CenterBook Partners LP Has $2.70 Million 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 trimmed its holdings in shares of Ingevity Corporation (NYSE:NGVT - Free Report) by 16.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 68,243 shares of the company's stock after selling 13,450 shares during the period. CenterBook Partners LP owned 0.19% of Ingevity worth $2,702,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. GAMMA Investing LLC raised its stake in shares of Ingevity by 119.1% during the first 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 last quarter. O Shaughnessy Asset Management LLC bought a new stake in Ingevity in the fourth quarter valued at approximately $214,000. Optimist Retirement Group LLC bought a new stake in Ingevity in the first quarter valued at approximately $246,000. Balyasny Asset Management L.P. bought a new stake in Ingevity in the fourth quarter valued at approximately $302,000. Finally, Wealth Enhancement Advisory Services LLC increased its stake in Ingevity by 28.8% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 7,674 shares of the company's stock valued at $313,000 after purchasing an additional 1,717 shares in the last quarter. 91.59% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have commented on NGVT shares. BMO Capital Markets upped their target price on shares of Ingevity from $56.00 to $62.00 and gave the company an "outperform" rating in a research note on Thursday. Wells Fargo & Company upped their target price on shares of Ingevity from $38.00 to $48.00 and gave the company an "equal weight" rating in a research note on Monday, July 14th. Finally, Wall Street Zen raised shares of Ingevity from a "buy" rating to a "strong-buy" rating in a research note on Saturday.

Ingevity Trading Up 1.6%

NYSE:NGVT traded up $0.83 during trading hours on Friday, hitting $51.34. The stock had a trading volume of 495,383 shares, compared to its average volume of 280,264. The company has a market cap of $1.87 billion, a price-to-earnings ratio of -8.63 and a beta of 1.36. Ingevity Corporation has a one year low of $28.49 and a one year high of $52.05. The company has a debt-to-equity ratio of 10.24, a quick ratio of 1.08 and a current ratio of 1.36. The business's 50 day moving average is $44.49 and its 200-day moving average is $42.13.

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

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.