OLD National Bancorp IN Acquires Shares of 7,106 Ingredion Incorporated (NYSE:INGR)

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

Other hedge funds have also recently added to or reduced their stakes in the company. Bank of New Hampshire increased its holdings in Ingredion by 2.0% in the 1st quarter. Bank of New Hampshire now owns 17,036 shares of the company's stock worth $2,303,000 after purchasing an additional 330 shares in the last quarter. UMB Bank n.a. grew its stake in Ingredion by 172.9% during the first quarter. UMB Bank n.a. now owns 573 shares of the company's stock worth $77,000 after purchasing an additional 363 shares during the period. Vest Financial LLC acquired a new stake in shares of Ingredion during the 1st quarter worth approximately $2,501,000. Hennion & Walsh Asset Management Inc. boosted its position in shares of Ingredion by 14.5% during the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 6,041 shares of the company's stock worth $817,000 after purchasing an additional 766 shares in the last quarter. Finally, Whipplewood Advisors LLC increased its holdings in shares of Ingredion by 737.3% during the first quarter. Whipplewood Advisors LLC now owns 427 shares of the company's stock valued at $58,000 after acquiring an additional 376 shares in the last quarter. Institutional investors own 85.27% of the company's stock.

Ingredion Trading Down 0.5%

NYSE:INGR traded down $0.76 during midday trading on Wednesday, hitting $138.24. 568,939 shares of the company traded hands, compared to its average volume of 474,251. The firm's fifty day moving average is $134.10 and its 200-day moving average is $134.98. The firm has a market capitalization of $8.89 billion, a P/E ratio of 14.24, a P/E/G ratio of 1.03 and a beta of 0.73. The company has a current ratio of 2.62, a quick ratio of 1.69 and a debt-to-equity ratio of 0.47. 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 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 analysts' expectations of $1.84 billion. During the same period in the prior year, the business earned $2.08 EPS. The business's revenue for the quarter was down 3.7% compared to the same quarter last year. On average, sell-side analysts predict that Ingredion Incorporated will post 11.14 EPS for the current year.

Ingredion Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 22nd. Investors of record on Tuesday, July 1st will be given a dividend of $0.80 per share. This represents a $3.20 annualized dividend and a yield of 2.31%. The ex-dividend date is Tuesday, July 1st. Ingredion's dividend payout ratio is currently 33.76%.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on INGR. UBS Group set a $155.00 target price on shares of Ingredion in a research note on Tuesday, April 22nd. Oppenheimer lowered their target price on shares of Ingredion from $167.00 to $155.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 22nd. Finally, Wall Street Zen raised Ingredion from a "buy" rating to a "strong-buy" rating in a report on Sunday. Three investment 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 company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $152.20.

Insider Activity

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