First Manhattan CO. LLC. Reduces Stock Position in Ingredion Incorporated $INGR

Key Points

• First Manhattan CO. LLC. has decreased its stake in Ingredion Incorporated by 0.7%, now holding 295,556 shares valued at approximately $39.96 million.
• Ingredion recently declared a quarterly dividend of $0.82, increasing from the previous $0.80, with a yield of 2.5% expected to be paid on October 21st.
• In its latest quarterly earnings report, Ingredion beat EPS estimates by $0.09 but reported a 2.4% decrease in revenue compared to the same quarter last year.

First Manhattan CO. LLC. reduced its stake in shares of Ingredion Incorporated (NYSE:INGR - Free Report) by 0.7% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 295,556 shares of the company's stock after selling 2,080 shares during the quarter. First Manhattan CO. LLC. owned 0.46% of Ingredion worth $39,962,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Northern Trust Corp raised its position in Ingredion by 22.6% during the 4th quarter. Northern Trust Corp now owns 717,526 shares of the company's stock valued at $98,703,000 after purchasing an additional 132,151 shares during the last quarter. Comerica Bank raised its stake in Ingredion by 11.9% in the fourth quarter. Comerica Bank now owns 46,077 shares of the company's stock worth $6,338,000 after buying an additional 4,890 shares in the last quarter. Jane Street Group LLC raised its stake in Ingredion by 170.6% in the fourth quarter. Jane Street Group LLC now owns 103,810 shares of the company's stock worth $14,280,000 after buying an additional 65,447 shares in the last quarter. AXA S.A. raised its stake in Ingredion by 31.8% in the fourth quarter. AXA S.A. now owns 24,055 shares of the company's stock worth $3,309,000 after buying an additional 5,804 shares in the last quarter. Finally, Algert Global LLC bought a new position in Ingredion in the fourth quarter worth about $12,720,000. 85.27% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, CEO James P. Zallie sold 36,287 shares of the stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $126.52, for a total transaction of $4,591,031.24. Following the sale, the chief executive officer owned 50,129 shares in the company, valued at $6,342,321.08. This represents a 41.99% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Larry Fernandes sold 850 shares of the stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $128.39, for a total transaction of $109,131.50. Following the sale, the senior vice president owned 31,171 shares in the company, valued at approximately $4,002,044.69. The trade was 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 worth $4,700,163. Corporate insiders own 2.30% of the company's stock.

Ingredion Stock Up 0.3%

Shares of NYSE:INGR traded up $0.43 during trading on Friday, reaching $128.36. 383,112 shares of the stock traded hands, compared to its average volume of 393,843. The stock has a 50-day moving average of $130.93 and a two-hundred day moving average of $132.79. Ingredion Incorporated has a 52-week low of $120.51 and a 52-week 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 has a market cap of $8.24 billion, a P/E ratio of 12.52, a price-to-earnings-growth ratio of 1.02 and a beta of 0.77.

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

Ingredion Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 21st. Stockholders of record on Wednesday, October 1st will be issued a dividend of $0.82 per share. The ex-dividend date is Wednesday, October 1st. This is a positive change from Ingredion's previous quarterly dividend of $0.80. This represents a $3.28 dividend on an annualized basis and a dividend yield of 2.6%. Ingredion's dividend payout ratio is currently 31.22%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on INGR shares. UBS Group increased their price target on shares of Ingredion from $149.00 to $151.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 9th. Wall Street Zen cut shares of Ingredion from a "buy" rating to a "hold" rating in a report on Friday. Two investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus 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.