Hotchkis & Wiley Capital Management LLC Reduces Stock Holdings in Ingevity Corporation $NGVT

Key Points

• Hotchkis & Wiley Capital Management LLC has reduced its stake in Ingevity Corporation by 47.8%, leaving it with 145,880 shares, worth approximately $5.78 million.
• Despite Hotchkis & Wiley's reduction, other institutional investors have increased their positions, with notable increases including GAMMA Investing LLC's 119.1% lift and BI Asset Management's 21.6% increase.
• Ingevity reported earnings of $1.39 EPS for its latest quarter, exceeding estimates, but revenue declined 6.5% year-over-year to $365.10 million.

Hotchkis & Wiley Capital Management LLC lowered its stake in shares of Ingevity Corporation (NYSE:NGVT - Free Report) by 47.8% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 145,880 shares of the company's stock after selling 133,810 shares during the quarter. Hotchkis & Wiley Capital Management LLC owned approximately 0.40% of Ingevity worth $5,775,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in NGVT. Maple Rock Capital Partners Inc. purchased a new stake in Ingevity during the fourth quarter valued at about $17,515,000. Vision One Management Partners LP lifted its holdings in Ingevity by 265.0% during the fourth quarter. Vision One Management Partners LP now owns 410,678 shares of the company's stock valued at $16,735,000 after purchasing an additional 298,157 shares during the last quarter. Brown Advisory Inc. lifted its holdings in Ingevity by 23.6% during the fourth quarter. Brown Advisory Inc. now owns 928,220 shares of the company's stock valued at $37,825,000 after purchasing an additional 177,289 shares during the last quarter. Wellington Management Group LLP lifted its holdings in shares of Ingevity by 5.4% in the fourth quarter. Wellington Management Group LLP now owns 2,239,970 shares of the company's stock worth $91,279,000 after buying an additional 115,581 shares in the last quarter. Finally, Nuveen LLC purchased a new stake in shares of Ingevity in the first quarter worth about $4,228,000. 91.59% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on NGVT shares. Wells Fargo & Company increased their price target 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. Wall Street Zen raised shares of Ingevity from a "buy" rating to a "strong-buy" rating in a report on Saturday, August 9th. Finally, BMO Capital Markets increased their price target on shares of Ingevity from $56.00 to $62.00 and gave the stock an "outperform" rating in a report on Thursday, August 7th. One research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, Ingevity currently has an average rating of "Moderate Buy" and an average price target of $55.00.

Ingevity Price Performance

NYSE NGVT traded up $0.37 on Friday, reaching $58.32. 207,595 shares of the company's stock traded hands, compared to its average volume of 359,721. Ingevity Corporation has a 12 month low of $28.49 and a 12 month high of $58.59. The company has a debt-to-equity ratio of 10.24, a current ratio of 1.36 and a quick ratio of 0.80. The stock has a 50-day simple moving average of $48.58 and a 200 day simple moving average of $43.18. The stock has a market cap of $2.13 billion, a PE ratio of -9.80 and a beta of 1.44.

Ingevity (NYSE:NGVT - Get Free Report) last issued its earnings results on Monday, August 4th. The company reported $1.39 earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $365.10 million for the quarter, compared to analysts' expectations of $378.70 million. During the same quarter last year, the business earned $1.01 earnings per share. The business's revenue was down 6.5% on a year-over-year basis. Ingevity has set its FY 2025 guidance at EPS. As a group, research analysts predict that Ingevity Corporation will post 4.45 earnings per share for the current 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.