Covea Finance Grows Stock Position in Ingredion Incorporated $INGR

Key Points

• Covea Finance increased its stake in Ingredion Incorporated by 27.2% during the second quarter, now owning approximately $9,059,000 worth of stock.
• Ingredion announced a quarterly dividend increase to $0.82, with a yield of 2.7%, set to be paid on October 21st.
• CEO James P. Zallie sold 36,287 shares for over $4.5 million, representing a 41.99% decrease in his position.

Covea Finance lifted its stake in shares of Ingredion Incorporated (NYSE:INGR - Free Report) by 27.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 66,800 shares of the company's stock after purchasing an additional 14,300 shares during the quarter. Covea Finance owned about 0.10% of Ingredion worth $9,059,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of INGR. Alpine Bank Wealth Management acquired a new position in Ingredion during the first quarter worth $26,000. Bank Julius Baer & Co. Ltd Zurich acquired a new position in Ingredion during the first quarter worth $32,000. Ameriflex Group Inc. acquired a new position in Ingredion during the fourth quarter worth $33,000. Migdal Insurance & Financial Holdings Ltd. grew its holdings in Ingredion by 40.2% in the first quarter. Migdal Insurance & Financial Holdings Ltd. now owns 279 shares of the company's stock valued at $38,000 after purchasing an additional 80 shares during the last quarter. Finally, Costello Asset Management INC acquired a new stake in Ingredion in the first quarter valued at $41,000. Hedge funds and other institutional investors own 85.27% of the company's stock.

Ingredion Stock Down 0.3%

INGR opened at $122.24 on Tuesday. Ingredion Incorporated has a one year low of $120.51 and a one year high of $155.44. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.81 and a current ratio of 2.78. The stock's fifty day moving average is $128.40 and its 200-day moving average is $132.45. The company has a market capitalization of $7.85 billion, a PE ratio of 11.93, a P/E/G ratio of 0.98 and a beta of 0.77.

Ingredion (NYSE:INGR - Get Free Report) last issued its earnings results on Friday, August 1st. The company reported $2.87 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.78 by $0.09. Ingredion had a return on equity of 19.04% and a net margin of 9.24%.The business had revenue of $1.83 billion for the quarter, compared to analysts' expectations of $1.89 billion. During the same period in the previous year, the firm posted $2.87 EPS. The company's quarterly revenue was down 2.4% on a year-over-year basis. Ingredion has set its FY 2025 guidance at 11.100-11.600 EPS. On average, equities analysts predict that Ingredion Incorporated will post 11.14 EPS for the current fiscal year.

Ingredion Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 21st. Shareholders of record on Wednesday, October 1st will be paid a $0.82 dividend. This represents a $3.28 dividend on an annualized basis and a yield of 2.7%. This is an increase from Ingredion's previous quarterly dividend of $0.80. The ex-dividend date is Wednesday, October 1st. Ingredion's dividend payout ratio is presently 31.22%.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on INGR. UBS Group upped their target price on Ingredion from $149.00 to $151.00 and gave the company a "neutral" rating in a report on Wednesday, July 9th. Wall Street Zen raised Ingredion from a "hold" rating to a "buy" rating in a report on Saturday, September 13th. Two investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average target price of $151.40.

Insider Activity

In other news, CEO James P. Zallie sold 36,287 shares of the company's stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $126.52, for a total transaction of $4,591,031.24. Following the completion of the sale, the chief executive officer owned 50,129 shares in the company, valued at approximately $6,342,321.08. This represents a 41.99% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, SVP Larry Fernandes sold 850 shares of the company's stock in a transaction dated Monday, August 4th. The stock was sold at an average price of $128.39, for a total value of $109,131.50. Following the sale, the senior vice president owned 31,171 shares of the company's stock, valued at approximately $4,002,044.69. This trade represents a 2.65% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 37,137 shares of company stock valued at $4,700,163. 1.80% of the stock is currently owned by corporate insiders.

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.

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