Mirae Asset Global Investments Co. Ltd. Increases Position in Ingredion Incorporated $INGR

Key Points

• Mirae Asset Global Investments increased its stake in Ingredion Incorporated by 24.0%, owning 21,517 shares valued at $2.92 million as of the second quarter.
• Ingredion announced a quarterly dividend of $0.82, up from $0.80, which reflects an annualized yield of 2.7%.
• Recent earnings data showed Ingredion beat analysts' estimates with $2.87 earnings per share, while revenue fell 2.4% year-over-year.

Mirae Asset Global Investments Co. Ltd. grew its stake in Ingredion Incorporated (NYSE:INGR - Free Report) by 24.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 21,517 shares of the company's stock after acquiring an additional 4,161 shares during the quarter. Mirae Asset Global Investments Co. Ltd.'s holdings in Ingredion were worth $2,918,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in INGR. Merit Financial Group LLC increased its holdings in shares of Ingredion by 37.4% in the 1st quarter. Merit Financial Group LLC now owns 3,133 shares of the company's stock valued at $424,000 after acquiring an additional 852 shares during the period. UMB Bank n.a. increased its holdings in shares of Ingredion by 172.9% in the 1st quarter. UMB Bank n.a. now owns 573 shares of the company's stock valued at $77,000 after acquiring an additional 363 shares during the period. OLD National Bancorp IN purchased a new position in shares of Ingredion in the 1st quarter valued at $961,000. Farther Finance Advisors LLC increased its holdings in shares of Ingredion by 32.5% in the 1st quarter. Farther Finance Advisors LLC now owns 1,006 shares of the company's stock valued at $137,000 after acquiring an additional 247 shares during the period. Finally, SG Americas Securities LLC increased its holdings in shares of Ingredion by 775.9% in the 1st quarter. SG Americas Securities LLC now owns 8,120 shares of the company's stock valued at $1,098,000 after acquiring an additional 7,193 shares during the period. 85.27% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Ingredion

In other news, SVP Larry Fernandes sold 850 shares of the stock in a transaction dated Monday, August 4th. The stock was sold at an average price of $128.39, for a total value of $109,131.50. Following the transaction, the senior vice president directly owned 31,171 shares of the company's stock, valued at approximately $4,002,044.69. This represents a 2.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO James P. Zallie sold 36,287 shares of the stock in a transaction dated Tuesday, August 12th. The shares were 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 directly 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 disclosure for this sale can be found here. Insiders sold 37,137 shares of company stock worth $4,700,163 over the last three months. Corporate insiders own 1.80% of the company's stock.

Ingredion Stock Up 0.3%

Shares of INGR stock opened at $120.65 on Wednesday. The stock's 50-day simple moving average is $125.67 and its 200-day simple moving average is $131.61. 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 firm has a market capitalization of $7.74 billion, a PE ratio of 11.77, a P/E/G ratio of 0.95 and a beta of 0.74. Ingredion Incorporated has a fifty-two week low of $119.31 and a fifty-two week high of $155.44.

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

Ingredion Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 21st. Stockholders of record on Wednesday, October 1st will be issued a $0.82 dividend. This is a boost from Ingredion's previous quarterly dividend of $0.80. This represents a $3.28 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date of this dividend is Wednesday, October 1st. Ingredion's dividend payout ratio is currently 32.00%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. Weiss Ratings reiterated a "buy (b)" rating on shares of Ingredion in a report on Saturday, September 27th. Wall Street Zen upgraded Ingredion from a "hold" rating to a "buy" rating in a research note on Saturday, September 13th. Finally, UBS Group dropped their target price on Ingredion from $144.00 to $130.00 and set a "neutral" rating on the stock in a research note on Monday. Three research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $147.20.

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.

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