Centric Wealth Management Makes New $1.59 Million Investment in Ingredion Incorporated (NYSE:INGR)

Centric Wealth Management purchased a new position in shares of Ingredion Incorporated (NYSE:INGR) during the fourth quarter, Holdings Channel reports. The fund purchased 14,374 shares of the company’s stock, valued at approximately $1,590,000.

A number of other large investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in shares of Ingredion by 2.3% in the third quarter. Vanguard Group Inc. now owns 7,345,630 shares of the company’s stock valued at $722,810,000 after acquiring an additional 161,922 shares in the last quarter. Equity Investment Corp raised its stake in shares of Ingredion by 1.4% in the third quarter. Equity Investment Corp now owns 908,776 shares of the company’s stock valued at $89,424,000 after acquiring an additional 12,427 shares in the last quarter. Nordea Investment Management AB raised its stake in shares of Ingredion by 73.0% in the third quarter. Nordea Investment Management AB now owns 752,456 shares of the company’s stock valued at $74,019,000 after acquiring an additional 317,509 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Ingredion by 1.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 659,532 shares of the company’s stock valued at $71,579,000 after acquiring an additional 8,159 shares in the last quarter. Finally, Shapiro Capital Management LLC raised its stake in shares of Ingredion by 6.9% in the third quarter. Shapiro Capital Management LLC now owns 564,405 shares of the company’s stock valued at $55,537,000 after acquiring an additional 36,530 shares in the last quarter. 85.27% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on INGR. The Goldman Sachs Group upgraded Ingredion from a “neutral” rating to a “buy” rating and increased their price objective for the company from $122.00 to $135.00 in a research note on Thursday, February 15th. StockNews.com upgraded Ingredion from a “buy” rating to a “strong-buy” rating in a research note on Friday, March 22nd. Stephens restated an “overweight” rating and issued a $130.00 price target on shares of Ingredion in a research note on Wednesday, February 7th. Finally, Barclays raised their price target on Ingredion from $115.00 to $122.00 and gave the company an “equal weight” rating in a research note on Wednesday, March 6th. Two equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $126.67.

Ingredion Stock Performance

Shares of NYSE INGR traded up $1.28 during midday trading on Wednesday, reaching $117.85. 427,674 shares of the company were exchanged, compared to its average volume of 380,061. The company has a current ratio of 1.92, a quick ratio of 1.10 and a debt-to-equity ratio of 0.49. Ingredion Incorporated has a 1 year low of $89.54 and a 1 year high of $118.83. The stock has a fifty day simple moving average of $115.24 and a 200 day simple moving average of $109.31. The stock has a market cap of $7.73 billion, a P/E ratio of 12.15, a PEG ratio of 1.08 and a beta of 0.81.

Ingredion (NYSE:INGR) last announced its quarterly earnings data on Tuesday, February 6th. The company reported $1.97 EPS for the quarter, beating analysts’ consensus estimates of $1.87 by $0.10. The firm had revenue of $1.92 billion during the quarter, compared to the consensus estimate of $2.07 billion. Ingredion had a net margin of 7.88% and a return on equity of 18.57%. The firm’s revenue was down 3.3% compared to the same quarter last year. During the same quarter last year, the firm earned $1.65 earnings per share. On average, research analysts forecast that Ingredion Incorporated will post 9.62 earnings per share for the current fiscal year.

Ingredion Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 23rd. Investors of record on Monday, April 1st were given a $0.78 dividend. The ex-dividend date of this dividend was Thursday, March 28th. This represents a $3.12 dividend on an annualized basis and a yield of 2.65%. Ingredion’s payout ratio is currently 32.50%.

Insider Activity at Ingredion

In related news, VP Davida Marie Gable sold 1,968 shares of the firm’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $117.38, for a total value of $231,003.84. Following the completion of the sale, the vice president now owns 1,723 shares in the company, valued at $202,245.74. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, CEO James P. Zallie sold 54,581 shares of the business’s stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $117.24, for a total transaction of $6,399,076.44. Following the sale, the chief executive officer now owns 99,246 shares of the company’s stock, valued at approximately $11,635,601.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Davida Marie Gable sold 1,968 shares of the business’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $117.38, for a total value of $231,003.84. Following the sale, the vice president now directly owns 1,723 shares in the company, valued at approximately $202,245.74. The disclosure for this sale can be found here. Insiders sold a total of 58,921 shares of company stock worth $6,903,045 over the last 90 days. Company insiders own 1.80% of the company’s stock.

Ingredion Company 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.