Bank of America Corp DE Sells 64,891 Shares of Ingevity Co. (NYSE:NGVT)

Bank of America Corp DE lowered its stake in shares of Ingevity Co. (NYSE:NGVT - Free Report) by 22.7% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 221,257 shares of the company's stock after selling 64,891 shares during the quarter. Bank of America Corp DE owned 0.61% of Ingevity worth $9,016,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Maple Rock Capital Partners Inc. bought a new stake in Ingevity in the fourth quarter worth about $17,515,000. American Century Companies Inc. raised its holdings in shares of Ingevity by 37.7% in the fourth quarter. American Century Companies Inc. now owns 1,457,365 shares of the company's stock worth $59,388,000 after buying an additional 398,800 shares during the period. Royce & Associates LP lifted its stake in shares of Ingevity by 22.4% during 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. KLP Kapitalforvaltning AS purchased a new position in Ingevity during the 4th quarter valued at $4,882,000. Finally, Wellington Management Group LLP boosted its holdings in Ingevity by 5.4% during the 4th quarter. Wellington Management Group LLP now owns 2,239,970 shares of the company's stock valued at $91,279,000 after acquiring an additional 115,581 shares during the period. Hedge funds and other institutional investors own 91.59% of the company's stock.

Ingevity Stock Up 7.0%

Shares of NGVT traded up $2.86 during midday trading on Tuesday, reaching $43.75. 269,817 shares of the stock were exchanged, compared to its average volume of 280,334. The company has a market capitalization of $1.60 billion, a P/E ratio of -3.70 and a beta of 1.31. The company has a current ratio of 1.87, a quick ratio of 1.04 and a debt-to-equity ratio of 6.86. Ingevity Co. has a 52 week low of $28.49 and a 52 week high of $51.67. The company's 50 day moving average is $36.88 and its two-hundred day moving average is $42.05.

Ingevity (NYSE:NGVT - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The company reported $0.99 earnings per share for the quarter, topping analysts' consensus estimates of $0.74 by $0.25. The company had revenue of $284.00 million during the quarter, compared to analyst estimates of $299.13 million. Ingevity had a negative net margin of 30.60% and a positive return on equity of 41.44%. The firm's revenue for the quarter was down 16.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.47 earnings per share. On average, sell-side analysts anticipate that Ingevity Co. will post 4.45 earnings per share for the current year.

Analyst Upgrades and Downgrades

NGVT has been the topic of a number of recent analyst reports. Wall Street Zen lowered Ingevity from a "buy" rating to a "hold" rating in a research note on Saturday, April 12th. BMO Capital Markets upgraded shares of Ingevity from a "market perform" rating to an "outperform" rating and lifted their price objective for the company from $62.00 to $65.00 in a report on Wednesday, February 26th. Finally, Wells Fargo & Company boosted their price objective 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. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $52.75.

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.