PNC Financial Services Group Inc. Cuts Stock Holdings in Ingredion Incorporated (NYSE:INGR)

PNC Financial Services Group Inc. trimmed its holdings in shares of Ingredion Incorporated (NYSE:INGR) by 7.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 25,078 shares of the company’s stock after selling 2,013 shares during the period. PNC Financial Services Group Inc.’s holdings in Ingredion were worth $3,450,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in INGR. Machina Capital S.A.S. purchased a new stake in shares of Ingredion during the fourth quarter worth about $232,000. Jackson Creek Investment Advisors LLC purchased a new stake in shares of Ingredion during the fourth quarter worth about $276,000. Inceptionr LLC bought a new position in Ingredion in the fourth quarter worth about $1,025,000. Raymond James Financial Inc. bought a new position in Ingredion in the fourth quarter worth about $31,752,000. Finally, Proficio Capital Partners LLC bought a new position in Ingredion in the fourth quarter worth about $3,633,000. 85.27% of the stock is currently owned by hedge funds and other institutional investors.

Ingredion Trading Down 0.2 %

Shares of INGR stock opened at $130.29 on Friday. Ingredion Incorporated has a 12-month low of $109.51 and a 12-month high of $155.44. The company has a current ratio of 2.62, a quick ratio of 1.69 and a debt-to-equity ratio of 0.47. The firm’s 50 day moving average is $131.70 and its 200 day moving average is $136.55. The stock has a market capitalization of $8.36 billion, a P/E ratio of 13.42, a P/E/G ratio of 1.03 and a beta of 0.75.

Ingredion (NYSE:INGR) last issued its quarterly earnings results on Tuesday, February 4th. The company reported $2.63 earnings per share for the quarter, topping the consensus estimate of $2.54 by $0.09. The business had revenue of $1.80 billion for the quarter, compared to analysts’ expectations of $1.82 billion. Ingredion had a net margin of 8.71% and a return on equity of 18.62%. The company’s revenue was down 6.3% compared to the same quarter last year. During the same quarter last year, the company posted $1.65 EPS. Research analysts expect that Ingredion Incorporated will post 11.14 earnings per share for the current year.

Ingredion Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 22nd. Stockholders of record on Tuesday, April 1st will be given a dividend of $0.80 per share. The ex-dividend date of this dividend is Tuesday, April 1st. This represents a $3.20 annualized dividend and a dividend yield of 2.46%. Ingredion’s payout ratio is 32.96%.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on INGR. UBS Group raised their target price on shares of Ingredion from $165.00 to $173.00 and gave the company a “buy” rating in a research note on Friday, November 15th. Stephens decreased their target price on shares of Ingredion from $155.00 to $150.00 and set an “equal weight” rating for the company in a research note on Wednesday, February 5th. StockNews.com downgraded shares of Ingredion from a “strong-buy” rating to a “buy” rating in a research note on Thursday, February 6th. BMO Capital Markets decreased their target price on shares of Ingredion from $147.00 to $133.00 and set a “market perform” rating for the company in a research note on Wednesday, February 5th. Finally, Oppenheimer cut their price target on shares of Ingredion from $178.00 to $167.00 and set an “outperform” rating on the stock in a report on Wednesday, February 5th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $158.20.

Insider Activity

In other news, CEO James P. Zallie sold 10,815 shares of the firm’s stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $125.88, for a total transaction of $1,361,392.20. Following the sale, the chief executive officer now directly owns 34,127 shares in the company, valued at $4,295,906.76. This trade represents a 24.06 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 1.80% of the company’s stock.

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.