OLD National Bancorp IN Buys New Position in Ingredion Incorporated (NYSE:INGR)

OLD National Bancorp IN purchased a new position in shares of Ingredion Incorporated (NYSE:INGR) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 7,106 shares of the company’s stock, valued at approximately $961,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in INGR. BOK Financial Private Wealth Inc. purchased a new position in shares of Ingredion during the fourth quarter worth approximately $25,000. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in Ingredion by 653.3% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 226 shares of the company’s stock worth $31,000 after purchasing an additional 196 shares during the last quarter. Ameriflex Group Inc. purchased a new position in Ingredion during the 4th quarter worth $33,000. EverSource Wealth Advisors LLC increased its stake in Ingredion by 32.4% in the fourth quarter. EverSource Wealth Advisors LLC now owns 323 shares of the company’s stock valued at $44,000 after purchasing an additional 79 shares during the period. Finally, Millstone Evans Group LLC purchased a new stake in shares of Ingredion in the fourth quarter valued at about $55,000. Hedge funds and other institutional investors own 85.27% of the company’s stock.

Ingredion Trading Up 0.2%

NYSE INGR opened at $138.26 on Tuesday. 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 stock has a market capitalization of $8.89 billion, a P/E ratio of 14.24, a P/E/G 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. The firm has a 50-day moving average price of $133.90 and a 200 day moving average price of $134.93.

Ingredion (NYSE:INGR) last issued its earnings results on Tuesday, May 6th. The company reported $2.97 earnings per share (EPS) 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 business had revenue of $1.81 billion during the quarter, compared to the consensus estimate of $1.84 billion. During the same period in the prior year, the business posted $2.08 EPS. The company’s revenue for the quarter was down 3.7% on a year-over-year basis. Equities research analysts expect that Ingredion Incorporated will post 11.14 EPS for the current year.

Ingredion Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 22nd. Stockholders of record on Tuesday, July 1st will be issued a $0.80 dividend. The ex-dividend date is Tuesday, July 1st. This represents a $3.20 dividend on an annualized basis and a dividend yield of 2.31%. Ingredion’s dividend payout ratio is presently 33.76%.

Analyst Ratings Changes

A number of equities analysts recently issued reports on INGR shares. UBS Group set a $155.00 price target on Ingredion in a report on Tuesday, April 22nd. Wall Street Zen upgraded Ingredion from a “buy” rating to a “strong-buy” rating in a research note on Sunday. Finally, Oppenheimer dropped their target price on Ingredion from $167.00 to $155.00 and set an “outperform” rating on the stock in a report on Tuesday, April 22nd. Three research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $152.20.

Insider Activity at Ingredion

In related news, SVP Larry Fernandes sold 2,400 shares of the firm’s stock in a transaction that occurred on Wednesday, May 7th. The stock was sold at an average price of $135.82, for a total value of $325,968.00. Following the completion of the transaction, the senior vice president now directly owns 31,996 shares of the company’s stock, valued at $4,345,696.72. This trade represents a 6.98% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 2.30% 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.