Hanson & Doremus Investment Management Reduces Position in Ingredion Incorporated (NYSE:INGR)

Hanson & Doremus Investment Management reduced its stake in Ingredion Incorporated (NYSE:INGR) by 37.1% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 15,311 shares of the company’s stock after selling 9,047 shares during the quarter. Hanson & Doremus Investment Management’s holdings in Ingredion were worth $1,756,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in INGR. Norges Bank acquired a new stake in shares of Ingredion during the fourth quarter worth $82,272,000. Vanguard Group Inc. increased its stake in shares of Ingredion by 5.8% during the 4th quarter. Vanguard Group Inc. now owns 7,773,126 shares of the company’s stock valued at $843,617,000 after acquiring an additional 427,496 shares during the last quarter. Acadian Asset Management LLC increased its stake in shares of Ingredion by 177.8% during the 2nd quarter. Acadian Asset Management LLC now owns 396,743 shares of the company’s stock valued at $45,491,000 after acquiring an additional 253,949 shares during the last quarter. Morningstar Investment Services LLC lifted its holdings in shares of Ingredion by 98.5% during the 4th quarter. Morningstar Investment Services LLC now owns 393,101 shares of the company’s stock worth $42,789,000 after acquiring an additional 195,106 shares during the period. Finally, DekaBank Deutsche Girozentrale grew its holdings in Ingredion by 43.8% in the first quarter. DekaBank Deutsche Girozentrale now owns 405,465 shares of the company’s stock valued at $47,303,000 after purchasing an additional 123,406 shares during the period. Institutional investors and hedge funds own 85.27% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently commented on INGR shares. Oppenheimer increased their target price on Ingredion from $126.00 to $138.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 7th. Barclays upgraded shares of Ingredion from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $122.00 to $145.00 in a report on Friday, August 9th. UBS Group boosted their price objective on shares of Ingredion from $141.00 to $148.00 and gave the stock a “buy” rating in a research note on Thursday, August 15th. StockNews.com downgraded shares of Ingredion from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, August 7th. Finally, BMO Capital Markets lifted their target price on shares of Ingredion from $120.00 to $128.00 and gave the company a “market perform” rating in a report on Wednesday, August 7th. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $137.33.

Insider Buying and Selling at Ingredion

In related news, SVP Robert A. Ritchie sold 1,195 shares of Ingredion stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $125.00, for a total value of $149,375.00. Following the completion of the sale, the senior vice president now owns 15,906 shares in the company, valued at $1,988,250. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, CEO James P. Zallie sold 1,300 shares of Ingredion stock in a transaction that occurred on Wednesday, August 28th. The stock was sold at an average price of $134.03, for a total value of $174,239.00. Following the completion of the transaction, the chief executive officer now owns 52,530 shares in the company, valued at approximately $7,040,595.90. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Robert A. Ritchie sold 1,195 shares of the firm’s stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $125.00, for a total value of $149,375.00. Following the transaction, the senior vice president now owns 15,906 shares in the company, valued at $1,988,250. The disclosure for this sale can be found here. Insiders have sold a total of 26,045 shares of company stock valued at $3,482,491 in the last three months. Corporate insiders own 1.80% of the company’s stock.

Ingredion Trading Down 0.2 %

NYSE INGR opened at $134.60 on Friday. The company’s fifty day simple moving average is $126.58 and its 200-day simple moving average is $119.51. The stock has a market cap of $8.76 billion, a P/E ratio of 13.49, a PEG ratio of 1.23 and a beta of 0.73. Ingredion Incorporated has a 52 week low of $89.54 and a 52 week high of $137.21. The company has a current ratio of 2.52, a quick ratio of 1.51 and a debt-to-equity ratio of 0.47.

Ingredion (NYSE:INGR) last issued its quarterly earnings data on Tuesday, August 6th. The company reported $2.87 EPS for the quarter, topping analysts’ consensus estimates of $2.53 by $0.34. Ingredion had a net margin of 8.47% and a return on equity of 17.18%. The firm had revenue of $1.88 billion for the quarter, compared to analyst estimates of $1.98 billion. During the same quarter in the previous year, the business posted $2.32 EPS. The firm’s revenue was down 9.2% compared to the same quarter last year. Equities research analysts predict that Ingredion Incorporated will post 9.95 EPS for the current fiscal year.

Ingredion Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 22nd. Shareholders of record on Tuesday, October 1st will be issued a dividend of $0.80 per share. The ex-dividend date of this dividend is Tuesday, October 1st. This is an increase from Ingredion’s previous quarterly dividend of $0.78. This represents a $3.20 annualized dividend and a yield of 2.38%. Ingredion’s payout ratio is currently 31.26%.

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.