DAVENPORT & Co LLC Has $923,000 Holdings in Ingredion Incorporated (NYSE:INGR)

DAVENPORT & Co LLC reduced its holdings in Ingredion Incorporated (NYSE:INGR - Free Report) by 69.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,829 shares of the company's stock after selling 15,426 shares during the quarter. DAVENPORT & Co LLC's holdings in Ingredion were worth $923,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. EverSource Wealth Advisors LLC increased its position in shares of 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 acquiring an additional 79 shares in the last quarter. Mindset Wealth Management LLC increased its position in shares of Ingredion by 2.1% in the fourth quarter. Mindset Wealth Management LLC now owns 3,914 shares of the company's stock worth $538,000 after acquiring an additional 82 shares in the last quarter. Waverly Advisors LLC increased its position in shares of Ingredion by 3.8% in the fourth quarter. Waverly Advisors LLC now owns 2,303 shares of the company's stock worth $317,000 after acquiring an additional 84 shares in the last quarter. Retirement Guys Formula LLC increased its position in shares of Ingredion by 5.7% in the first quarter. Retirement Guys Formula LLC now owns 1,566 shares of the company's stock worth $212,000 after acquiring an additional 84 shares in the last quarter. Finally, Hancock Whitney Corp increased its position in shares of Ingredion by 1.6% in the fourth quarter. Hancock Whitney Corp now owns 6,854 shares of the company's stock worth $943,000 after acquiring an additional 108 shares in the last quarter. 85.27% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Ingredion

In related news, SVP Larry Fernandes sold 2,400 shares of the firm's stock in a transaction on Wednesday, May 7th. The shares were sold at an average price of $135.82, for a total value of $325,968.00. Following the transaction, the senior vice president directly owned 31,996 shares in the company, valued at approximately $4,345,696.72. This trade represents a 6.98% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders own 1.80% of the company's stock.

Ingredion Stock Down 0.6%

NYSE INGR traded down $0.76 during trading on Wednesday, reaching $135.97. The company's stock had a trading volume of 131,503 shares, compared to its average volume of 468,025. 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 market capitalization of $8.74 billion, a PE ratio of 14.34, a PEG ratio of 1.10 and a beta of 0.72. The business has a 50-day moving average price of $137.27 and a 200-day moving average price of $133.85. Ingredion Incorporated has a 1-year low of $111.93 and a 1-year high of $155.44.

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

Ingredion Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 22nd. Shareholders of record on Tuesday, July 1st will be paid a $0.80 dividend. This represents a $3.20 dividend on an annualized basis and a yield of 2.35%. The ex-dividend date is Tuesday, July 1st. Ingredion's dividend payout ratio (DPR) is presently 33.76%.

Analysts Set New Price Targets

INGR has been the topic of several analyst reports. Wall Street Zen raised shares of Ingredion from a "buy" rating to a "strong-buy" rating in a research report on Sunday, June 8th. Oppenheimer lowered their price objective 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. Finally, UBS Group boosted their price objective on shares of Ingredion from $149.00 to $151.00 and gave the company a "neutral" rating in a research report on Wednesday. Three investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $151.40.

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.