Cresset Asset Management LLC Sells 18,182 Shares of Ingredion Incorporated (NYSE:INGR)

Cresset Asset Management LLC cut its holdings in Ingredion Incorporated (NYSE:INGR) by 14.4% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 108,376 shares of the company’s stock after selling 18,182 shares during the period. Cresset Asset Management LLC’s holdings in Ingredion were worth $14,908,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the business. Norges Bank bought a new stake in shares of Ingredion in the 4th quarter worth about $96,012,000. Assetmark Inc. lifted its stake in Ingredion by 38,341.7% in the fourth quarter. Assetmark Inc. now owns 509,352 shares of the company’s stock worth $70,067,000 after purchasing an additional 508,027 shares during the last quarter. Hennessy Advisors Inc. purchased a new position in shares of Ingredion during the fourth quarter valued at approximately $58,642,000. Caisse DE Depot ET Placement DU Quebec raised its holdings in shares of Ingredion by 327.2% in the fourth quarter. Caisse DE Depot ET Placement DU Quebec now owns 531,413 shares of the company’s stock worth $73,101,000 after buying an additional 407,027 shares during the period. Finally, Prudential Financial Inc. lifted its stake in shares of Ingredion by 93.2% during the 4th quarter. Prudential Financial Inc. now owns 652,734 shares of the company’s stock worth $89,790,000 after acquiring an additional 314,912 shares during the last quarter. 85.27% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have commented on INGR. Stephens cut their price objective on Ingredion from $155.00 to $150.00 and set an “equal weight” rating on the stock in a research report on Wednesday, February 5th. BMO Capital Markets cut their price target on shares of Ingredion from $147.00 to $133.00 and set a “market perform” rating on the stock in a report on Wednesday, February 5th. UBS Group set a $155.00 price objective on shares of Ingredion in a report on Tuesday, April 22nd. Oppenheimer dropped their target price on shares of Ingredion from $167.00 to $155.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 22nd. Finally, StockNews.com downgraded shares of Ingredion from a “strong-buy” rating to a “buy” rating in a research note on Thursday, February 6th. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $152.20.

Ingredion Stock Performance

Shares of NYSE:INGR opened at $138.20 on Wednesday. The firm has a 50 day moving average of $131.32 and a 200 day moving average of $135.55. The company has a quick ratio of 1.69, a current ratio of 2.62 and a debt-to-equity ratio of 0.47. The company has a market capitalization of $8.89 billion, a price-to-earnings ratio of 14.23, a price-to-earnings-growth ratio of 1.03 and a beta of 0.73. Ingredion Incorporated has a 52 week low of $111.54 and a 52 week high of $155.44.

Ingredion (NYSE:INGR) last issued its quarterly earnings data on Tuesday, May 6th. The company reported $2.97 earnings per share for the quarter, topping analysts’ consensus estimates of $2.44 by $0.53. Ingredion had a return on equity of 18.62% and a net margin of 8.71%. The firm had revenue of $1.81 billion during the quarter, compared to analysts’ expectations of $1.84 billion. During the same period in the prior year, the business posted $2.08 EPS. The firm’s quarterly revenue was down 3.7% on a year-over-year basis. On average, sell-side analysts predict that Ingredion Incorporated will post 11.14 earnings per share for the current fiscal year.

Ingredion Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 22nd. Shareholders of record on Tuesday, April 1st were paid a $0.80 dividend. The ex-dividend date was Tuesday, April 1st. This represents a $3.20 annualized dividend and a yield of 2.32%. Ingredion’s dividend payout ratio (DPR) is 32.96%.

Insiders Place Their Bets

In other Ingredion news, CEO James P. Zallie sold 10,815 shares of the firm’s stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $125.88, for a total value of $1,361,392.20. Following the completion of the sale, the chief executive officer now owns 34,127 shares of the company’s stock, valued at approximately $4,295,906.76. This trade represents a 24.06 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 1.80% of the company’s stock.

About Ingredion

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.