Cubist Systematic Strategies LLC Buys New Position in Ingevity Corporation $NGVT

Key Points

• Cubist Systematic Strategies LLC acquired 17,584 shares of Ingevity Corporation for approximately $696,000 during the first quarter, indicating growing institutional interest in the company.
• Ingevity's stock is currently valued at $58.77 with a market capitalization of $2.14 billion, and the company recently reported earnings per share of $1.39 for the last quarter, surpassing analyst expectations.
• Several analysts have raised their price targets for Ingevity, with BMO Capital Markets setting a target of $68.00 and Wells Fargo increasing theirs to $48.00, showcasing positive sentiment among researchers.

Cubist Systematic Strategies LLC acquired a new stake in shares of Ingevity Corporation (NYSE:NGVT - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 17,584 shares of the company's stock, valued at approximately $696,000.

A number of other large investors have also made changes to their positions in the stock. Vision One Management Partners LP boosted its stake in Ingevity by 265.0% in the 4th quarter. Vision One Management Partners LP now owns 410,678 shares of the company's stock worth $16,735,000 after buying an additional 298,157 shares during the last quarter. Simcoe Capital Management LLC acquired a new stake in Ingevity in the 1st quarter worth about $8,568,000. Wellington Management Group LLP boosted its stake in Ingevity by 5.4% in the 4th quarter. Wellington Management Group LLP now owns 2,239,970 shares of the company's stock worth $91,279,000 after buying an additional 115,581 shares during the last quarter. Nuveen LLC acquired a new stake in Ingevity in the 1st quarter worth about $4,228,000. Finally, Russell Investments Group Ltd. boosted its stake in Ingevity by 46.7% in the 1st quarter. Russell Investments Group Ltd. now owns 238,331 shares of the company's stock worth $9,436,000 after buying an additional 75,880 shares during the last quarter. Institutional investors and hedge funds own 91.59% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. Wells Fargo & Company raised their price target on Ingevity from $38.00 to $48.00 and gave the stock an "equal weight" rating in a research note on Monday, July 14th. BMO Capital Markets raised their price target on Ingevity from $62.00 to $68.00 and gave the stock an "outperform" rating in a research note on Friday, September 5th. Finally, Wall Street Zen raised Ingevity from a "buy" rating to a "strong-buy" rating in a research note on Saturday, August 9th. One equities research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $58.00.

Ingevity Stock Up 0.9%

Shares of NYSE:NGVT traded up $0.50 during mid-day trading on Monday, hitting $58.65. 142,833 shares of the company traded hands, compared to its average volume of 249,115. The firm has a market cap of $2.14 billion, a P/E ratio of -9.86 and a beta of 1.44. The company has a debt-to-equity ratio of 10.24, a quick ratio of 0.80 and a current ratio of 1.36. Ingevity Corporation has a 52-week low of $28.49 and a 52-week high of $60.77. The firm's 50 day simple moving average is $51.77 and its 200 day simple moving average is $44.10.

Ingevity (NYSE:NGVT - Get Free Report) last announced its earnings results on Monday, August 4th. The company reported $1.39 EPS for the quarter, beating the consensus estimate of $1.02 by $0.37. The business had revenue of $365.10 million for the quarter, compared to the consensus estimate of $378.70 million. Ingevity had a positive return on equity of 84.92% and a negative net margin of 16.35%.The company's revenue was down 6.5% on a year-over-year basis. During the same period last year, the business posted $1.01 EPS. Ingevity has set its FY 2025 guidance at EPS. On average, equities analysts anticipate that Ingevity Corporation will post 4.45 EPS for the current year.

Ingevity Company Profile

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.