Millennium Management LLC Boosts Stock 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 increased its position in shares of Ingredion Incorporated (NYSE:INGR - Free Report) by 1,093.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 365,693 shares of the company's stock after purchasing an additional 335,052 shares during the period. Millennium Management LLC owned 0.57% of Ingredion worth $49,445,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of INGR. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Ingredion by 63.9% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 3,694 shares of the company's stock worth $499,000 after buying an additional 1,440 shares during the last quarter. Integrated Wealth Concepts LLC increased its stake in Ingredion by 32.8% during the first quarter. Integrated Wealth Concepts LLC now owns 2,082 shares of the company's stock worth $281,000 after acquiring an additional 514 shares during the last quarter. Gotham Asset Management LLC increased its stake in Ingredion by 11.9% during the first quarter. Gotham Asset Management LLC now owns 136,088 shares of the company's stock worth $18,400,000 after acquiring an additional 14,500 shares during the last quarter. Hancock Whitney Corp raised its position in Ingredion by 4.3% in the first quarter. Hancock Whitney Corp now owns 7,148 shares of the company's stock valued at $966,000 after purchasing an additional 294 shares during the period. Finally, Banque Transatlantique SA acquired a new position in shares of Ingredion in the 1st quarter valued at $54,000. 85.27% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CEO James P. Zallie sold 36,287 shares of the business's stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $126.52, for a total transaction of $4,591,031.24. Following the completion of the transaction, the chief executive officer directly owned 50,129 shares of the company's stock, valued at $6,342,321.08. The trade was a 41.99% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Larry Fernandes sold 850 shares of the stock in a transaction dated 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 directly owned 31,171 shares in the company, valued at $4,002,044.69. This represents a 2.65% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 37,137 shares of company stock valued at $4,700,163. 2.30% of the stock is currently owned by company insiders.

Ingredion Stock Down 0.5%

Shares of INGR traded down $0.63 during mid-day trading on Friday, hitting $126.25. 330,125 shares of the company's stock were exchanged, compared to its average volume of 412,883. The stock's 50-day moving average is $129.91 and its 200-day moving average is $132.72. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.81 and a current ratio of 2.78. Ingredion Incorporated has a fifty-two week low of $120.51 and a fifty-two week high of $155.44. The company has a market cap of $8.10 billion, a price-to-earnings ratio of 12.32, a P/E/G ratio of 1.02 and a beta of 0.77.

Ingredion (NYSE:INGR - Get Free Report) last announced its 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. 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 the consensus estimate of $1.89 billion. During the same period in the prior year, the firm earned $2.87 EPS. The firm'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. On average, sell-side analysts anticipate that Ingredion Incorporated will post 11.14 earnings per share for the current fiscal year.

Ingredion Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 21st. Stockholders of record on Wednesday, October 1st will be paid a $0.82 dividend. The ex-dividend date is Wednesday, October 1st. This is an increase from Ingredion's previous quarterly dividend of $0.80. This represents a $3.28 annualized dividend and a dividend yield of 2.6%. Ingredion's payout ratio is 31.22%.

Analyst Ratings Changes

INGR has been the topic of several research analyst reports. 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 report on Wednesday, July 9th. Wall Street Zen raised shares of Ingredion from a "hold" rating to a "buy" rating in a research note on Saturday. Two equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, Ingredion has an average rating of "Hold" and an average target price of $151.40.

Ingredion Company 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.