Aristeia Capital L.L.C. Buys Shares of 8,756 Ingevity Corporation $NGVT

Key Points

• Aristeia Capital L.L.C. acquired a new position in Ingevity Corporation, purchasing 8,756 shares valued at approximately $347,000.
• Analysts have shown increasing confidence in Ingevity, with Wells Fargo raising its target price from $38.00 to $48.00 and BMO Capital Markets lifting theirs from $62.00 to $68.00.
• Ingevity's recent earnings report revealed an EPS of $1.39, outperforming estimates, but revenue fell short of expectations at $365.10 million, marking a 6.5% decline year-over-year.

Aristeia Capital L.L.C. purchased a new position in shares of Ingevity Corporation (NYSE:NGVT - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 8,756 shares of the company's stock, valued at approximately $347,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. GAMMA Investing LLC increased its stake in Ingevity by 119.1% during the 1st quarter. GAMMA Investing LLC now owns 1,137 shares of the company's stock worth $45,000 after buying an additional 618 shares during the period. BI Asset Management Fondsmaeglerselskab A S increased its stake in Ingevity by 21.6% during the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 1,670 shares of the company's stock worth $66,000 after buying an additional 297 shares during the period. Optimist Retirement Group LLC purchased a new stake in Ingevity during the 1st quarter worth $246,000. Balyasny Asset Management L.P. purchased a new stake in Ingevity during the 4th quarter worth $302,000. Finally, Wealth Enhancement Advisory Services LLC increased its stake in Ingevity by 28.8% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 7,674 shares of the company's stock worth $313,000 after buying an additional 1,717 shares during the period. Hedge funds and other institutional investors own 91.59% of the company's stock.

Ingevity Stock Down 1.2%

Shares of NGVT traded down $0.69 during midday trading on Friday, hitting $58.09. The company had a trading volume of 172,020 shares, compared to its average volume of 252,237. The company has a quick ratio of 0.80, a current ratio of 1.36 and a debt-to-equity ratio of 10.24. Ingevity Corporation has a 52 week low of $28.49 and a 52 week high of $60.77. The company's 50 day moving average price is $51.50 and its 200 day moving average price is $44.08. The stock has a market cap of $2.12 billion, a price-to-earnings ratio of -9.76 and a beta of 1.44.

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

Analysts Set New Price Targets

Several research firms recently issued reports on NGVT. Wall Street Zen raised shares of Ingevity from a "buy" rating to a "strong-buy" rating in a research note on Saturday, August 9th. Wells Fargo & Company boosted their target price on shares of Ingevity from $38.00 to $48.00 and gave the stock an "equal weight" rating in a research report on Monday, July 14th. Finally, BMO Capital Markets boosted their target price on shares of Ingevity from $62.00 to $68.00 and gave the stock an "outperform" rating in a research report on Friday, September 5th. One equities research analyst has rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $58.00.

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.