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

Bangor Savings Bank boosted its stake in shares of Ingredion Incorporated (NYSE:INGR - Free Report) by 4,413.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,513 shares of the company's stock after purchasing an additional 4,413 shares during the quarter. Bangor Savings Bank's holdings in Ingredion were worth $610,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the stock. BOK Financial Private Wealth Inc. acquired a new stake in Ingredion during the fourth quarter worth $25,000. Migdal Insurance & Financial Holdings Ltd. bought a new position in shares of Ingredion during the 4th quarter worth about $27,000. Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in shares of Ingredion by 653.3% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 226 shares of the company's stock valued at $31,000 after acquiring an additional 196 shares in the last quarter. Ameriflex Group Inc. bought a new stake in Ingredion in the fourth quarter valued at about $33,000. Finally, EverSource Wealth Advisors LLC raised its position in Ingredion by 32.4% in the fourth quarter. EverSource Wealth Advisors LLC now owns 323 shares of the company's stock worth $44,000 after purchasing an additional 79 shares in the last quarter. 85.27% of the stock is owned by institutional investors.

Insider Activity

In related news, SVP Larry Fernandes sold 2,400 shares of the business's stock in a transaction that occurred on 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 transaction, the senior vice president now owns 31,996 shares in the company, valued at approximately $4,345,696.72. The trade was a 6.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 2.30% of the company's stock.

Ingredion Price Performance

INGR traded down $0.76 during trading on Wednesday, hitting $138.24. The company's stock had a trading volume of 544,047 shares, compared to its average volume of 473,620. 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 price-to-earnings ratio of 14.24, a price-to-earnings-growth ratio of 1.03 and a beta of 0.73. The firm's 50 day moving average price is $133.95 and its two-hundred day moving average price is $134.96. Ingredion Incorporated has a 12 month low of $111.54 and a 12 month high of $155.44.

Ingredion (NYSE:INGR - Get Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The company reported $2.97 EPS for the quarter, topping analysts' consensus estimates of $2.44 by $0.53. The firm had revenue of $1.81 billion for the quarter, compared to analyst estimates of $1.84 billion. Ingredion had a net margin of 8.71% and a return on equity of 18.62%. The company's revenue was down 3.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.08 EPS. Sell-side analysts forecast that Ingredion Incorporated will post 11.14 earnings per share for the current fiscal year.

Ingredion Announces Dividend

The firm also recently announced 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. The ex-dividend date of this dividend is Tuesday, July 1st. This represents a $3.20 dividend on an annualized basis and a yield of 2.31%. Ingredion's payout ratio is presently 33.76%.

Analyst Ratings Changes

INGR has been the topic of several analyst reports. UBS Group set a $155.00 price objective on Ingredion in a research note on Tuesday, April 22nd. Wall Street Zen upgraded Ingredion from a "buy" rating to a "strong-buy" rating in a research report on Sunday. Finally, Oppenheimer cut their price objective on Ingredion from $167.00 to $155.00 and set an "outperform" rating for the company in a report on Tuesday, April 22nd. Three equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, Ingredion currently has a consensus rating of "Moderate Buy" and an average price target of $152.20.

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.