Cubist Systematic Strategies LLC Sells 35,480 Shares of Ingredion Incorporated (NYSE:INGR)

Cubist Systematic Strategies LLC cut its stake in Ingredion Incorporated (NYSE:INGR) by 89.8% in the second quarter, Holdings Channel.com reports. The firm owned 4,046 shares of the company’s stock after selling 35,480 shares during the period. Cubist Systematic Strategies LLC’s holdings in Ingredion were worth $366,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently modified their holdings of the company. Clean Yield Group bought a new stake in Ingredion in the 2nd quarter valued at $29,000. Advisors Asset Management Inc. bought a new stake in Ingredion in the 2nd quarter valued at $31,000. Eagle Bay Advisors LLC bought a new stake in Ingredion in the 2nd quarter valued at $48,000. Advisory Services Network LLC bought a new stake in Ingredion in the 2nd quarter valued at $50,000. Finally, Deseret Mutual Benefit Administrators bought a new stake in Ingredion in the 2nd quarter valued at $75,000. 84.94% of the stock is owned by hedge funds and other institutional investors.

Shares of INGR stock opened at $98.16 on Thursday. Ingredion Incorporated has a 12-month low of $73.82 and a 12-month high of $101.30. The company has a market capitalization of $6.53 billion, a P/E ratio of 40.73 and a beta of 0.81. The firm has a 50-day moving average price of $94.81 and a 200 day moving average price of $92.06. The company has a quick ratio of 1.13, a current ratio of 1.88 and a debt-to-equity ratio of 0.56.

Ingredion (NYSE:INGR) last announced its quarterly earnings results on Tuesday, November 2nd. The company reported $1.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.45 by $0.22. Ingredion had a net margin of 2.45% and a return on equity of 17.13%. The firm had revenue of $1.76 billion during the quarter. During the same period in the prior year, the business earned $1.77 earnings per share. As a group, research analysts expect that Ingredion Incorporated will post 6.85 earnings per share for the current year.

The company also recently declared a quarterly dividend, which was paid on Monday, October 25th. Investors of record on Monday, October 4th were issued a dividend of $0.65 per share. This is an increase from Ingredion’s previous quarterly dividend of $0.64. This represents a $2.60 annualized dividend and a yield of 2.65%. The ex-dividend date of this dividend was Friday, October 1st. Ingredion’s dividend payout ratio (DPR) is currently 107.88%.

A number of equities analysts have recently commented on the stock. TheStreet downgraded shares of Ingredion from a “b” rating to a “c+” rating in a report on Tuesday, November 2nd. Zacks Investment Research raised shares of Ingredion from a “hold” rating to a “buy” rating and set a $110.00 price objective for the company in a report on Tuesday. BMO Capital Markets raised shares of Ingredion from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $92.00 to $112.00 in a report on Wednesday, November 3rd. Barclays assumed coverage on shares of Ingredion in a report on Tuesday, November 9th. They set an “overweight” rating and a $115.00 price objective for the company. Finally, Credit Suisse Group raised shares of Ingredion from a “neutral” rating to an “outperform” rating and raised their price objective for the stock from $93.00 to $110.00 in a report on Wednesday, November 3rd. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $109.40.

Ingredion Profile

Ingredion, Inc manufactures and sells sweetener, starches, nutrition ingredients, and biomaterial solutions derived from the wet milling and processing of corn and other starch based materials. Its activities include turning corn, tapioca, potatoes and other vegetables and fruits into value added ingredients and biomaterials for the food, beverage, paper and corrugating, brewing, and other industries.

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Institutional Ownership by Quarter for Ingredion (NYSE:INGR)

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