Retirement Systems of Alabama Decreases Position in Ingredion Incorporated (NYSE:INGR)
Retirement Systems of Alabama lowered its stake in shares of Ingredion Incorporated (NYSE:INGR) by 0.3% during the second quarter, Holdings Channel reports. The fund owned 92,408 shares of the company’s stock after selling 273 shares during the period. Retirement Systems of Alabama’s holdings in Ingredion were worth $11,016,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Nine Chapters Capital Management LLC bought a new position in Ingredion during the second quarter valued at $262,000. Smithfield Trust Co. boosted its position in Ingredion by 2.1% in the second quarter. Smithfield Trust Co. now owns 1,650 shares of the company’s stock valued at $197,000 after buying an additional 34 shares during the last quarter. Lowe Brockenbrough & Co. Inc. boosted its position in Ingredion by 1.0% in the second quarter. Lowe Brockenbrough & Co. Inc. now owns 10,378 shares of the company’s stock valued at $1,237,000 after buying an additional 100 shares during the last quarter. Korea Investment CORP boosted its position in Ingredion by 0.5% in the second quarter. Korea Investment CORP now owns 39,800 shares of the company’s stock valued at $4,745,000 after buying an additional 200 shares during the last quarter. Finally, Candriam Luxembourg S.C.A. bought a new position in Ingredion during the second quarter valued at $498,000. 84.12% of the stock is owned by hedge funds and other institutional investors.
Shares of Ingredion Incorporated (INGR) opened at 122.27 on Friday. The stock has a market capitalization of $8.77 billion, a PE ratio of 18.39 and a beta of 0.60. The firm’s 50-day moving average is $120.07 and its 200-day moving average is $120.06. Ingredion Incorporated has a one year low of $113.07 and a one year high of $140.00.
Ingredion (NYSE:INGR) last posted its quarterly earnings results on Tuesday, August 1st. The company reported $1.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 analyst estimates of $1.50 billion. During the same period last year, the firm posted $1.53 EPS. Ingredion’s revenue for the quarter was up .1% compared to the same quarter last year. On average, analysts expect that Ingredion Incorporated will post $7.64 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 25th. Shareholders of record on Friday, June 30th were given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 1.64%. The ex-dividend date of this dividend was Wednesday, June 28th. Ingredion’s dividend payout ratio is presently 30.08%.
A number of analysts have commented on the stock. BidaskClub cut shares of Ingredion from a “sell” rating to a “strong sell” rating in a report on Wednesday. Zacks Investment Research raised shares of Ingredion from a “hold” rating to a “buy” rating and set a $137.00 target price for the company in a report on Friday, August 4th. BMO Capital Markets reaffirmed a “hold” rating and set a $125.00 target price on shares of Ingredion in a report on Tuesday, June 27th. Finally, Jefferies Group LLC reaffirmed a “buy” rating and set a $145.00 target price on shares of Ingredion in a report on Wednesday, June 14th. One analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company’s stock. The stock presently has an average 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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