Royal Bank of Canada Sells 93,606 Shares of Ingredion Incorporated (INGR)
Royal Bank of Canada cut its position in shares of Ingredion Incorporated (NYSE:INGR) by 47.0% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 105,685 shares of the company’s stock after selling 93,606 shares during the quarter. Royal Bank of Canada owned approximately 0.15% of Ingredion worth $12,599,000 as of its most recent SEC filing.
Other institutional investors have also recently made changes to their positions in the company. National Pension Service boosted its holdings in Ingredion by 108.9% during the 2nd quarter. National Pension Service now owns 894 shares of the company’s stock valued at $105,000 after acquiring an additional 466 shares during the period. Global X Management Co. LLC boosted its holdings in Ingredion by 30.0% during the 1st quarter. Global X Management Co. LLC now owns 1,325 shares of the company’s stock valued at $160,000 after acquiring an additional 306 shares during the period. First Mercantile Trust Co. boosted its holdings in Ingredion by 19.3% during the 2nd quarter. First Mercantile Trust Co. now owns 1,432 shares of the company’s stock valued at $171,000 after acquiring an additional 232 shares during the period. Penserra Capital Management LLC boosted its holdings in Ingredion by 17.2% during the 2nd quarter. Penserra Capital Management LLC now owns 1,456 shares of the company’s stock valued at $173,000 after acquiring an additional 214 shares during the period. Finally, Pacer Advisors Inc. boosted its holdings in Ingredion by 8.3% during the 2nd quarter. Pacer Advisors Inc. now owns 1,506 shares of the company’s stock valued at $180,000 after acquiring an additional 116 shares during the period. Hedge funds and other institutional investors own 83.93% of the company’s stock.
In related news, VP James P. Zallie sold 27,972 shares of the business’s stock in a transaction that occurred on Monday, September 18th. The stock was sold at an average price of $125.39, for a total value of $3,507,409.08. Following the completion of the sale, the vice president now owns 29,429 shares in the company, valued at $3,690,102.31. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP James P. Zallie sold 21,862 shares of the business’s stock in a transaction that occurred on Wednesday, September 13th. The shares were sold at an average price of $125.04, for a total value of $2,733,624.48. Following the completion of the sale, the vice president now owns 29,306 shares of the company’s stock, valued at approximately $3,664,422.24. The disclosure for this sale can be found here. Insiders sold 52,882 shares of company stock valued at $6,622,034 in the last quarter. 1.92% of the stock is owned by company insiders.
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Shares of Ingredion Incorporated (INGR) opened at 124.25 on Friday. Ingredion Incorporated has a 12-month low of $113.07 and a 12-month high of $137.62. The stock has a market cap of $8.91 billion, a PE ratio of 18.69 and a beta of 0.59. The firm has a 50-day moving average price of $122.93 and a 200 day moving average price of $120.53.
Ingredion (NYSE:INGR) last released its earnings results on Tuesday, August 1st. The company reported $1.89 EPS for the quarter, beating analysts’ consensus estimates of $1.86 by $0.03. The firm had revenue of $1.46 billion for the quarter, compared to analysts’ expectations of $1.50 billion. Ingredion had a return on equity of 20.84% and a net margin of 8.35%. The company’s quarterly revenue was up .1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.53 earnings per share. Equities research analysts expect that Ingredion Incorporated will post $7.59 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 25th. Investors of record on Monday, October 2nd will be issued a $0.60 dividend. This is a positive change from Ingredion’s previous quarterly dividend of $0.50. The ex-dividend date of this dividend is Friday, September 29th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 1.93%. Ingredion’s payout ratio is presently 36.09%.
INGR has been the subject of several analyst reports. BidaskClub cut Ingredion from a “sell” rating to a “strong sell” rating in a report on Wednesday, August 9th. Zacks Investment Research cut Ingredion from a “buy” rating to a “hold” rating in a report on Friday, September 1st. Finally, BMO Capital Markets restated a “hold” rating and set a $125.00 target price on shares of Ingredion in a report on Friday, September 29th. Four analysts have rated the stock with a hold rating and two have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $140.00.
Ingredion Incorporated is an ingredients solutions provider. The Company manufactures and sells sweetener, starches, nutrition ingredients and biomaterial solutions derived from the wet milling and processing of corn and other starch-based materials to a range of industries, both domestically and internationally.
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