Westover Capital Advisors LLC Reduces Stock Position in Ingredion Incorporated (NYSE:INGR)

Key Points

• Westover Capital Advisors LLC reduced its holdings in Ingredion Incorporated by 11.7%, owning 24,222 shares valued at approximately $3.28 million as of the latest quarter.
• Vanguard Group Inc. increased its stake by 1.2% to own over 7.28 million shares, while Allianz Asset Management boosted its stake by 42.9%.
• Ingredion declared a quarterly dividend of $0.80 per share, translating to an annualized payout of <$3.20>, which represents a 2.41% dividend yield.

Westover Capital Advisors LLC decreased its position in shares of Ingredion Incorporated (NYSE:INGR - Free Report) by 11.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 24,222 shares of the company's stock after selling 3,202 shares during the quarter. Westover Capital Advisors LLC's holdings in Ingredion were worth $3,275,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Norges Bank bought a new position in Ingredion during the 4th quarter worth $96,012,000. Caisse DE Depot ET Placement DU Quebec raised its position in Ingredion by 327.2% during the 4th quarter. Caisse DE Depot ET Placement DU Quebec now owns 531,413 shares of the company's stock worth $73,101,000 after purchasing an additional 407,027 shares during the last quarter. Allianz Asset Management GmbH raised its position in shares of Ingredion by 42.9% in the 1st quarter. Allianz Asset Management GmbH now owns 1,204,347 shares of the company's stock worth $162,840,000 after acquiring an additional 361,584 shares in the last quarter. Fuller & Thaler Asset Management Inc. raised its position in shares of Ingredion by 536.6% in the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 361,153 shares of the company's stock worth $49,680,000 after acquiring an additional 304,421 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new position in shares of Ingredion in the 4th quarter worth about $31,752,000. Institutional investors and hedge funds own 85.27% of the company's stock.

Insiders Place Their Bets

In other Ingredion news, SVP Larry Fernandes sold 2,400 shares of the stock in a transaction on Wednesday, May 7th. The stock was sold at an average price of $135.82, for a total transaction of $325,968.00. Following the completion of the transaction, the senior vice president directly owned 31,996 shares of the company's stock, valued at approximately $4,345,696.72. This represents a 6.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.80% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. Oppenheimer lowered their price objective on Ingredion from $167.00 to $155.00 and set an "outperform" rating for the company in a research report on Tuesday, April 22nd. UBS Group boosted their target price on Ingredion from $149.00 to $151.00 and gave the company a "neutral" rating in a research report on Wednesday, July 9th. Finally, Wall Street Zen raised Ingredion from a "buy" rating to a "strong-buy" rating in a research report on Sunday, June 8th. Three analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $151.40.

Ingredion Stock Up 0.8%

INGR traded up $0.99 during midday trading on Tuesday, reaching $132.57. 58,410 shares of the company were exchanged, compared to its average volume of 529,182. The company has a market cap of $8.53 billion, a price-to-earnings ratio of 13.99, a price-to-earnings-growth ratio of 1.06 and a beta of 0.72. Ingredion Incorporated has a one year low of $118.85 and a one year high of $155.44. The company's fifty day moving average price is $136.73 and its 200 day moving average price is $133.64. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.86 and a current ratio of 2.85.

Ingredion (NYSE:INGR - Get Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The company reported $2.97 EPS for the quarter, topping the consensus estimate of $2.44 by $0.53. The firm had revenue of $1.81 billion during the quarter, compared to the consensus estimate of $1.84 billion. Ingredion had a return on equity of 19.75% and a net margin of 8.53%. The company's quarterly revenue was down 3.7% compared to the same quarter last year. During the same period in the prior year, the business posted $2.08 earnings per share. As a group, analysts expect that Ingredion Incorporated will post 11.14 EPS for the current year.

Ingredion Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 22nd. Stockholders of record on Tuesday, July 1st were issued a $0.80 dividend. This represents a $3.20 annualized dividend and a dividend yield of 2.41%. The ex-dividend date of this dividend was Tuesday, July 1st. Ingredion's dividend payout ratio is presently 33.76%.

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.