Shapiro Capital Management LLC Has $58.60 Million Stake in Ingredion Incorporated (NYSE:INGR)

Shapiro Capital Management LLC reduced its stake in Ingredion Incorporated (NYSE:INGR) by 3.2% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 510,905 shares of the company’s stock after selling 16,725 shares during the period. Ingredion comprises approximately 1.8% of Shapiro Capital Management LLC’s investment portfolio, making the stock its 24th largest position. Shapiro Capital Management LLC owned 0.78% of Ingredion worth $58,601,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in INGR. BNP Paribas Financial Markets increased its holdings in shares of Ingredion by 33.9% during the fourth quarter. BNP Paribas Financial Markets now owns 10,365 shares of the company’s stock worth $1,125,000 after buying an additional 2,622 shares in the last quarter. Brown Advisory Inc. raised its holdings in Ingredion by 8.4% in the 4th quarter. Brown Advisory Inc. now owns 2,629 shares of the company’s stock valued at $285,000 after buying an additional 203 shares during the last quarter. Corient Private Wealth LLC boosted its position in Ingredion by 5.1% during the 4th quarter. Corient Private Wealth LLC now owns 8,837 shares of the company’s stock worth $959,000 after buying an additional 425 shares during the period. Trexquant Investment LP acquired a new stake in Ingredion during the 4th quarter worth approximately $1,830,000. Finally, Franklin Resources Inc. grew its holdings in Ingredion by 178.9% during the 4th quarter. Franklin Resources Inc. now owns 59,551 shares of the company’s stock worth $6,463,000 after acquiring an additional 38,201 shares during the last quarter. 85.27% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several analysts recently weighed in on INGR shares. Barclays raised shares of Ingredion from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $122.00 to $145.00 in a research note on Friday, August 9th. Oppenheimer increased their price target on Ingredion from $126.00 to $138.00 and gave the company an “outperform” rating in a research note on Wednesday, August 7th. UBS Group lifted their price objective on Ingredion from $141.00 to $148.00 and gave the stock a “buy” rating in a research note on Thursday, August 15th. StockNews.com lowered shares of Ingredion from a “strong-buy” rating to a “buy” rating in a report on Wednesday, August 7th. Finally, BMO Capital Markets upped their price objective on shares of Ingredion from $120.00 to $128.00 and gave the company a “market perform” rating in a research note on Wednesday, August 7th. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $137.33.

Insider Activity

In related news, CEO James P. Zallie sold 22,550 shares of the stock in a transaction on Friday, August 30th. The stock was sold at an average price of $134.14, for a total value of $3,024,857.00. Following the transaction, the chief executive officer now directly owns 52,530 shares in the company, valued at approximately $7,046,374.20. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, SVP Robert A. Ritchie sold 1,195 shares of the firm’s stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $125.00, for a total value of $149,375.00. Following the transaction, the senior vice president now owns 15,906 shares of the company’s stock, valued at approximately $1,988,250. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO James P. Zallie sold 22,550 shares of the business’s stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $134.14, for a total value of $3,024,857.00. Following the sale, the chief executive officer now directly owns 52,530 shares of the company’s stock, valued at $7,046,374.20. The disclosure for this sale can be found here. Insiders sold a total of 26,045 shares of company stock worth $3,482,491 over the last quarter. 1.80% of the stock is currently owned by corporate insiders.

Ingredion Price Performance

Ingredion stock opened at $135.04 on Tuesday. The stock’s 50 day moving average price is $129.16 and its two-hundred day moving average price is $120.30. The stock has a market capitalization of $8.86 billion, a price-to-earnings ratio of 13.53, a PEG ratio of 1.23 and a beta of 0.73. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.51 and a current ratio of 2.52. Ingredion Incorporated has a 52-week low of $89.54 and a 52-week high of $137.21.

Ingredion (NYSE:INGR) last posted its quarterly earnings results on Tuesday, August 6th. The company reported $2.87 earnings per share for the quarter, beating the consensus estimate of $2.53 by $0.34. The firm had revenue of $1.88 billion during the quarter, compared to the consensus estimate of $1.98 billion. Ingredion had a net margin of 8.47% and a return on equity of 17.18%. The business’s revenue was down 9.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.32 earnings per share. On average, equities analysts predict that Ingredion Incorporated will post 9.95 earnings per share for the current year.

Ingredion Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 22nd. Shareholders of record on Tuesday, October 1st will be paid a $0.80 dividend. This represents a $3.20 dividend on an annualized basis and a yield of 2.37%. The ex-dividend date of this dividend is Tuesday, October 1st. This is a boost from Ingredion’s previous quarterly dividend of $0.78. Ingredion’s dividend payout ratio (DPR) is 32.06%.

Ingredion Profile

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.