Invenomic Capital Management LP Purchases Shares of 68,059 Ingevity Co. (NYSE:NGVT)

Invenomic Capital Management LP bought a new position in shares of Ingevity Co. (NYSE:NGVT) in the fourth quarter, HoldingsChannel reports. The institutional investor bought 68,059 shares of the company’s stock, valued at approximately $2,773,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Wellington Management Group LLP increased its holdings in shares of Ingevity by 5.4% during the fourth quarter. Wellington Management Group LLP now owns 2,239,970 shares of the company’s stock worth $91,279,000 after purchasing an additional 115,581 shares during the period. American Century Companies Inc. lifted its holdings in Ingevity by 37.7% in the fourth quarter. American Century Companies Inc. now owns 1,457,365 shares of the company’s stock valued at $59,388,000 after buying an additional 398,800 shares during the period. Segall Bryant & Hamill LLC raised its holdings in shares of Ingevity by 8.6% during the fourth quarter. Segall Bryant & Hamill LLC now owns 1,287,281 shares of the company’s stock valued at $52,457,000 after purchasing an additional 101,866 shares during the period. Royce & Associates LP raised its holdings in shares of Ingevity by 22.4% in the 4th quarter. Royce & Associates LP now owns 1,142,598 shares of the company’s stock worth $46,561,000 after acquiring an additional 208,921 shares during the last quarter. Finally, Brown Advisory Inc. raised its holdings in shares of Ingevity by 23.6% in the 4th quarter. Brown Advisory Inc. now owns 928,220 shares of the company’s stock worth $37,825,000 after acquiring an additional 177,289 shares during the last quarter. 91.59% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

NGVT has been the subject of a number of research reports. Wells Fargo & Company increased their target price on shares of Ingevity from $32.00 to $38.00 and gave the company an “equal weight” rating in a research report on Wednesday, May 7th. BMO Capital Markets upgraded shares of Ingevity from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $62.00 to $65.00 in a research report on Wednesday, February 26th. Finally, StockNews.com lowered shares of Ingevity from a “buy” rating to a “hold” rating in a report on Saturday, April 12th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $52.75.

Ingevity Stock Up 0.4%

NGVT stock opened at $40.46 on Monday. The stock has a market capitalization of $1.47 billion, a PE ratio of -3.42 and a beta of 1.31. Ingevity Co. has a 52 week low of $28.49 and a 52 week high of $56.28. The company has a quick ratio of 1.04, a current ratio of 1.87 and a debt-to-equity ratio of 6.86. The firm has a 50 day moving average of $37.49 and a 200 day moving average of $41.97.

Ingevity (NYSE:NGVT) last announced its quarterly earnings data on Wednesday, May 7th. The company reported $0.99 EPS for the quarter, beating the consensus estimate of $0.74 by $0.25. Ingevity had a negative net margin of 30.60% and a positive return on equity of 41.44%. The business had revenue of $284.00 million during the quarter, compared to analysts’ expectations of $299.13 million. During the same period in the previous year, the business posted $0.47 EPS. The business’s quarterly revenue was down 16.5% compared to the same quarter last year. Sell-side analysts forecast that Ingevity Co. will post 4.45 earnings per share for the current year.

About Ingevity

Ingevity Corporation manufactures and sells activated carbon products, derivative specialty chemicals, and engineered polymers in North America, the Asia Pacific, Europe, the Middle East, Africa, and South America. It operates through three segments: Performance Materials, Performance Chemicals, and Advanced Polymer Technologies.