.84%. The company had revenue of $1.46 billion during the quarter, compared to the consensus estimate of $1.50 billion. During the same period in the prior year, the business posted $1.53 EPS. The company’s quarterly revenue was up .1% on a year-over-year basis. On average, equities research analysts expect that Ingredion Incorporated will post $7.64 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 25th. Stockholders of record on Friday, June 30th were paid a dividend of $0.50 per share. The ex-dividend date of this dividend was Wednesday, June 28th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.64%. Ingredion’s dividend payout ratio is 30.08%.
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Several equities analysts have weighed in on the company. BMO Capital Markets restated a “hold” rating and set a $125.00 target price on shares of Ingredion in a report on Tuesday, May 16th. BidaskClub upgraded Ingredion from a “strong sell” rating to a “sell” rating in a report on Thursday, June 15th. Jefferies Group LLC restated a “buy” rating and set a $145.00 target price on shares of Ingredion in a report on Wednesday, June 14th. Finally, Zacks Investment Research upgraded Ingredion from a “hold” rating to a “buy” rating and set a $137.00 target price on the stock in a report on Friday, August 4th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $140.50.
Ingredion Company Profile
Ingredion Incorporated is an ingredients solutions provider. The Company manufactures and sells sweetener, starches, nutrition ingredients and biomaterial solutions derived from the wet milling and processing of corn and other starch-based materials to a range of industries, both domestically and internationally.
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