Ingredion Inc (INGR) Stake Boosted by Clark Capital Management Group Inc.
Clark Capital Management Group Inc. increased its holdings in Ingredion Inc (NYSE:INGR) by 93.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 297,470 shares of the company’s stock after acquiring an additional 143,574 shares during the period. Ingredion comprises approximately 1.3% of Clark Capital Management Group Inc.’s portfolio, making the stock its 22nd biggest holding. Clark Capital Management Group Inc.’s holdings in Ingredion were worth $41,586,000 at the end of the most recent quarter.
Several other hedge funds have also added to or reduced their stakes in the company. State of Wisconsin Investment Board lifted its stake in Ingredion by 2.9% in the third quarter. State of Wisconsin Investment Board now owns 111,151 shares of the company’s stock valued at $13,409,000 after purchasing an additional 3,106 shares during the last quarter. Swiss National Bank lifted its stake in Ingredion by 0.9% in the third quarter. Swiss National Bank now owns 264,100 shares of the company’s stock valued at $31,861,000 after purchasing an additional 2,400 shares during the last quarter. Bessemer Group Inc. purchased a new position in Ingredion in the third quarter valued at approximately $2,509,000. Alps Advisors Inc. purchased a new position in Ingredion in the third quarter valued at approximately $540,000. Finally, Sei Investments Co. lifted its stake in Ingredion by 13.7% in the third quarter. Sei Investments Co. now owns 47,877 shares of the company’s stock valued at $5,776,000 after purchasing an additional 5,781 shares during the last quarter. 86.53% of the stock is owned by institutional investors.
Several equities analysts recently commented on INGR shares. Zacks Investment Research upgraded Ingredion from a “hold” rating to a “buy” rating and set a $158.00 price objective on the stock in a research note on Wednesday, January 24th. Stephens upgraded Ingredion from an “equal weight” rating to an “overweight” rating in a research note on Wednesday, November 15th. Credit Suisse Group set a $156.00 price objective on Ingredion and gave the company a “buy” rating in a research note on Wednesday, January 10th. Finally, ValuEngine upgraded Ingredion from a “hold” rating to a “buy” rating in a research note on Friday, March 2nd. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $146.00.
Ingredion Inc (INGR) traded up $0.35 during trading hours on Wednesday, hitting $133.65. The company’s stock had a trading volume of 10,674 shares, compared to its average volume of 423,549. The stock has a market capitalization of $9,735.91, a P/E ratio of 18.85, a P/E/G ratio of 1.48 and a beta of 0.79. Ingredion Inc has a 12-month low of $113.42 and a 12-month high of $146.28. The company has a current ratio of 2.52, a quick ratio of 1.66 and a debt-to-equity ratio of 0.60.
Ingredion (NYSE:INGR) last posted its earnings results on Thursday, February 1st. The company reported $1.73 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.74 by ($0.01). The company had revenue of $1.74 billion for the quarter, compared to analysts’ expectations of $1.43 billion. Ingredion had a return on equity of 20.42% and a net margin of 8.63%. The company’s revenue was up 24.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.67 EPS. equities analysts forecast that Ingredion Inc will post 8.3 earnings per share for the current year.
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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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