Panagora Asset Management Inc. Boosts Stock Holdings in Ingredion Incorporated $INGR

Key Points

• Panagora Asset Management Inc. increased its stake in Ingredion Incorporated by 596.9%, adding 101,600 shares to reach a total of 118,622 shares valued at approximately $16 million.
• Ingredion announced a quarterly dividend increase to $0.82 per share, which will be paid on October 21st, reflecting a yield of 2.5% and a positive change from the previous dividend of $0.80.
• The company's recent earnings report showed an EPS of $2.87, exceeding estimates but with revenues of $1.83 billion, which was below expectations and a 2.4% decline from the previous year.

Panagora Asset Management Inc. grew its position in shares of Ingredion Incorporated (NYSE:INGR - Free Report) by 596.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 118,622 shares of the company's stock after acquiring an additional 101,600 shares during the period. Panagora Asset Management Inc. owned about 0.18% of Ingredion worth $16,039,000 as of its most recent SEC filing.

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

Analyst Ratings Changes

INGR has been the topic of a number of recent research reports. Wall Street Zen cut shares of Ingredion from a "strong-buy" rating to a "buy" rating in a report on Saturday, August 9th. UBS Group upped their price objective on shares of Ingredion from $149.00 to $151.00 and gave the stock a "neutral" rating in a report on Wednesday, July 9th. Two analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $151.40.

Insider Buying and Selling

In other Ingredion news, CEO James P. Zallie sold 36,287 shares of the firm's stock in a transaction dated 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 sale, the chief executive officer directly owned 50,129 shares of the company's stock, valued at $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 Securities & Exchange Commission, which is available through the SEC website. Also, SVP Larry Fernandes sold 850 shares of the company's 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 completion of the transaction, the senior vice president directly owned 31,171 shares of the company's stock, valued at approximately $4,002,044.69. This trade represents 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 valued at $4,700,163. 2.30% of the stock is currently owned by corporate insiders.

Ingredion Stock Down 0.5%

Shares of NYSE:INGR traded down $0.71 during trading on Wednesday, reaching $127.73. 602,548 shares of the stock traded hands, compared to its average volume of 522,525. The stock has a market cap of $8.20 billion, a P/E ratio of 12.46, a price-to-earnings-growth ratio of 1.04 and a beta of 0.77. The stock has a 50-day moving average of $131.23 and a two-hundred day moving average of $132.76. Ingredion Incorporated has a 52-week low of $120.51 and a 52-week high of $155.44. 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 (NYSE:INGR - Get Free Report) last issued 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. Ingredion had a net margin of 9.24% and a return on equity of 19.04%. The company had revenue of $1.83 billion for the quarter, compared to the consensus estimate of $1.89 billion. During the same quarter in the prior year, the firm earned $2.87 earnings per share. The firm's revenue for the quarter was down 2.4% compared to the same quarter last year. Ingredion has set its FY 2025 guidance at 11.100-11.600 EPS. As a group, sell-side analysts expect 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. This is a positive change from Ingredion's previous quarterly dividend of $0.80. The ex-dividend date is Wednesday, October 1st. This represents a $3.28 annualized dividend and a dividend yield of 2.6%. Ingredion's dividend payout ratio (DPR) is currently 32.00%.

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.