Bangor Savings Bank Purchases 4,413 Shares of Ingredion Incorporated (NYSE:INGR)

Bangor Savings Bank boosted its position in Ingredion Incorporated (NYSE:INGR - Free Report) by 4,413.0% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 4,513 shares of the company's stock after buying an additional 4,413 shares during the quarter. Bangor Savings Bank's holdings in Ingredion were worth $610,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently made changes to their positions in the company. First Trust Advisors LP raised its stake in shares of Ingredion by 1.9% during the 4th quarter. First Trust Advisors LP now owns 583,081 shares of the company's stock valued at $80,209,000 after purchasing an additional 10,703 shares during the period. Magnetar Financial LLC increased its position in shares of Ingredion by 606.2% during the fourth quarter. Magnetar Financial LLC now owns 38,023 shares of the company's stock valued at $5,230,000 after buying an additional 32,639 shares during the period. Paradigm Asset Management Co. LLC purchased a new stake in shares of Ingredion in the fourth quarter worth about $963,000. Prudential Financial Inc. boosted its position in shares of Ingredion by 93.2% in the fourth quarter. Prudential Financial Inc. now owns 652,734 shares of the company's stock valued at $89,790,000 after acquiring an additional 314,912 shares during the period. Finally, Level Four Advisory Services LLC grew its stake in Ingredion by 6.7% during the fourth quarter. Level Four Advisory Services LLC now owns 35,428 shares of the company's stock valued at $4,874,000 after acquiring an additional 2,210 shares in the last quarter. 85.27% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on INGR. Wall Street Zen upgraded shares of Ingredion from a "buy" rating to a "strong-buy" rating in a research note on Sunday. UBS Group set a $155.00 price objective on Ingredion in a research note on Tuesday, April 22nd. Finally, Oppenheimer decreased their target price on Ingredion from $167.00 to $155.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 22nd. Three analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $152.20.

Insiders Place Their Bets

In other Ingredion news, SVP Larry Fernandes sold 2,400 shares of the company's stock in a transaction dated Wednesday, May 7th. The shares were sold at an average price of $135.82, for a total transaction of $325,968.00. Following the completion of the sale, the senior vice president now directly owns 31,996 shares in the company, valued at $4,345,696.72. This represents a 6.98% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 2.30% of the company's stock.

Ingredion Price Performance

NYSE:INGR traded up $1.24 during midday trading on Friday, hitting $137.98. The company had a trading volume of 327,090 shares, compared to its average volume of 473,795. The company has a market capitalization of $8.87 billion, a PE ratio of 14.21, a P/E/G ratio of 1.03 and a beta of 0.73. The company has a quick ratio of 1.69, a current ratio of 2.62 and a debt-to-equity ratio of 0.47. Ingredion Incorporated has a 52-week low of $111.54 and a 52-week high of $155.44. The stock's fifty day moving average price is $133.84 and its 200-day moving average price is $135.10.

Ingredion (NYSE:INGR - Get Free Report) last posted its quarterly earnings data 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. The firm had revenue of $1.81 billion during the quarter, compared to analysts' expectations of $1.84 billion. Ingredion had a return on equity of 18.62% and a net margin of 8.71%. The company's revenue for the quarter was down 3.7% compared to the same quarter last year. During the same period in the prior year, the business earned $2.08 EPS. As a group, research analysts expect that Ingredion Incorporated will post 11.14 earnings per share for the current year.

Ingredion Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 22nd. Shareholders of record on Tuesday, July 1st will be given a dividend of $0.80 per share. This represents a $3.20 dividend on an annualized basis and a yield of 2.32%. The ex-dividend date of this dividend is Tuesday, July 1st. Ingredion's payout ratio is currently 33.76%.

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.