Assetmark Inc. Grows Stock Holdings in Ingredion Incorporated (NYSE:INGR)

Key Points

• Assetmark Inc. has increased its holdings in Ingredion Incorporated by 13.3%, now owning 576,846 shares valued at approximately $78 million.
• Total institutional ownership of Ingredion stands at 85.27%, with major investors such as Vanguard and Allianz making significant increases in their positions.
• Wall Street analysts have a consensus rating of "Moderate Buy" for Ingredion, with an average price target of $151.40.

Assetmark Inc. grew its stake in Ingredion Incorporated (NYSE:INGR - Free Report) by 13.3% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 576,846 shares of the company's stock after buying an additional 67,494 shares during the quarter. Assetmark Inc. owned 0.90% of Ingredion worth $77,995,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of INGR. KLP Kapitalforvaltning AS acquired a new position in shares of Ingredion during the fourth quarter valued at approximately $2,655,000. LPL Financial LLC grew its position in shares of Ingredion by 94.1% in the fourth quarter. LPL Financial LLC now owns 43,804 shares of the company's stock valued at $6,026,000 after purchasing an additional 21,231 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Ingredion by 1.2% in the fourth quarter. Vanguard Group Inc. now owns 7,285,705 shares of the company's stock valued at $1,002,222,000 after purchasing an additional 84,863 shares in the last quarter. Modern Wealth Management LLC purchased a new stake in shares of Ingredion in the fourth quarter valued at approximately $279,000. Finally, UNIVEST FINANCIAL Corp grew its position in Ingredion by 4.3% in the fourth quarter. UNIVEST FINANCIAL Corp now owns 9,646 shares of the company's stock worth $1,327,000 after acquiring an additional 395 shares during the period. Institutional investors and hedge funds own 85.27% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently weighed in on INGR shares. Wall Street Zen upgraded Ingredion from a "buy" rating to a "strong-buy" rating in a research report on Sunday, June 8th. UBS Group upped their price target on Ingredion from $149.00 to $151.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 9th. Finally, Oppenheimer decreased their price target on Ingredion from $167.00 to $155.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 22nd. Three investment analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $151.40.

Insider Activity

In other Ingredion news, SVP Larry Fernandes sold 2,400 shares of the firm's stock in a transaction dated Wednesday, May 7th. The stock was sold at an average price of $135.82, for a total transaction of $325,968.00. Following the transaction, the senior vice president owned 31,996 shares of the company's stock, valued at approximately $4,345,696.72. This trade represents a 6.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 2.30% of the company's stock.

Ingredion Stock Down 0.3%

Shares of NYSE INGR traded down $0.36 during mid-day trading on Monday, hitting $132.71. The company had a trading volume of 74,674 shares, compared to its average volume of 530,659. The company has a market capitalization of $8.53 billion, a PE ratio of 14.00, a price-to-earnings-growth ratio of 1.06 and a beta of 0.72. The company has a debt-to-equity ratio of 0.44, a current ratio of 2.85 and a quick ratio of 1.86. Ingredion Incorporated has a 1-year low of $118.85 and a 1-year high of $155.44. The business's 50-day simple moving average is $136.91 and its 200 day simple moving average is $133.64.

Ingredion (NYSE:INGR - Get Free Report) last posted 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 return on equity of 19.75% and a net margin of 8.53%. The company had revenue of $1.81 billion for the quarter, compared to analysts' expectations of $1.84 billion. During the same period last year, the firm earned $2.08 earnings per share. Ingredion's quarterly revenue was down 3.7% on a year-over-year basis. On average, analysts predict that Ingredion Incorporated will post 11.14 earnings per share for the current year.

Ingredion Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 22nd. Shareholders of record on Tuesday, July 1st were issued a dividend of $0.80 per share. This represents a $3.20 annualized dividend and a dividend yield of 2.41%. The ex-dividend date was Tuesday, July 1st. Ingredion's payout ratio is 33.76%.

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.