Ingredion (NYSE:INGR) Given New $167.00 Price Target at Oppenheimer

Ingredion (NYSE:INGR) had its target price reduced by analysts at Oppenheimer from $178.00 to $167.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Oppenheimer’s price target suggests a potential upside of 32.33% from the stock’s previous close.

A number of other brokerages have also commented on INGR. Barclays raised their price target on Ingredion from $145.00 to $168.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 6th. UBS Group lifted 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 price target 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. Finally, BMO Capital Markets cut their price objective on Ingredion from $147.00 to $133.00 and set a “market perform” rating on the stock in a research report on Wednesday. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $154.33.

Ingredion Trading Down 0.7 %

Shares of NYSE:INGR traded down $0.93 on Wednesday, reaching $126.20. 167,403 shares of the company traded hands, compared to its average volume of 526,040. The company has a current ratio of 2.67, a quick ratio of 1.69 and a debt-to-equity ratio of 0.44. Ingredion has a 52 week low of $107.40 and a 52 week high of $155.44. The stock has a market capitalization of $8.22 billion, a P/E ratio of 12.31, a price-to-earnings-growth ratio of 1.11 and a beta of 0.74. The business’s 50-day simple moving average is $138.82 and its 200 day simple moving average is $136.10.

Ingredion (NYSE:INGR) last posted its earnings results on Tuesday, February 4th. The company reported $2.63 earnings per share for the quarter, topping analysts’ consensus estimates of $2.54 by $0.09. The company had revenue of $1.80 billion during the quarter, compared to analyst estimates of $1.82 billion. Ingredion had a net margin of 9.05% and a return on equity of 17.75%. Ingredion’s revenue for the quarter was down 6.3% on a year-over-year basis. During the same period in the prior year, the business posted $1.65 earnings per share. As a group, equities analysts anticipate that Ingredion will post 10.59 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, SVP Larry Fernandes sold 6,122 shares of the stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $140.66, for a total value of $861,120.52. Following the sale, the senior vice president now directly owns 29,034 shares in the company, valued at approximately $4,083,922.44. This represents a 17.41 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO James D. Gray sold 54,869 shares of the company’s stock in a transaction on Friday, November 29th. The shares were sold at an average price of $146.76, for a total value of $8,052,574.44. Following the completion of the transaction, the chief financial officer now directly owns 12,795 shares in the company, valued at $1,877,794.20. This trade represents a 81.09 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 60,992 shares of company stock valued at $8,913,841. 1.80% of the stock is currently owned by corporate insiders.

Institutional Trading of Ingredion

Several institutional investors and hedge funds have recently made changes to their positions in the business. State Street Corp lifted its holdings in Ingredion by 0.8% during the 3rd quarter. State Street Corp now owns 2,436,601 shares of the company’s stock valued at $334,862,000 after buying an additional 19,560 shares in the last quarter. Pacer Advisors Inc. raised its stake in shares of Ingredion by 16.5% during the fourth quarter. Pacer Advisors Inc. now owns 1,890,488 shares of the company’s stock valued at $260,056,000 after acquiring an additional 268,389 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its holdings in shares of Ingredion by 2.4% in the third quarter. Massachusetts Financial Services Co. MA now owns 1,539,179 shares of the company’s stock valued at $211,529,000 after purchasing an additional 36,421 shares during the period. Geode Capital Management LLC grew its stake in Ingredion by 1.7% in the third quarter. Geode Capital Management LLC now owns 1,167,693 shares of the company’s stock worth $160,516,000 after purchasing an additional 19,064 shares in the last quarter. Finally, Allianz Asset Management GmbH increased its holdings in Ingredion by 11.9% during the 4th quarter. Allianz Asset Management GmbH now owns 842,763 shares of the company’s stock worth $115,930,000 after purchasing an additional 89,335 shares during the period. 85.27% of the stock is currently owned by institutional investors.

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.