Comerica Bank Has $1.28 Million Position in Ingevity Corporation $NGVT

Key Points

• Comerica Bank has reduced its stake in Ingevity Corporation by 39.1%, resulting in ownership of approximately 0.09% of the company, valued at $1,282,000.
• Research reports indicate a positive outlook for Ingevity, with Wells Fargo raising its target price from $38.00 to $48.00 and BMO Capital Markets increasing it from $56.00 to $62.00.
• Ingevity reported $1.39 earnings per share for its latest quarter, exceeding analysts' expectations, although revenue for the quarter was down 6.5% year-over-year.

Comerica Bank decreased its holdings in shares of Ingevity Corporation (NYSE:NGVT - Free Report) by 39.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 32,387 shares of the company's stock after selling 20,788 shares during the period. Comerica Bank owned about 0.09% of Ingevity worth $1,282,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in NGVT. GAMMA Investing LLC boosted its position in Ingevity by 119.1% in the first quarter. GAMMA Investing LLC now owns 1,137 shares of the company's stock valued at $45,000 after buying an additional 618 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S boosted its position in Ingevity by 21.6% in the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 1,670 shares of the company's stock valued at $66,000 after buying an additional 297 shares in the last quarter. Optimist Retirement Group LLC acquired a new position in Ingevity in the first quarter valued at about $246,000. Balyasny Asset Management L.P. acquired a new position in Ingevity in the fourth quarter valued at about $302,000. Finally, Wealth Enhancement Advisory Services LLC boosted its position 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 buying an additional 1,717 shares in the last quarter. 91.59% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have commented on NGVT shares. Wall Street Zen upgraded shares of Ingevity from a "buy" rating to a "strong-buy" rating in a research report on Saturday, August 9th. Wells Fargo & Company boosted their price target on shares of Ingevity from $38.00 to $48.00 and gave the company an "equal weight" rating in a research report on Monday, July 14th. Finally, BMO Capital Markets boosted their price target on shares of Ingevity from $62.00 to $68.00 and gave the company an "outperform" rating in a research report on Friday, September 5th. One investment analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $58.00.

Ingevity Price Performance

Shares of NGVT stock traded down $1.64 during trading hours on Wednesday, reaching $57.16. 262,180 shares of the company were exchanged, compared to its average volume of 258,159. Ingevity Corporation has a fifty-two week low of $28.49 and a fifty-two week high of $60.77. The stock's fifty day moving average is $51.04 and its two-hundred day moving average is $43.92. The company has a market cap of $2.08 billion, a price-to-earnings ratio of -9.61 and a beta of 1.44. The company has a debt-to-equity ratio of 10.24, a current ratio of 1.36 and a quick ratio of 0.80.

Ingevity (NYSE:NGVT - Get Free Report) last announced its earnings results on Monday, August 4th. The company reported $1.39 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.02 by $0.37. Ingevity had a negative net margin of 16.35% and a positive return on equity of 84.92%. The company had revenue of $365.10 million for the quarter, compared to analyst estimates of $378.70 million. During the same period in the prior year, the business earned $1.01 earnings per share. Ingevity's quarterly revenue was down 6.5% on a year-over-year basis. Ingevity has set its FY 2025 guidance at EPS. Sell-side analysts forecast that Ingevity Corporation will post 4.45 earnings per share for the current fiscal year.

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.