Eastern Bank Takes $199,000 Position in Ingredion Incorporated (NYSE:INGR)

Eastern Bank purchased a new position in Ingredion Incorporated (NYSE:INGR) during the third quarter, Holdings Channel.com reports. The fund purchased 1,450 shares of the company’s stock, valued at approximately $199,000.

Several other institutional investors have also bought and sold shares of INGR. Thurston Springer Miller Herd & Titak Inc. bought a new stake in shares of Ingredion in the second quarter valued at $26,000. EverSource Wealth Advisors LLC increased its holdings in Ingredion by 102.6% in the 1st 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. bought a new stake in Ingredion in the 2nd quarter valued at about $33,000. Family Firm Inc. purchased a new stake in Ingredion during the second quarter valued at about $36,000. Finally, International Assets Investment Management LLC bought a new position in Ingredion during the second quarter worth about $36,000. Hedge funds and other institutional investors own 85.27% of the company’s stock.

Analysts Set New Price Targets

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

Insider Buying and Selling at Ingredion

In other news, SVP Robert A. Ritchie sold 1,195 shares of the business’s stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $125.00, for a total value of $149,375.00. Following the completion of the sale, the senior vice president now directly owns 15,906 shares in the company, valued at approximately $1,988,250. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, SVP Robert A. Ritchie sold 1,195 shares of the business’s stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $125.00, for a total value of $149,375.00. Following the completion of the sale, the senior vice president now owns 15,906 shares of the company’s stock, valued at approximately $1,988,250. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO James P. Zallie sold 22,550 shares of Ingredion stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $134.14, for a total value of $3,024,857.00. Following the completion of the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 26,551 shares of company stock worth $3,550,084 over the last ninety days. Insiders own 1.80% of the company’s stock.

Ingredion Trading Down 0.3 %

Shares of INGR opened at $135.52 on Friday. Ingredion Incorporated has a 1-year low of $90.72 and a 1-year high of $138.37. The company has a market capitalization of $8.90 billion, a P/E ratio of 13.58, a P/E/G ratio of 1.22 and a beta of 0.72. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.52 and a quick ratio of 1.51. The firm’s 50 day simple moving average is $134.52 and its 200 day simple moving average is $123.22.

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

Ingredion Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 22nd. Shareholders of record on Tuesday, October 1st were paid a $0.80 dividend. The ex-dividend date was Tuesday, October 1st. This represents a $3.20 annualized dividend and a yield of 2.36%. This is a positive change from Ingredion’s previous quarterly dividend of $0.78. Ingredion’s dividend payout ratio is currently 32.06%.

Ingredion Profile

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.