Here’s What Lifted Ingredion Incorporated (INGR) in Q3

Polaris Capital Management, an investment management company, released its third quarter 2024 investor letter. A copy of the same can be downloaded here. Global markets were in solidly positive territory for the third straight quarter of 2024 despite geopolitical volatility. Polaris Global Equity Composite (net of fees) returned 6.86% in the quarter, compared to 6.46% return for the MSCI World Index, gross dividends reinvested.  In addition, check the fund’s top five holdings to know its best picks in 2024.

Polaris Global Equity Strategy highlighted stocks like Ingredion Incorporated (NYSE:INGR) in the third quarter 2023 investor letter. Headquartered in Westchester, Illinois, Ingredion Incorporated (NYSE:INGR) engages in the production and sale of food and beverage ingredients. The one-month return of Ingredion Incorporated (NYSE:INGR) was -6.80%, and its shares gained 27.33% of their value over the last 52 weeks. On December 20, 2024, Ingredion Incorporated (NYSE:INGR) stock closed at $138.19 per share with a market capitalization of $9 billion.

Polaris Global Equity Strategy stated the following regarding Ingredion Incorporated (NYSE:INGR) in its Q3 2024 investor letter:

“Five of six consumer staples holdings had double-digit gains, led by Ingredion Incorporated (NYSE:INGR) and Koninklijke Ahold Delhaize. U.S. food/beverage ingredient supplier, Ingredion, announced strong second quarter results, citing growth in its texture & healthful solutions, while its food and industrial segments responded to robust customer demand. In conjunction with sales growth, Ingredion’s Cost2Compete program has proven a boon for the company, already realizing more than $18 million in run-rate savings in just one quarter.”

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Ingredion Incorporated (NYSE:INGR) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 26 hedge fund portfolios held Ingredion Incorporated (NYSE:INGR) at the end of the third quarter which was 25 in the previous quarter. While we acknowledge the potential of Ingredion Incorporated (NYSE:INGR) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

In another article, we discussed Ingredion Incorporated (NYSE:INGR) and shared the list of best farmland and agriculture stocks to invest in according to hedge funds. In addition, please check out our hedge fund investor letters Q3 2024 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.