Heritage Oak Wealth Advisors LLC Purchases New Position in Ingredion Incorporated (NYSE:INGR)

25 Oct 2024, 11:50 by Amy Steele · The Cerbat Gem

Heritage Oak Wealth Advisors LLC purchased a new stake in Ingredion Incorporated (NYSE:INGR – Free Report) in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 2,420 shares of the company’s stock, valued at approximately $333,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in INGR. Thurston Springer Miller Herd & Titak Inc. purchased a new position in shares of Ingredion during the second quarter worth approximately $26,000. EverSource Wealth Advisors LLC raised its position in 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. Point72 Asia Singapore Pte. Ltd. bought a new stake in Ingredion in the second quarter worth $33,000. Family Firm Inc. purchased a new stake in Ingredion during the second quarter valued at about $36,000. Finally, International Assets Investment Management LLC bought a new position in shares of Ingredion during the second quarter valued at about $36,000. 85.27% of the stock is currently owned by institutional investors.

Ingredion Stock Performance

INGR traded up $0.33 during trading on Friday, hitting $135.92. The company’s stock had a trading volume of 30,828 shares, compared to its average volume of 371,526. Ingredion Incorporated has a one year low of $91.60 and a one year high of $138.37. The business’s 50 day simple moving average is $134.52 and its 200-day simple moving average is $123.22. The company has a quick ratio of 1.51, a current ratio of 2.52 and a debt-to-equity ratio of 0.47. The firm has a market cap of $8.92 billion, a PE ratio of 13.58, a P/E/G ratio of 1.22 and a beta of 0.72.

Ingredion (NYSE:INGR – Get Free Report) last released its earnings results on Tuesday, August 6th. The company reported $2.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.53 by $0.34. The company had revenue of $1.88 billion during 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 firm’s quarterly revenue was down 9.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.32 EPS. As a group, sell-side analysts predict that Ingredion Incorporated will post 9.95 EPS for the current fiscal year.

Ingredion Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 22nd. Shareholders of record on Tuesday, October 1st were paid a $0.80 dividend. This represents a $3.20 dividend on an annualized basis and a yield of 2.35%. The ex-dividend date was Tuesday, October 1st. This is a positive change from Ingredion’s previous quarterly dividend of $0.78. Ingredion’s dividend payout ratio is presently 32.06%.

Insider Activity

In other news, CEO James P. Zallie sold 1,000 shares of the firm’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $134.02, for a total transaction of $134,020.00. Following the completion of the transaction, the chief executive officer now owns 52,530 shares in the company, valued at $7,040,070.60. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other Ingredion news, SVP Robert A. Ritchie sold 1,195 shares of the company’s stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $125.00, for a total transaction of $149,375.00. Following the completion of the sale, the senior vice president now owns 15,906 shares in the company, valued at $1,988,250. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO James P. Zallie sold 1,000 shares of the business’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $134.02, for a total value of $134,020.00. Following the completion of the transaction, the chief executive officer now directly owns 52,530 shares of the company’s stock, valued at approximately $7,040,070.60. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 26,551 shares of company stock worth $3,550,084 over the last ninety days. Corporate insiders own 1.80% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. BMO Capital Markets increased their target price on Ingredion from $120.00 to $128.00 and gave the company a “market perform” rating in a report on Wednesday, August 7th. Barclays raised Ingredion from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $122.00 to $145.00 in a research note on Friday, August 9th. Oppenheimer increased their price target on shares of Ingredion from $138.00 to $147.00 and gave the company an “outperform” rating in a research report on Monday. UBS Group lifted their target price on shares of Ingredion from $141.00 to $148.00 and gave the company a “buy” rating in a research note on Thursday, August 15th. Finally, StockNews.com lowered shares of Ingredion from a “strong-buy” rating to a “buy” rating in a report on Wednesday, August 7th. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, Ingredion has a consensus rating of “Moderate Buy” and an average price target of $138.83.

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