Bank of America Corp DE Lowers Stock Holdings in Ingevity Co. (NYSE:NGVT)

Bank of America Corp DE trimmed its holdings in shares of Ingevity Co. (NYSE:NGVT - Free Report) by 22.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (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 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. KBC Group NV lifted its stake in shares of Ingevity by 27.5% during the fourth quarter. KBC Group NV now owns 2,007 shares of the company's stock worth $82,000 after buying an additional 433 shares during the period. Empowered Funds LLC purchased a new position in Ingevity in the 4th quarter worth $187,000. O Shaughnessy Asset Management LLC acquired a new stake in Ingevity during the 4th quarter worth about $214,000. Teacher Retirement System of Texas acquired a new stake in Ingevity during the 4th quarter worth about $237,000. Finally, Johnson Investment Counsel Inc. grew its stake in Ingevity by 9.1% during the 4th quarter. Johnson Investment Counsel Inc. now owns 7,538 shares of the company's stock valued at $307,000 after purchasing an additional 628 shares during the last quarter. 91.59% of the stock is owned by institutional investors and hedge funds.

Ingevity Stock Performance

Shares of NGVT stock traded up $0.31 on Thursday, hitting $42.91. The company had a trading volume of 237,032 shares, compared to its average volume of 281,001. Ingevity Co. has a twelve month low of $28.49 and a twelve month high of $51.67. The company has a quick ratio of 1.04, a current ratio of 1.87 and a debt-to-equity ratio of 6.86. The firm has a market cap of $1.56 billion, a P/E ratio of -3.62 and a beta of 1.31. The company has a 50-day moving average price of $36.89 and a 200-day moving average price of $42.03.

Ingevity (NYSE:NGVT - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The company reported $0.99 earnings per share for the quarter, beating the consensus estimate of $0.74 by $0.25. Ingevity had a positive return on equity of 41.44% and a negative net margin of 30.60%. The company had revenue of $284.00 million during the quarter, compared to analysts' expectations of $299.13 million. During the same period last year, the business earned $0.47 earnings per share. Ingevity's quarterly revenue was down 16.5% on a year-over-year basis. As a group, equities research analysts predict that Ingevity Co. will post 4.45 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research analysts have recently issued reports on NGVT shares. Wells Fargo & Company raised their price objective on Ingevity from $32.00 to $38.00 and gave the stock an "equal weight" rating in a research note on Wednesday, May 7th. Wall Street Zen downgraded shares of Ingevity from a "buy" rating to a "hold" rating in a report on Saturday, April 12th. Finally, 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 research note on Wednesday, February 26th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $52.75.

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.