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Ingredion (INGR) came to our attention earlier this week when, in our review of our database of 13F filings by hedge funds and other large investors, we found that Fisher Asset Management has a position in the company. Ingredion, formerly known as Corn Products International, manufactures and sells corn-based products including syrup, oil and feed for animals. In mid-July, the stock was down about 10% for 2012, as investors speculated that high corn prices would hurt the company's business; however, strong numbers in its last quarterly report allowed it to recover to a 5% gain on the year.

In the second quarter, net sales were up 3% compared to the second quarter of last year, but net income rose 38% --  from $79 million to $109 million – and its costs barely rose. Coming on the heels of a weak first quarter, Ingredion finished the first half of 2012 with revenue up 5%. Net income was down 13% compared to the same period in the previous year, but excluding a NAFTA related award in 2011 (which compensated the company for a Mexican tax in the early 2000s on products sweetened with high fructose corn syrup), results were about flat. On a geographic basis, its North American operations have been very strong this year, offsetting weakness in the rest of the world. For example, in Europe, the Middle East, and Africa (EMEA), the company's revenue fell 6% and operating income fell 14%. So while the company has been hit by higher corn prices, it has so far been able to pass on many of these rising costs on to its customers....428 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.