OLD National Bancorp IN Invests $961,000 in Ingredion Incorporated (NYSE:INGR)

OLD National Bancorp IN purchased a new stake in shares of Ingredion Incorporated (NYSE:INGR - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 7,106 shares of the company's stock, valued at approximately $961,000.

A number of other large investors have also made changes to their positions in INGR. BOK Financial Private Wealth Inc. bought a new stake in shares of Ingredion during the 4th quarter valued at about $25,000. Mitsubishi UFJ Asset Management Co. Ltd. grew its stake 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 purchasing an additional 196 shares during the period. Ameriflex Group Inc. bought a new stake in shares of Ingredion during the 4th quarter valued at about $33,000. EverSource Wealth Advisors LLC grew its stake in shares of Ingredion by 32.4% during the 4th quarter. EverSource Wealth Advisors LLC now owns 323 shares of the company's stock valued at $44,000 after purchasing an additional 79 shares during the period. Finally, Millstone Evans Group LLC bought a new stake in shares of Ingredion during the 4th quarter valued at about $55,000. 85.27% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on INGR. Wall Street Zen upgraded 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 objective on Ingredion in a research note on Tuesday, April 22nd. Finally, Oppenheimer cut their price objective on 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 assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, Ingredion presently has a consensus rating of "Moderate Buy" and a consensus target price of $152.20.

Insiders Place Their Bets

In other news, SVP Larry Fernandes sold 2,400 shares of the company's stock in a transaction that occurred on Wednesday, May 7th. The stock was 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. This represents a 6.98% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 2.30% of the stock is currently owned by corporate insiders.

Ingredion Price Performance

INGR stock traded down $1.22 during midday trading on Friday, hitting $138.22. The company's stock had a trading volume of 387,832 shares, compared to its average volume of 474,314. Ingredion Incorporated has a 12 month low of $111.54 and a 12 month high of $155.44. 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 firm has a market capitalization of $8.89 billion, a price-to-earnings ratio of 14.23, a price-to-earnings-growth ratio of 1.03 and a beta of 0.73. The company has a 50 day moving average of $134.39 and a two-hundred day moving average of $134.92.

Ingredion (NYSE:INGR - Get Free Report) last posted its quarterly earnings results on Tuesday, May 6th. The company reported $2.97 earnings per share for the quarter, topping the consensus estimate of $2.44 by $0.53. Ingredion had a return on equity of 18.62% and a net margin of 8.71%. The business had revenue of $1.81 billion during the quarter, compared to the consensus estimate of $1.84 billion. During the same period in the prior year, the company posted $2.08 EPS. The firm's revenue for the quarter was down 3.7% compared to the same quarter last year. On average, analysts expect that Ingredion Incorporated will post 11.14 EPS 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 paid a $0.80 dividend. The ex-dividend date of this dividend is Tuesday, July 1st. This represents a $3.20 annualized dividend and a yield of 2.32%. Ingredion's payout ratio is 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.