State of New Jersey Common Pension Fund D Sells 11,257 Shares of Ingredion Incorporated (NYSE:INGR)

State of New Jersey Common Pension Fund D decreased its position in shares of Ingredion Incorporated (NYSE:INGR) by 32.4% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 23,514 shares of the company’s stock after selling 11,257 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Ingredion were worth $2,697,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in INGR. Norges Bank bought a new position in Ingredion during the 4th quarter worth approximately $82,272,000. Vanguard Group Inc. grew its position 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 worth $843,617,000 after buying an additional 427,496 shares during the period. Acadian Asset Management LLC grew its position 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 worth $45,491,000 after buying an additional 253,949 shares during the period. Morningstar Investment Services LLC grew its position 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 buying an additional 195,106 shares during the period. Finally, DekaBank Deutsche Girozentrale grew its position in shares of Ingredion by 43.8% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 405,465 shares of the company’s stock worth $47,303,000 after buying an additional 123,406 shares during the period. Institutional investors own 85.27% of the company’s stock.

Wall Street Analyst Weigh In

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

Insiders Place Their Bets

In other Ingredion 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 transaction of $149,375.00. Following the transaction, the senior vice president now directly owns 15,906 shares of the company’s stock, valued at approximately $1,988,250. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO James P. Zallie sold 22,550 shares of Ingredion stock in a transaction on Friday, August 30th. The stock was sold at an average price of $134.14, for a total transaction of $3,024,857.00. Following the sale, the chief executive officer now directly owns 52,530 shares in the company, valued at approximately $7,046,374.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Robert A. Ritchie sold 1,195 shares of Ingredion 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 sale, 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 26,045 shares of company stock valued at $3,482,491 in the last three months. 1.80% of the stock is currently owned by insiders.

Ingredion Stock Performance

NYSE INGR opened at $135.68 on Thursday. The company has a fifty day simple moving average of $127.91 and a 200 day simple moving average of $119.88. Ingredion Incorporated has a 12-month low of $89.54 and a 12-month 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. The company has a market cap of $8.91 billion, a P/E ratio of 13.60, a PEG ratio of 1.23 and a beta of 0.73.

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

Ingredion Increases Dividend

The company 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. This represents a $3.20 dividend on an annualized basis and a yield of 2.36%. This is an increase from Ingredion’s previous quarterly dividend of $0.78. The ex-dividend date is Tuesday, October 1st. Ingredion’s payout ratio is currently 32.06%.

Ingredion Company 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.