Allspring Global Investments Holdings LLC Sells 5,927 Shares of Ingredion Incorporated (NYSE:INGR)

Allspring Global Investments Holdings LLC decreased its position in shares of Ingredion Incorporated (NYSE:INGR) by 7.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 69,376 shares of the company’s stock after selling 5,927 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.11% of Ingredion worth $9,432,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in INGR. BOK Financial Private Wealth Inc. bought a new position in shares of Ingredion in the fourth quarter worth $25,000. Alpine Bank Wealth Management bought a new position in Ingredion in the first quarter valued at about $26,000. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in Ingredion by 653.3% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 226 shares of the company’s stock valued at $31,000 after acquiring an additional 196 shares during the last quarter. Ameriflex Group Inc. bought a new position in Ingredion in the fourth quarter valued at about $33,000. Finally, EverSource Wealth Advisors LLC grew its position in Ingredion by 32.4% in the fourth quarter. EverSource Wealth Advisors LLC now owns 323 shares of the company’s stock valued at $44,000 after acquiring an additional 79 shares during the last quarter. Institutional investors own 85.27% of the company’s stock.

Insider Buying and Selling

In related news, SVP Larry Fernandes sold 2,400 shares of the company’s stock in a transaction that occurred on Wednesday, May 7th. The stock was sold at an average price of $135.82, for a total value of $325,968.00. Following the sale, the senior vice president directly owned 31,996 shares in the company, valued at $4,345,696.72. This represents a 6.98% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 2.30% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research firms have issued reports on INGR. Wall Street Zen upgraded Ingredion from a “buy” rating to a “strong-buy” rating in a research report on Sunday, June 8th. UBS Group set a $155.00 target price on Ingredion in a research report on Tuesday, April 22nd. Finally, Oppenheimer reduced their price target on Ingredion from $167.00 to $155.00 and set an “outperform” rating on the stock in a report on Tuesday, April 22nd. Three investment analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $152.20.

Ingredion Stock Performance

NYSE:INGR opened at $137.35 on Friday. The stock has a market cap of $8.83 billion, a P/E ratio of 14.49, a price-to-earnings-growth ratio of 1.11 and a beta of 0.72. The company has a current ratio of 2.85, a quick ratio of 1.86 and a debt-to-equity ratio of 0.44. The stock’s 50-day moving average is $136.93 and its 200-day moving average is $133.97. Ingredion Incorporated has a 1-year low of $111.54 and a 1-year high of $155.44.

Ingredion (NYSE:INGR) last released its quarterly earnings results on Tuesday, May 6th. The company reported $2.97 earnings per share for the quarter, topping the consensus estimate of $2.44 by $0.53. Ingredion had a return on equity of 19.75% and a net margin of 8.53%. The company had revenue of $1.81 billion for the quarter, compared to analysts’ expectations of $1.84 billion. During the same period in the previous year, the business posted $2.08 earnings per share. The business’s quarterly revenue was down 3.7% compared to the same quarter last year. Equities research analysts anticipate that Ingredion Incorporated will post 11.14 earnings per share for the current year.

Ingredion Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 22nd. Investors of record on Tuesday, July 1st will be issued a $0.80 dividend. This represents a $3.20 annualized dividend and a yield of 2.33%. The ex-dividend date of this dividend is Tuesday, July 1st. Ingredion’s payout ratio is presently 33.76%.

About Ingredion

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.