Magnetar Financial LLC Lowers Stock Holdings in Ingredion Incorporated (NYSE:INGR)

Magnetar Financial LLC reduced its position in Ingredion Incorporated (NYSE:INGR) by 28.6% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 7,779 shares of the company’s stock after selling 3,118 shares during the quarter. Magnetar Financial LLC’s holdings in Ingredion were worth $892,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of INGR. Pacer Advisors Inc. raised its holdings in shares of Ingredion by 92.4% in the 2nd quarter. Pacer Advisors Inc. now owns 1,764,012 shares of the company’s stock valued at $202,332,000 after acquiring an additional 846,967 shares in the last quarter. Vanguard Group Inc. raised its stake in Ingredion by 5.8% in the fourth quarter. Vanguard Group Inc. now owns 7,773,126 shares of the company’s stock valued at $843,617,000 after purchasing an additional 427,496 shares in the last quarter. Acadian Asset Management LLC raised its stake in Ingredion by 177.8% in the second quarter. Acadian Asset Management LLC now owns 396,743 shares of the company’s stock valued at $45,491,000 after purchasing an additional 253,949 shares in the last quarter. Morningstar Investment Services LLC lifted its position in Ingredion by 98.5% during the fourth quarter. Morningstar Investment Services LLC now owns 393,101 shares of the company’s stock valued at $42,789,000 after purchasing an additional 195,106 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in Ingredion by 4.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,685,339 shares of the company’s stock worth $308,009,000 after buying an additional 125,543 shares in the last quarter. Hedge funds and other institutional investors own 85.27% of the company’s stock.

Insiders Place Their Bets

In other news, CEO James P. Zallie sold 1,000 shares of the company’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $134.02, for a total transaction of $134,020.00. Following the completion of the transaction, the chief executive officer now directly owns 52,530 shares of the company’s stock, valued at $7,040,070.60. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, CEO James P. Zallie sold 1,000 shares of the business’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $134.02, for a total transaction of $134,020.00. Following the transaction, the chief executive officer now owns 52,530 shares in the company, valued at approximately $7,040,070.60. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO James P. Zallie sold 22,550 shares of the 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 completion of the sale, the chief executive officer now owns 52,530 shares of the company’s stock, valued at approximately $7,046,374.20. The disclosure for this sale can be found here. Insiders have sold a total of 26,045 shares of company stock valued at $3,482,491 in the last quarter. Insiders own 1.80% of the company’s stock.

Ingredion Stock Up 0.5 %

INGR opened at $135.75 on Wednesday. The company has a market cap of $8.91 billion, a P/E ratio of 13.60, a P/E/G ratio of 1.23 and a beta of 0.73. Ingredion Incorporated has a 12 month low of $89.54 and a 12 month high of $137.21. The business’s 50-day moving average price is $129.53 and its 200-day moving average price is $120.43. The company has a current ratio of 2.52, a quick ratio of 1.51 and a debt-to-equity ratio of 0.47.

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

Ingredion Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 22nd. Shareholders of record on Tuesday, October 1st will be given a dividend of $0.80 per share. The ex-dividend date is Tuesday, October 1st. This represents a $3.20 annualized dividend and a yield of 2.36%. This is a boost from Ingredion’s previous quarterly dividend of $0.78. Ingredion’s dividend payout ratio is presently 32.06%.

Analyst Upgrades and Downgrades

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

About Ingredion

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.