Ancora Advisors LLC Raises Holdings in Ingevity Corporation $NGVT

Key Points

• Ancora Advisors LLC significantly increased its stake in Ingevity Corporation by 100.2%, owning 176,610 shares valued at approximately $6.99 million as of the latest SEC filing.
• Ingevity reported earnings of $1.39 per share, surpassing analyst expectations, but saw a 6.5% decline in revenue year-over-year to $365.10 million.
• Analysts are optimistic about Ingevity, with BMO Capital Markets raising its price target to $62.00 and a consensus rating of "Moderate Buy" among research firms.

Ancora Advisors LLC increased its stake in Ingevity Corporation (NYSE:NGVT - Free Report) by 100.2% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 176,610 shares of the company's stock after purchasing an additional 88,380 shares during the quarter. Ancora Advisors LLC owned about 0.48% of Ingevity worth $6,992,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. GAMMA Investing LLC raised its stake in shares of Ingevity by 119.1% during the 1st quarter. GAMMA Investing LLC now owns 1,137 shares of the company's stock valued at $45,000 after purchasing an additional 618 shares during the period. Teacher Retirement System of Texas increased its stake in Ingevity by 243.2% in the 1st quarter. Teacher Retirement System of Texas now owns 19,946 shares of the company's stock worth $790,000 after acquiring an additional 14,134 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in Ingevity by 8.6% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 701,755 shares of the company's stock worth $27,782,000 after acquiring an additional 55,488 shares during the last quarter. Deutsche Bank AG increased its stake in Ingevity by 53.3% in the 4th quarter. Deutsche Bank AG now owns 33,936 shares of the company's stock worth $1,383,000 after acquiring an additional 11,801 shares during the last quarter. Finally, Palisade Capital Management LP increased its stake in Ingevity by 6.8% in the 1st quarter. Palisade Capital Management LP now owns 511,059 shares of the company's stock worth $20,233,000 after acquiring an additional 32,511 shares during the last quarter. 91.59% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. Wells Fargo & Company upped their target price 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 upped their target price on Ingevity from $62.00 to $68.00 and gave the stock an "outperform" rating in a research note on Friday. Finally, Wall Street Zen upgraded 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 given a Hold rating to the company. According to MarketBeat.com, Ingevity presently has a consensus rating of "Moderate Buy" and a consensus target price of $58.00.

Ingevity Trading Up 1.4%

NGVT stock traded up $0.81 during trading on Friday, hitting $59.69. 213,784 shares of the company traded hands, compared to its average volume of 278,392. The firm has a market capitalization of $2.18 billion, a PE ratio of -10.03 and a beta of 1.44. Ingevity Corporation has a 1 year low of $28.49 and a 1 year high of $59.95. The company has a 50-day moving average of $50.19 and a 200-day moving average of $43.64. 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 (NYSE:NGVT - Get Free Report) last issued its earnings results on Monday, August 4th. The company reported $1.39 earnings per share for the quarter, beating the consensus estimate of $1.02 by $0.37. The company had revenue of $365.10 million during the quarter, compared to analysts' expectations of $378.70 million. Ingevity had a positive return on equity of 84.92% and a negative net margin of 16.35%.Ingevity's quarterly revenue was down 6.5% compared to the same quarter last year. During the same period in the prior year, the business posted $1.01 EPS. Ingevity has set its FY 2025 guidance at EPS. Analysts predict that Ingevity Corporation will post 4.45 earnings per share for the current fiscal year.

Ingevity 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.