Covea Finance Sells 8,100 Shares of Ingredion Incorporated (NYSE:INGR)

Covea Finance reduced its position in Ingredion Incorporated (NYSE:INGR) by 13.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 50,100 shares of the company’s stock after selling 8,100 shares during the quarter. Covea Finance’s holdings in Ingredion were worth $6,892,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Ingredion during the 2nd quarter worth about $33,000. Prospera Private Wealth LLC bought a new position in Ingredion during the third quarter worth about $41,000. Abich Financial Wealth Management LLC acquired a new stake in Ingredion during the second quarter valued at approximately $56,000. Versant Capital Management Inc grew its stake in shares of Ingredion by 431.0% in the 4th quarter. Versant Capital Management Inc now owns 446 shares of the company’s stock valued at $61,000 after purchasing an additional 362 shares during the period. Finally, Concord Wealth Partners raised its holdings in shares of Ingredion by 82.6% in the 3rd quarter. Concord Wealth Partners now owns 493 shares of the company’s stock worth $68,000 after buying an additional 223 shares in the last quarter. Institutional investors and hedge funds own 85.27% of the company’s stock.

Wall Street Analyst Weigh In

INGR has been the topic of a number of analyst reports. UBS Group upped their price target on Ingredion from $165.00 to $173.00 and gave the company a “buy” rating in a research report on Friday, November 15th. Barclays upped their target price on shares of Ingredion from $145.00 to $168.00 and gave the stock an “overweight” rating in a report on Wednesday, November 6th. Stephens upgraded shares of Ingredion to a “hold” rating in a research report on Monday, December 2nd. BMO Capital Markets raised their price objective on shares of Ingredion from $128.00 to $147.00 and gave the stock a “market perform” rating in a report on Wednesday, November 6th. Finally, Oppenheimer boosted their target price on Ingredion from $147.00 to $178.00 and gave the stock an “outperform” rating in a report on Wednesday, November 6th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $155.17.

Insider Buying and Selling

In related news, SVP Larry Fernandes sold 4,700 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $153.41, for a total transaction of $721,027.00. Following the completion of the sale, the senior vice president now directly owns 29,034 shares of the company’s stock, valued at $4,454,105.94. The trade was a 13.93 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO James D. Gray sold 54,869 shares of the company’s stock in a transaction on Friday, November 29th. The shares were sold at an average price of $146.76, for a total transaction of $8,052,574.44. Following the sale, the chief financial officer now owns 12,795 shares of the company’s stock, valued at $1,877,794.20. The trade was a 81.09 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 65,692 shares of company stock worth $9,634,868 over the last three months. 1.80% of the stock is currently owned by company insiders.

Ingredion Trading Up 0.7 %

Shares of NYSE INGR opened at $132.80 on Wednesday. Ingredion Incorporated has a 1-year low of $107.20 and a 1-year high of $155.44. The company has a current ratio of 2.67, a quick ratio of 1.69 and a debt-to-equity ratio of 0.44. The company has a 50-day moving average of $142.36 and a two-hundred day moving average of $133.96. The company has a market cap of $8.65 billion, a PE ratio of 12.96, a P/E/G ratio of 1.24 and a beta of 0.75.

Ingredion (NYSE:INGR) last posted its quarterly earnings data on Tuesday, November 5th. The company reported $3.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.58 by $0.47. The firm had revenue of $1.87 billion for the quarter, compared to the consensus estimate of $1.94 billion. Ingredion had a return on equity of 17.75% and a net margin of 9.05%. The business’s revenue for the quarter was down 8.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.33 EPS. As a group, equities analysts expect that Ingredion Incorporated will post 10.59 earnings per share for the current fiscal year.

Ingredion Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 21st. Investors of record on Thursday, January 2nd will be issued a $0.80 dividend. This represents a $3.20 annualized dividend and a yield of 2.41%. The ex-dividend date of this dividend is Thursday, January 2nd. Ingredion’s dividend payout ratio is 31.22%.

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.