GAMMA Investing LLC Grows Stock Position in Ingevity Co. (NYSE:NGVT)

GAMMA Investing LLC lifted its position in shares of Ingevity Co. (NYSE:NGVT - Free Report) by 8,573.2% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 45,014 shares of the company's stock after buying an additional 44,495 shares during the period. GAMMA Investing LLC owned approximately 0.12% of Ingevity worth $17,820,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. KBC Group NV grew its position in Ingevity by 27.5% in the fourth quarter. KBC Group NV now owns 2,007 shares of the company's stock worth $82,000 after acquiring an additional 433 shares during the period. Empowered Funds LLC acquired a new position in shares of Ingevity in the 4th quarter valued at $187,000. O Shaughnessy Asset Management LLC purchased a new position in shares of Ingevity during the 4th quarter worth $214,000. Teacher Retirement System of Texas purchased a new position in shares of Ingevity during the 4th quarter worth $237,000. Finally, Balyasny Asset Management L.P. acquired a new stake in shares of Ingevity during the 4th quarter worth about $302,000. Hedge funds and other institutional investors own 91.59% of the company's stock.

Wall Street Analysts Forecast Growth

NGVT has been the topic of a number of recent analyst reports. BMO Capital Markets raised shares of Ingevity from a "market perform" rating to an "outperform" rating and upped their target price for the company from $62.00 to $65.00 in a research report on Wednesday, February 26th. Wall Street Zen raised shares of Ingevity from a "buy" rating to a "strong-buy" rating in a research note on Friday. Finally, Wells Fargo & Company increased their price objective on shares of Ingevity from $32.00 to $38.00 and gave the stock an "equal weight" rating in a research report on Wednesday, May 7th. One analyst has rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Buy" and an average price target of $52.75.

Ingevity Trading Up 3.1%

NGVT traded up $1.29 during mid-day trading on Monday, hitting $43.34. 211,255 shares of the stock were exchanged, compared to its average volume of 278,038. The firm's fifty day moving average is $37.06 and its two-hundred day moving average is $41.74. Ingevity Co. has a 1-year low of $28.49 and a 1-year high of $51.67. The company has a market cap of $1.58 billion, a PE ratio of -3.66 and a beta of 1.39. The company has a current ratio of 1.87, a quick ratio of 1.04 and a debt-to-equity ratio of 6.86.

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