CenterBook Partners LP Cuts Stake in Ingevity Corporation (NYSE:NGVT)

Key Points

• CenterBook Partners LP has reduced its stake in Ingevity Corporation by 16.5%, selling 13,450 shares and now holding 68,243 shares valued at approximately $2.7 million.
• Ingevity reported earnings of $1.39 per share for the most recent quarter, exceeding expectations, even though revenue decreased by 6.5% year-over-year.
• Institutional investors hold around 91.59% of Ingevity's stock, reflecting significant interest from hedge funds and other investment firms.

CenterBook Partners LP decreased its position in shares of Ingevity Corporation (NYSE:NGVT - Free Report) by 16.5% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 68,243 shares of the company's stock after selling 13,450 shares during the quarter. CenterBook Partners LP owned about 0.19% of Ingevity worth $2,702,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. grew its position in Ingevity by 2.4% in the 1st quarter. PNC Financial Services Group Inc. now owns 12,389 shares of the company's stock valued at $490,000 after purchasing an additional 292 shares during the period. Wealth Enhancement Advisory Services LLC grew its position in Ingevity by 4.3% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 8,007 shares of the company's stock valued at $317,000 after purchasing an additional 333 shares during the period. GAMMA Investing LLC grew its position in Ingevity by 119.1% in 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. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Ingevity by 3.9% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 20,710 shares of the company's stock valued at $844,000 after purchasing an additional 781 shares during the period. Finally, Mackenzie Financial Corp grew its position in Ingevity by 6.6% in the 1st quarter. Mackenzie Financial Corp now owns 16,832 shares of the company's stock valued at $666,000 after purchasing an additional 1,040 shares during the period. Institutional investors own 91.59% of the company's stock.

Ingevity Stock Performance

Shares of NYSE:NGVT traded up $1.52 during midday trading on Monday, reaching $52.79. The company had a trading volume of 143,247 shares, compared to its average volume of 257,167. The company's 50 day moving average price is $44.49 and its 200 day moving average price is $42.05. The company has a current ratio of 1.36, a quick ratio of 0.80 and a debt-to-equity ratio of 10.24. The stock has a market cap of $1.93 billion, a P/E ratio of -8.89 and a beta of 1.36. Ingevity Corporation has a 52-week low of $28.49 and a 52-week high of $53.23.

Ingevity (NYSE:NGVT - Get Free Report) last announced its quarterly earnings data on Monday, August 4th. The company reported $1.39 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.02 by $0.37. Ingevity had a positive return on equity of 84.92% and a negative net margin of 16.35%. The business had revenue of $365.10 million for the quarter, compared to analysts' expectations of $378.70 million. During the same period in the previous year, the business posted $1.01 EPS. The firm's quarterly revenue was down 6.5% compared to the same quarter last year. As a group, sell-side analysts anticipate that Ingevity Corporation will post 4.45 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on NGVT shares. Wall Street Zen raised shares of Ingevity from a "buy" rating to a "strong-buy" rating in a report on Saturday. BMO Capital Markets lifted their price objective on shares of Ingevity from $56.00 to $62.00 and gave the stock an "outperform" rating in a report on Thursday. Finally, Wells Fargo & Company lifted their price objective on shares of Ingevity from $38.00 to $48.00 and gave the stock an "equal weight" rating in a report on Monday, July 14th.

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.