Zacks Investment Research Upgrades Ingredion Incorporated (INGR) to “Buy”

Ingredion Incorporated (NYSE:INGR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Thursday. The brokerage currently has a $135.00 target price on the stock. Zacks Investment Research‘s target price suggests a potential upside of 12.65% from the stock’s previous close.

According to Zacks, “Ingredion Incorporated is an ingredients solutions provider specializing in nature-based sweeteners, starches and nutrition ingredients. The Company serves diverse sectors in food, beverage, brewing, pharmaceuticals and other industries. Its sweetener products include dextrose, glucose, polyols, HFCS and Maltodextrin. The Company’s nutrition solutions include prebiotic fibers, resistant starch, soluble fibers and Inulin fibers. Its starch-based products include both industrial and food-grade starches. Ingredion Incorporated, formerly known as Corn Products International, Inc., is headquartered in Chicago. “

A number of other analysts also recently weighed in on INGR. Jefferies Group LLC restated a “buy” rating and issued a $145.00 price objective on shares of Ingredion in a report on Wednesday, June 14th. BidaskClub upgraded Ingredion from a “strong sell” rating to a “sell” rating in a report on Thursday, June 15th. Finally, BMO Capital Markets restated a “hold” rating and issued a $125.00 price objective on shares of Ingredion in a report on Tuesday, June 27th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the stock. Ingredion currently has an average rating of “Hold” and an average price target of $140.00.

Ingredion (NYSE:INGR) opened at 119.84 on Thursday. The company has a market capitalization of $8.60 billion, a price-to-earnings ratio of 18.02 and a beta of 0.60. The stock has a 50 day moving average price of $123.42 and a 200 day moving average price of $120.33. Ingredion has a 52-week low of $113.07 and a 52-week high of $137.62.

Ingredion (NYSE:INGR) last posted its quarterly earnings data on Tuesday, August 1st. The company reported $1.89 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.86 by $0.03. The business had revenue of $1.46 billion during the quarter, compared to the consensus estimate of $1.50 billion. Ingredion had a return on equity of 20.84% and a net margin of 8.35%. Ingredion’s quarterly revenue was up .1% on a year-over-year basis. During the same period in the prior year, the business posted $1.53 earnings per share. Analysts anticipate that Ingredion will post $7.60 EPS for the current fiscal year.

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In other Ingredion news, VP James P. Zallie sold 21,862 shares of the company’s stock in a transaction on Wednesday, September 13th. The shares were sold at an average price of $125.04, for a total transaction of $2,733,624.48. Following the sale, the vice president now owns 29,306 shares of the company’s stock, valued at $3,664,422.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP James P. Zallie sold 27,972 shares of the company’s stock in a transaction on Monday, September 18th. The shares were sold at an average price of $125.39, for a total transaction of $3,507,409.08. Following the sale, the vice president now directly owns 29,429 shares in the company, valued at approximately $3,690,102.31. The disclosure for this sale can be found here. Insiders sold 52,882 shares of company stock valued at $6,622,034 over the last 90 days. 1.92% of the stock is currently owned by company insiders.

A number of institutional investors and hedge funds have recently modified their holdings of INGR. World Asset Management Inc boosted its position in Ingredion by 10.5% during the first quarter. World Asset Management Inc now owns 5,240 shares of the company’s stock valued at $631,000 after acquiring an additional 498 shares during the last quarter. 1st Global Advisors Inc. boosted its position in Ingredion by 2.9% during the first quarter. 1st Global Advisors Inc. now owns 5,933 shares of the company’s stock valued at $715,000 after acquiring an additional 169 shares during the last quarter. Raymond James Financial Services Advisors Inc. boosted its position in Ingredion by 247.1% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 23,354 shares of the company’s stock valued at $2,813,000 after acquiring an additional 16,626 shares during the last quarter. Mason Street Advisors LLC boosted its position in Ingredion by 0.4% during the first quarter. Mason Street Advisors LLC now owns 33,915 shares of the company’s stock valued at $4,084,000 after acquiring an additional 124 shares during the last quarter. Finally, Pacer Advisors Inc. boosted its position in Ingredion by 3.3% during the first quarter. Pacer Advisors Inc. now owns 1,390 shares of the company’s stock valued at $167,000 after acquiring an additional 44 shares during the last quarter. 83.93% of the stock is currently owned by institutional investors and hedge funds.

Ingredion Company Profile

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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