Allspring Global Investments Holdings LLC Sells 5,927 Shares of Ingredion Incorporated (NYSE:INGR)

Allspring Global Investments Holdings LLC cut its position in shares of Ingredion Incorporated (NYSE:INGR - Free Report) by 7.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 69,376 shares of the company's stock after selling 5,927 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.11% of Ingredion worth $9,432,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the company. BOK Financial Private Wealth Inc. acquired a new stake in Ingredion in the fourth quarter worth $25,000. Alpine Bank Wealth Management acquired a new stake in Ingredion in the first quarter worth $26,000. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in Ingredion by 653.3% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 226 shares of the company's stock worth $31,000 after purchasing an additional 196 shares during the period. Ameriflex Group Inc. acquired a new stake in Ingredion in the fourth quarter worth $33,000. Finally, EverSource Wealth Advisors LLC grew its holdings in Ingredion by 32.4% in the fourth quarter. EverSource Wealth Advisors LLC now owns 323 shares of the company's stock worth $44,000 after purchasing an additional 79 shares during the period. 85.27% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

INGR has been the topic of a number of recent research reports. Oppenheimer dropped their price objective on shares of Ingredion from $167.00 to $155.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 22nd. Wall Street Zen raised shares of Ingredion from a "buy" rating to a "strong-buy" rating in a research note on Sunday, June 8th. Finally, UBS Group set a $155.00 price objective on shares of Ingredion in a research note on Tuesday, April 22nd. Three analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $152.20.

Ingredion Stock Down 0.8%

Shares of INGR traded down $1.09 during trading hours on Monday, reaching $136.26. 367,679 shares of the stock traded hands, compared to its average volume of 468,793. The company has a current ratio of 2.85, a quick ratio of 1.86 and a debt-to-equity ratio of 0.44. The stock has a fifty day simple moving average of $137.18 and a 200 day simple moving average of $133.83. Ingredion Incorporated has a 52 week low of $111.93 and a 52 week high of $155.44. The company has a market cap of $8.76 billion, a price-to-earnings ratio of 14.37, a PEG ratio of 1.11 and a beta of 0.72.

Ingredion (NYSE:INGR - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The company reported $2.97 earnings per share for the quarter, beating analysts' consensus estimates of $2.44 by $0.53. Ingredion had a net margin of 8.53% and a return on equity of 19.75%. The company had revenue of $1.81 billion for the quarter, compared to analyst estimates of $1.84 billion. During the same period last year, the firm earned $2.08 earnings per share. The firm's revenue was down 3.7% on a year-over-year basis. On average, equities analysts forecast that Ingredion Incorporated will post 11.14 EPS for the current year.

Ingredion Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 22nd. Investors of record on Tuesday, July 1st will be given a dividend of $0.80 per share. This represents a $3.20 dividend on an annualized basis and a dividend yield of 2.35%. The ex-dividend date of this dividend is Tuesday, July 1st. Ingredion's payout ratio is currently 33.76%.

Insider Buying and Selling

In other Ingredion news, SVP Larry Fernandes sold 2,400 shares of Ingredion stock in a transaction dated Wednesday, May 7th. The shares were sold at an average price of $135.82, for a total value of $325,968.00. Following the sale, the senior vice president owned 31,996 shares of the company's stock, valued at approximately $4,345,696.72. The trade was a 6.98% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 1.80% of the company's stock.

Ingredion Company 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.