Bank of America Corp DE Acquires New Position in Ingevity Corporation $NGVT

Key Points

• Bank of America acquired a new 316,438-share stake in Ingevity during the second quarter, valued at approximately $23.6 million and representing about 0.92% of the company. Institutional investors collectively own 91.59% of Ingevity.
• Ingevity insiders sold 17,801 shares worth roughly $1.35 million over the past three months, including sales by CEO David H. Li and SVP Ryan C. Fisher.
• The company exceeded quarterly earnings expectations, reporting $1.74 in EPS versus the $1.33 consensus and $314.1 million in revenue. Analysts maintain a consensus “Hold” rating with an $80 price target, compared with a share price of $71.65.

Bank of America Corp DE purchased a new stake in Ingevity Corporation (NYSE:NGVT - Free Report) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 316,438 shares of the company's stock, valued at approximately $23,628,000. Bank of America Corp DE owned approximately 0.92% of Ingevity at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Frazier Financial Advisors LLC acquired a new position in Ingevity in the 2nd quarter valued at about $37,000. Global Retirement Partners LLC acquired a new position in Ingevity in the second quarter valued at approximately $45,000. Harbor Investment Advisory LLC acquired a new position in Ingevity in the second quarter valued at approximately $71,000. Assetmark Inc. grew its position in Ingevity by 9.6% in the first quarter. Assetmark Inc. now owns 1,584 shares of the company's stock worth $113,000 after acquiring an additional 139 shares during the period. Finally, Freestone Grove Partners LP purchased a new position in Ingevity in the second quarter worth approximately $152,000. Institutional investors and hedge funds own 91.59% of the company's stock.

Insider Transactions at Ingevity

In related news, SVP Ryan C. Fisher sold 2,709 shares of the firm's stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $73.72, for a total value of $199,707.48. Following the sale, the senior vice president owned 15,722 shares of the company's stock, valued at $1,159,025.84. This trade represents a 14.70% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO David H. Li sold 5,000 shares of Ingevity stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $75.83, for a total transaction of $379,150.00. Following the completion of the transaction, the chief executive officer owned 120,636 shares of the company's stock, valued at $9,147,827.88. This represents a 3.98% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 17,801 shares of company stock valued at $1,347,481. Corporate insiders own 0.88% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have commented on NGVT. Weiss Ratings upgraded Ingevity from a "sell (d-)" rating to a "hold (c-)" rating in a research report on Friday, July 31st. Wall Street Zen cut Ingevity from a "strong-buy" rating to a "buy" rating in a report on Saturday, August 1st. Two research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, Ingevity presently has a consensus rating of "Hold" and a consensus target price of $80.00.

Ingevity Price Performance

Shares of NGVT opened at $71.65 on Thursday. The company has a market cap of $2.46 billion, a P/E ratio of 48.74 and a beta of 1.17. Ingevity Corporation has a fifty-two week low of $45.85 and a fifty-two week high of $79.29. The company has a quick ratio of 1.15, a current ratio of 1.61 and a debt-to-equity ratio of 22.52. The firm's 50 day moving average price is $72.04 and its 200 day moving average price is $71.36.

Ingevity (NYSE:NGVT - Get Free Report) last posted its quarterly earnings results on Wednesday, July 29th. The company reported $1.74 EPS for the quarter, topping the consensus estimate of $1.33 by $0.41. Ingevity had a net margin of 4.65% and a return on equity of 284.70%. The business had revenue of $314.10 million during the quarter, compared to the consensus estimate of $312.20 million. Ingevity has set its FY 2026 guidance at 5.000-5.450 EPS. On average, research analysts forecast that Ingevity Corporation will post 5.4 earnings per share for the current fiscal year.

Ingevity Profile

Ingevity Corporation NYSE: NGVT is a specialty chemicals and materials company that develops products designed to improve performance, sustainability and resource efficiency across a range of industrial and consumer applications. Its businesses serve automotive, infrastructure, industrial, agricultural and other end markets.

The company's portfolio includes activated carbon products used in vehicle evaporative-emissions control systems, industrial air and water purification, and other filtration applications.

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