Millennium Management LLC Raises Position in Ingredion Incorporated $INGR

Key Points

• Millennium Management LLC significantly increased its stake in Ingredion Incorporated, acquiring 335,052 shares in the first quarter, raising its total ownership to 365,693 shares, valued at approximately $49.4 million.
• Ingredion recently declared an increased quarterly dividend of $0.82, up from $0.80, with a scheduled payment date of October 21st.
• Following quarterly earnings, Ingredion reported an EPS of $2.87, beating estimates and highlighting a return on equity of 19.04%, despite a slight revenue decline year-over-year.

Millennium Management LLC raised its position in Ingredion Incorporated (NYSE:INGR - Free Report) by 1,093.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 365,693 shares of the company's stock after buying an additional 335,052 shares during the quarter. Millennium Management LLC owned about 0.57% of Ingredion worth $49,445,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the company. Dimensional Fund Advisors LP grew its position in shares of Ingredion by 6.9% in the first quarter. Dimensional Fund Advisors LP now owns 2,755,683 shares of the company's stock valued at $372,594,000 after purchasing an additional 177,387 shares in the last quarter. Massachusetts Financial Services Co. MA grew its position in Ingredion by 1.9% during the first quarter. Massachusetts Financial Services Co. MA now owns 1,218,628 shares of the company's stock worth $164,771,000 after buying an additional 22,333 shares in the last quarter. Allianz Asset Management GmbH grew its position in Ingredion by 42.9% during the first quarter. Allianz Asset Management GmbH now owns 1,204,347 shares of the company's stock worth $162,840,000 after buying an additional 361,584 shares in the last quarter. Northern Trust Corp grew its position in Ingredion by 37.0% during the first quarter. Northern Trust Corp now owns 982,789 shares of the company's stock worth $132,883,000 after buying an additional 265,263 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its position in Ingredion by 6.7% during the first quarter. Bank of New York Mellon Corp now owns 727,365 shares of the company's stock worth $98,347,000 after buying an additional 45,631 shares in the last quarter. 85.27% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on INGR shares. Wall Street Zen upgraded Ingredion from a "hold" rating to a "buy" rating in a report on Saturday. UBS Group boosted their target price on Ingredion from $149.00 to $151.00 and gave the company a "neutral" rating in a research note on Wednesday, July 9th. Two investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $151.40.

Insider Buying and Selling at Ingredion

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

Ingredion Stock Down 0.5%

Shares of INGR stock traded down $0.63 during midday trading on Friday, reaching $126.25. 330,125 shares of the stock were exchanged, compared to its average volume of 410,874. Ingredion Incorporated has a 1 year low of $120.51 and a 1 year high of $155.44. The company's 50 day moving average is $129.91 and its two-hundred day moving average is $132.76. The company has a current ratio of 2.78, a quick ratio of 1.81 and a debt-to-equity ratio of 0.41. The firm has a market cap of $8.10 billion, a PE ratio of 12.32, a price-to-earnings-growth ratio of 1.01 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 earnings per share for the quarter, topping the consensus estimate of $2.78 by $0.09. The company had revenue of $1.83 billion for the quarter, compared to the consensus estimate of $1.89 billion. Ingredion had a return on equity of 19.04% and a net margin of 9.24%.The firm's quarterly revenue was down 2.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.87 EPS. Ingredion has set its FY 2025 guidance at 11.100-11.600 EPS. On average, equities research analysts predict that Ingredion Incorporated will post 11.14 EPS for the current year.

Ingredion Increases Dividend

The firm 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 dividend of $0.82 per share. The ex-dividend date is Wednesday, October 1st. This represents a $3.28 annualized dividend and a yield of 2.6%. This is a positive change from Ingredion's previous quarterly dividend of $0.80. Ingredion's dividend payout ratio (DPR) is 31.22%.

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.