OLD National Bancorp IN Invests $237,000 in Ingredion Incorporated (NYSE:INGR)

OLD National Bancorp IN acquired a new position in shares of Ingredion Incorporated (NYSE:INGR) in the third quarter, HoldingsChannel.com reports. The institutional investor acquired 1,725 shares of the company’s stock, valued at approximately $237,000.

Other hedge funds have also recently bought and sold shares of the company. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in Ingredion during the second quarter worth approximately $26,000. EverSource Wealth Advisors LLC boosted its position in Ingredion by 102.6% during the first quarter. EverSource Wealth Advisors LLC now owns 233 shares of the company’s stock worth $27,000 after acquiring an additional 118 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Ingredion during the second quarter worth approximately $33,000. Family Firm Inc. acquired a new stake in Ingredion during the second quarter worth approximately $36,000. Finally, International Assets Investment Management LLC acquired a new stake in Ingredion during the second quarter worth approximately $36,000. Institutional investors and hedge funds own 85.27% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the stock. StockNews.com lowered shares of Ingredion from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, August 7th. UBS Group lifted their price target on shares of Ingredion from $141.00 to $148.00 and gave the company a “buy” rating in a report on Thursday, August 15th. BMO Capital Markets lifted their price target on shares of Ingredion from $120.00 to $128.00 and gave the company a “market perform” rating in a report on Wednesday, August 7th. Oppenheimer lifted their price target on shares of Ingredion from $138.00 to $147.00 and gave the company an “outperform” rating in a report on Monday. Finally, Barclays upgraded shares of Ingredion from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $122.00 to $145.00 in a report on Friday, August 9th. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $138.83.

Insider Activity at Ingredion

In related news, CEO James P. Zallie sold 22,550 shares of Ingredion stock in a transaction on Friday, August 30th. The shares were sold at an average price of $134.14, for a total transaction of $3,024,857.00. Following the sale, the chief executive officer now owns 52,530 shares of the company’s stock, valued at $7,046,374.20. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, CEO James P. Zallie sold 371 shares of Ingredion stock in a transaction on Thursday, October 10th. The shares were sold at an average price of $133.58, for a total transaction of $49,558.18. Following the sale, the chief executive officer now owns 52,159 shares of the company’s stock, valued at $6,967,399.22. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO James P. Zallie sold 22,550 shares of Ingredion stock in a transaction on Friday, August 30th. The stock was sold at an average price of $134.14, for a total transaction of $3,024,857.00. Following the sale, the chief executive officer now directly owns 52,530 shares in the company, valued at $7,046,374.20. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 26,551 shares of company stock worth $3,550,084. 1.80% of the stock is currently owned by corporate insiders.

Ingredion Stock Performance

NYSE:INGR opened at $135.96 on Thursday. The company has a current ratio of 2.52, a quick ratio of 1.51 and a debt-to-equity ratio of 0.47. The firm has a market capitalization of $8.93 billion, a price-to-earnings ratio of 13.62, a PEG ratio of 1.22 and a beta of 0.72. The firm’s fifty day simple moving average is $134.43 and its 200 day simple moving average is $123.13. Ingredion Incorporated has a twelve month low of $89.54 and a twelve month high of $138.37.

Ingredion (NYSE:INGR) last posted its earnings results on Tuesday, August 6th. The company reported $2.87 earnings per share for the quarter, beating the consensus estimate of $2.53 by $0.34. The business had revenue of $1.88 billion for the quarter, compared to analyst estimates of $1.98 billion. Ingredion had a net margin of 8.47% and a return on equity of 17.18%. The business’s quarterly revenue was down 9.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.32 EPS. As a group, equities research analysts expect that Ingredion Incorporated will post 9.95 earnings per share for the current fiscal year.

Ingredion Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 22nd. Investors of record on Tuesday, October 1st were issued a dividend of $0.80 per share. This is a positive change from Ingredion’s previous quarterly dividend of $0.78. The ex-dividend date was Tuesday, October 1st. This represents a $3.20 annualized dividend and a dividend yield of 2.35%. Ingredion’s payout ratio is presently 32.06%.

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.