Harbor Capital Advisors Inc. Sells 18,754 Shares of Ingredion Incorporated (NYSE:INGR)

Harbor Capital Advisors Inc. cut its position in Ingredion Incorporated (NYSE:INGR - Free Report) by 38.0% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 30,591 shares of the company's stock after selling 18,754 shares during the period. Harbor Capital Advisors Inc.'s holdings in Ingredion were worth $4,136,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Farther Finance Advisors LLC boosted its holdings in shares of Ingredion by 32.5% in the first quarter. Farther Finance Advisors LLC now owns 1,006 shares of the company's stock valued at $137,000 after buying an additional 247 shares during the period. Wedge Capital Management L L P NC grew its holdings in shares of Ingredion by 3.1% in the 1st quarter. Wedge Capital Management L L P NC now owns 48,699 shares of the company's stock valued at $6,585,000 after acquiring an additional 1,457 shares in the last quarter. Bangor Savings Bank increased its position in shares of Ingredion by 4,413.0% in the first quarter. Bangor Savings Bank now owns 4,513 shares of the company's stock valued at $610,000 after acquiring an additional 4,413 shares during the last quarter. OLD National Bancorp IN bought a new stake in Ingredion during the first quarter worth about $961,000. Finally, Bank of New Hampshire boosted its position in Ingredion by 2.0% during the first quarter. Bank of New Hampshire now owns 17,036 shares of the company's stock valued at $2,303,000 after purchasing an additional 330 shares during the last quarter. 85.27% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

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

Ingredion Stock Performance

INGR traded down $1.22 during trading hours on Friday, reaching $138.22. The company's stock had a trading volume of 387,832 shares, compared to its average volume of 475,068. The company's 50-day moving average is $134.70 and its 200-day moving average is $134.85. Ingredion Incorporated has a 52 week low of $111.54 and a 52 week high of $155.44. The firm has a market cap of $8.89 billion, a PE ratio of 14.23, a price-to-earnings-growth ratio of 1.03 and a beta of 0.73. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.69 and a current ratio of 2.62.

Ingredion (NYSE:INGR - Get Free Report) last released 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 for the quarter, compared to analyst estimates of $1.84 billion. Ingredion had a net margin of 8.71% and a return on equity of 18.62%. Ingredion's revenue for the quarter was down 3.7% compared to the same quarter last year. During the same period last year, the firm earned $2.08 earnings per share. On average, equities analysts forecast 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. Investors of record on Tuesday, July 1st will be given a dividend of $0.80 per share. The ex-dividend date is Tuesday, July 1st. This represents a $3.20 annualized dividend and a dividend yield of 2.32%. Ingredion's dividend payout ratio is currently 33.76%.

Insider Activity at Ingredion

In other news, SVP Larry Fernandes sold 2,400 shares of Ingredion 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 sale, the senior vice president now directly owns 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 the SEC website. 2.30% of the stock is currently owned by 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.