NewEdge Wealth LLC Grows Position in Ingredion Incorporated (NYSE:INGR)

Key Points

• NewEdge Wealth LLC increased its stake in Ingredion Incorporated by 5.5%, owning 156,836 shares valued at approximately $21.2 million as of the latest SEC filing.
• A number of large investors have also increased their holdings in Ingredion, with Allianz Asset Management having the most significant growth at 42.9%, now owning over 1.2 million shares.
• Ingredion's stocks have dipped 3.9%, currently trading at $126.40, while the company reported earnings per share of $2.87, surpassing expectations.

NewEdge Wealth LLC raised its holdings in shares of Ingredion Incorporated (NYSE:INGR - Free Report) by 5.5% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 156,836 shares of the company's stock after buying an additional 8,141 shares during the quarter. NewEdge Wealth LLC owned about 0.24% of Ingredion worth $21,206,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of the business. Massachusetts Financial Services Co. MA grew its holdings in shares of Ingredion by 1.9% in the first quarter. Massachusetts Financial Services Co. MA now owns 1,218,628 shares of the company's stock valued at $164,771,000 after purchasing an additional 22,333 shares during the period. Allianz Asset Management GmbH grew its holdings in shares of Ingredion by 42.9% in the first quarter. Allianz Asset Management GmbH now owns 1,204,347 shares of the company's stock valued at $162,840,000 after purchasing an additional 361,584 shares during the period. Geode Capital Management LLC grew its holdings in shares of Ingredion by 1.3% in the fourth quarter. Geode Capital Management LLC now owns 1,182,434 shares of the company's stock valued at $162,703,000 after purchasing an additional 14,741 shares during the period. Invesco Ltd. grew its holdings in shares of Ingredion by 5.7% in the fourth quarter. Invesco Ltd. now owns 870,317 shares of the company's stock valued at $119,721,000 after purchasing an additional 46,819 shares during the period. Finally, Bank of New York Mellon Corp grew its holdings in shares of Ingredion by 6.7% in the first quarter. Bank of New York Mellon Corp now owns 727,365 shares of the company's stock valued at $98,347,000 after purchasing an additional 45,631 shares during the period. 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 a number of analyst reports. Wall Street Zen raised shares of Ingredion from a "buy" rating to a "strong-buy" rating in a report on Sunday, June 8th. UBS Group upped their target price on shares of Ingredion from $149.00 to $151.00 and gave the company a "neutral" rating in a research report on Wednesday, July 9th. Finally, Oppenheimer decreased their target price on shares of Ingredion from $167.00 to $155.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 22nd. Three analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Ingredion currently has a consensus rating of "Moderate Buy" and an average price target of $151.40.

Insider Buying and Selling at Ingredion

In related news, SVP Larry Fernandes sold 2,400 shares of the company'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 sale, the senior vice president directly owned 31,996 shares in the company, valued at approximately $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 Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 2.30% of the company's stock.

Ingredion Stock Down 3.9%

Shares of INGR opened at $126.40 on Friday. The stock has a market capitalization of $8.13 billion, a PE ratio of 12.33, a P/E/G ratio of 1.01 and a beta of 0.71. Ingredion Incorporated has a 1 year low of $118.85 and a 1 year high of $155.44. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.86 and a current ratio of 2.85. The company's 50-day simple moving average is $136.12 and its 200-day simple moving average is $133.59.

Ingredion (NYSE:INGR - Get Free Report) last issued its quarterly earnings results on Friday, August 1st. The company reported $2.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.78 by $0.09. The business had revenue of $1.83 billion for the quarter, compared to analysts' expectations of $1.89 billion. Ingredion had a net margin of 8.53% and a return on equity of 19.75%. The business's quarterly revenue was down 2.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.87 earnings per share. Analysts forecast that Ingredion Incorporated will post 11.14 earnings per share for the current fiscal year.

Ingredion Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 22nd. Investors of record on Tuesday, July 1st were paid a dividend of $0.80 per share. This represents a $3.20 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date was Tuesday, July 1st. Ingredion's dividend payout ratio is presently 33.76%.

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.

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