Legacy Capital Wealth Partners LLC Acquires New Holdings in Ingredion Incorporated (NYSE:INGR)

Legacy Capital Wealth Partners LLC bought a new position in shares of Ingredion Incorporated (NYSE:INGR) during the second quarter, HoldingsChannel reports. The fund bought 4,042 shares of the company’s stock, valued at approximately $464,000.

Several other institutional investors also recently modified their holdings of INGR. EverSource Wealth Advisors LLC lifted its position in shares of Ingredion by 102.6% in the 1st quarter. EverSource Wealth Advisors LLC now owns 233 shares of the company’s stock worth $27,000 after purchasing an additional 118 shares during the period. Patrick M Sweeney & Associates Inc. boosted its position in Ingredion by 6.3% during the first quarter. Patrick M Sweeney & Associates Inc. now owns 2,178 shares of the company’s stock valued at $255,000 after acquiring an additional 130 shares during the last quarter. STAR Financial Bank boosted its position in Ingredion by 3.8% during the fourth quarter. STAR Financial Bank now owns 3,581 shares of the company’s stock valued at $389,000 after acquiring an additional 132 shares during the last quarter. Signaturefd LLC grew its holdings in Ingredion by 10.4% during the 2nd quarter. Signaturefd LLC now owns 1,485 shares of the company’s stock worth $170,000 after acquiring an additional 140 shares during the period. Finally, Assenagon Asset Management S.A. raised its position in shares of Ingredion by 0.9% in the 1st quarter. Assenagon Asset Management S.A. now owns 17,806 shares of the company’s stock worth $2,081,000 after acquiring an additional 154 shares in the last quarter. 85.27% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Ingredion news, CEO James P. Zallie sold 22,550 shares of the firm’s stock in a transaction on Friday, August 30th. The stock was sold at an average price of $134.14, for a total transaction of $3,024,857.00. Following the transaction, the chief executive officer now directly owns 52,530 shares in the company, valued at approximately $7,046,374.20. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, CEO James P. Zallie sold 1,300 shares of the business’s stock in a transaction that occurred on Wednesday, August 28th. The stock was sold at an average price of $134.03, for a total value of $174,239.00. Following the transaction, the chief executive officer now owns 52,530 shares in the company, valued at approximately $7,040,595.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO James P. Zallie sold 22,550 shares of the stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $134.14, for a total value of $3,024,857.00. Following the sale, the chief executive officer now directly owns 52,530 shares of the company’s stock, valued at $7,046,374.20. The disclosure for this sale can be found here. Insiders have sold 26,045 shares of company stock worth $3,482,491 over the last 90 days. 1.80% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Barclays raised Ingredion from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $122.00 to $145.00 in a research note on Friday, August 9th. Oppenheimer raised their price objective on shares of Ingredion from $126.00 to $138.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 7th. BMO Capital Markets boosted their target price on shares of Ingredion from $120.00 to $128.00 and gave the company a “market perform” rating in a research report on Wednesday, August 7th. UBS Group increased their target price on shares of Ingredion from $141.00 to $148.00 and gave the stock a “buy” rating in a research note on Thursday, August 15th. Finally, StockNews.com downgraded shares of Ingredion from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, August 7th. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $137.33.

Ingredion Stock Performance

NYSE INGR opened at $134.25 on Wednesday. The company has a market cap of $8.81 billion, a P/E ratio of 13.45, a PEG ratio of 1.23 and a beta of 0.72. The company has a fifty day simple moving average of $123.15 and a 200 day simple moving average of $118.41. The company has a current ratio of 2.52, a quick ratio of 1.51 and a debt-to-equity ratio of 0.47. Ingredion Incorporated has a 12-month low of $89.54 and a 12-month high of $135.14.

Ingredion (NYSE:INGR) last released its quarterly earnings data on Tuesday, August 6th. The company reported $2.87 earnings per share for the quarter, beating analysts’ consensus estimates of $2.53 by $0.34. The firm had revenue of $1.88 billion for the quarter, compared to analyst estimates of $1.98 billion. Ingredion had a net margin of 8.47% and a return on equity of 17.18%. The business’s quarterly revenue was down 9.2% compared to the same quarter last year. During the same period last year, the firm earned $2.32 earnings per share. Sell-side analysts predict that Ingredion Incorporated will post 9.95 earnings per share for the current fiscal year.

Ingredion Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 22nd. Shareholders of record on Tuesday, October 1st will be issued a dividend of $0.80 per share. This is a positive change from Ingredion’s previous quarterly dividend of $0.78. This represents a $3.20 dividend on an annualized basis and a yield of 2.38%. The ex-dividend date of this dividend is Tuesday, October 1st. Ingredion’s payout ratio is currently 32.06%.

Ingredion Profile

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.