Moran Wealth Management LLC Increases Position in Ingredion Incorporated (NYSE:INGR)

Moran Wealth Management LLC grew its holdings in shares of Ingredion Incorporated (NYSE:INGR - Free Report) by 3,117.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 48,584 shares of the company's stock after buying an additional 47,074 shares during the quarter. Moran Wealth Management LLC owned 0.08% of Ingredion worth $6,569,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in INGR. Norges Bank purchased a new stake in Ingredion in the 4th quarter worth about $96,012,000. Assetmark Inc. increased its position in shares of Ingredion by 38,341.7% during the fourth quarter. Assetmark Inc. now owns 509,352 shares of the company's stock worth $70,067,000 after acquiring an additional 508,027 shares during the period. Caisse DE Depot ET Placement DU Quebec raised its stake in shares of Ingredion by 327.2% during the fourth quarter. Caisse DE Depot ET Placement DU Quebec now owns 531,413 shares of the company's stock valued at $73,101,000 after acquiring an additional 407,027 shares in the last quarter. Prudential Financial Inc. raised its stake in shares of Ingredion by 93.2% during 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 in the last quarter. Finally, Fuller & Thaler Asset Management Inc. raised its stake in shares of Ingredion by 536.6% during the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 361,153 shares of the company's stock valued at $49,680,000 after acquiring an additional 304,421 shares in the last quarter. 85.27% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on INGR. Wall Street Zen raised shares of Ingredion from a "buy" rating to a "strong-buy" rating in a research note on Sunday, June 8th. UBS Group set a $155.00 price target on shares of Ingredion in a research note on Tuesday, April 22nd. Finally, Oppenheimer decreased their price target on shares of Ingredion from $167.00 to $155.00 and set an "outperform" rating for the company in a research note 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 given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $152.20.

Ingredion Stock Up 0.3%

INGR stock traded up $0.43 during trading on Friday, hitting $135.82. 642,943 shares of the company's stock traded hands, compared to its average volume of 472,290. The firm has a market capitalization of $8.73 billion, a P/E ratio of 14.33, a PEG ratio of 1.09 and a beta of 0.73. The business has a fifty day simple moving average of $136.36 and a two-hundred day simple moving average of $134.09. The company has a quick ratio of 1.86, a current ratio of 2.85 and a debt-to-equity ratio of 0.44. Ingredion Incorporated has a 1 year low of $111.54 and a 1 year high of $155.44.

Ingredion (NYSE:INGR - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The company reported $2.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.44 by $0.53. Ingredion had a net margin of 8.53% and a return on equity of 19.75%. The business had revenue of $1.81 billion for the quarter, compared to analyst estimates of $1.84 billion. During the same period in the previous year, the company earned $2.08 earnings per share. The business's revenue for the quarter was down 3.7% on a year-over-year basis. Sell-side analysts anticipate that Ingredion Incorporated will post 11.14 EPS for the current year.

Ingredion Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 22nd. Shareholders of record on Tuesday, July 1st will be issued a $0.80 dividend. This represents a $3.20 annualized dividend and a yield of 2.36%. The ex-dividend date of this dividend is Tuesday, July 1st. Ingredion's dividend payout ratio is currently 33.76%.

Insiders Place Their Bets

In other news, SVP Larry Fernandes sold 2,400 shares of the business's stock in a transaction 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 sale, the senior vice president now directly owns 31,996 shares of the company's stock, valued at $4,345,696.72. The trade was a 6.98% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate 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.