Comerica Bank Reduces Stake 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 lowered its holdings in Ingevity Corporation (NYSE:NGVT - Free Report) by 39.1% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 32,387 shares of the company's stock after selling 20,788 shares during the quarter. Comerica Bank owned approximately 0.09% of Ingevity worth $1,282,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in NGVT. GAMMA Investing LLC lifted its stake in shares of 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. BI Asset Management Fondsmaeglerselskab A S lifted its stake in shares of Ingevity by 21.6% in the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 1,670 shares of the company's stock valued at $66,000 after purchasing an additional 297 shares during the period. Optimist Retirement Group LLC purchased a new position in shares of Ingevity in the 1st quarter valued at approximately $246,000. Balyasny Asset Management L.P. purchased a new position in shares of Ingevity in the 4th quarter valued at approximately $302,000. Finally, Wealth Enhancement Advisory Services LLC lifted its stake in shares of Ingevity by 28.8% in the 4th 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 during the period. Hedge funds and other institutional investors own 91.59% of the company's stock.

Analyst Ratings Changes

NGVT has been the subject of a number of research analyst reports. Wells Fargo & Company raised their target price on Ingevity from $38.00 to $48.00 and gave the company an "equal weight" rating in a research note on Monday, July 14th. Wall Street Zen upgraded Ingevity from a "buy" rating to a "strong-buy" rating in a research note on Saturday, August 9th. Finally, BMO Capital Markets raised their target price on Ingevity from $56.00 to $62.00 and gave the company an "outperform" rating in a research note on Thursday, August 7th. One investment analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, Ingevity presently has an average rating of "Moderate Buy" and a consensus price target of $55.00.

Ingevity Stock Up 1.6%

NGVT stock opened at $58.83 on Friday. Ingevity Corporation has a twelve month low of $28.49 and a twelve month high of $59.46. The company has a quick ratio of 0.80, a current ratio of 1.36 and a debt-to-equity ratio of 10.24. The firm has a market cap of $2.15 billion, a PE ratio of -9.89 and a beta of 1.44. The business has a 50 day moving average of $49.86 and a 200 day moving average of $43.58.

Ingevity (NYSE:NGVT - Get Free Report) last posted its quarterly earnings data on Monday, August 4th. The company reported $1.39 earnings per share 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 company had revenue of $365.10 million during the quarter, compared to analyst estimates of $378.70 million. During the same quarter last year, the company earned $1.01 EPS. The firm's revenue for the quarter was down 6.5% on a year-over-year basis. Ingevity has set its FY 2025 guidance at EPS. On average, research analysts forecast that Ingevity Corporation will post 4.45 EPS for the current fiscal year.

Ingevity 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.

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