Assenagon Asset Management S.A. Raises Stake in Ingredion Incorporated (NYSE:INGR)

Assenagon Asset Management S.A. raised its stake in shares of Ingredion Incorporated (NYSE:INGR - Free Report) by 14.7% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 17,928 shares of the company's stock after acquiring an additional 2,295 shares during the period. Assenagon Asset Management S.A.'s holdings in Ingredion were worth $2,424,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in INGR. Savant Capital LLC increased its stake in shares of Ingredion by 19.6% during the fourth quarter. Savant Capital LLC now owns 2,981 shares of the company's stock worth $410,000 after acquiring an additional 489 shares during the period. James Investment Research Inc. raised its stake in shares of Ingredion by 105.0% during the 4th quarter. James Investment Research Inc. now owns 6,569 shares of the company's stock worth $904,000 after buying an additional 3,364 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in shares of Ingredion by 3.9% in the 4th quarter. Principal Financial Group Inc. now owns 753,680 shares of the company's stock valued at $103,675,000 after buying an additional 28,306 shares during the period. CIBC Asset Management Inc boosted its stake in shares of Ingredion by 5.4% in the fourth quarter. CIBC Asset Management Inc now owns 2,074 shares of the company's stock valued at $285,000 after buying an additional 106 shares in the last quarter. Finally, Truist Financial Corp grew its holdings in Ingredion by 1.3% during the fourth quarter. Truist Financial Corp now owns 6,854 shares of the company's stock worth $943,000 after acquiring an additional 90 shares during the period. 85.27% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. Oppenheimer decreased their target price on shares of Ingredion from $167.00 to $155.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 22nd. Wall Street Zen raised shares of Ingredion from a "buy" rating to a "strong-buy" rating in a report on Sunday, June 8th. Finally, UBS Group set a $155.00 target price on shares of Ingredion in a research report on Tuesday, April 22nd. Three research analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Ingredion has an average rating of "Moderate Buy" and a consensus price target of $152.20.

Ingredion Price Performance

Ingredion stock traded up $0.52 during midday trading on Friday, reaching $137.42. 305,419 shares of the company were exchanged, compared to its average volume of 540,315. The firm's 50-day simple moving average is $135.54 and its 200-day simple moving average is $134.57. Ingredion Incorporated has a 1 year low of $111.54 and a 1 year high of $155.44. The company has a market capitalization of $8.84 billion, a price-to-earnings ratio of 14.50, a P/E/G ratio of 1.10 and a beta of 0.73. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.86 and a current ratio of 2.85.

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

Ingredion Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 22nd. Stockholders of record on Tuesday, July 1st will be given a $0.80 dividend. This represents a $3.20 dividend on an annualized basis and a dividend yield of 2.33%. The ex-dividend date is Tuesday, July 1st. Ingredion's dividend payout ratio is currently 33.76%.

Insider Activity at Ingredion

In related news, SVP Larry Fernandes sold 2,400 shares of the company's stock in a transaction that occurred on Wednesday, May 7th. The shares were sold at an average price of $135.82, for a total transaction of $325,968.00. Following the completion of the transaction, the senior vice president now owns 31,996 shares of the company's stock, valued at approximately $4,345,696.72. This represents a 6.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 2.30% of the company's stock.

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.