Hsbc Holdings PLC Sells 8,151 Shares of Ingevity Corporation $NGVT

Key Points

• Hsbc Holdings PLC reduced its stake in Ingevity Corporation by 27.2%, now holding approximately $858,000 worth of shares.
• Ingevity Corporation reported a 6.5% decline in revenue year-over-year, despite exceeding earnings per share estimates.
• Analysts have raised their price targets for Ingevity, with BMO Capital Markets increasing it from $56.00 to $62.00 and maintaining an "outperform" rating.

Hsbc Holdings PLC cut its holdings in shares of Ingevity Corporation (NYSE:NGVT - Free Report) by 27.2% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 21,820 shares of the company's stock after selling 8,151 shares during the period. Hsbc Holdings PLC owned about 0.06% of Ingevity worth $858,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. GAMMA Investing LLC boosted its position in Ingevity by 119.1% during the 1st 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 period. Optimist Retirement Group LLC acquired a new stake in Ingevity during the 1st quarter worth approximately $246,000. Balyasny Asset Management L.P. acquired a new stake in Ingevity during the 4th quarter worth approximately $302,000. Wealth Enhancement Advisory Services LLC raised its holdings in Ingevity by 28.8% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 7,674 shares of the company's stock worth $313,000 after purchasing an additional 1,717 shares during the last quarter. Finally, NBC Securities Inc. raised its holdings in Ingevity by 112,655.6% during the 1st quarter. NBC Securities Inc. now owns 10,148 shares of the company's stock worth $401,000 after purchasing an additional 10,139 shares during the last quarter. 91.59% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have recently weighed in on NGVT. Wells Fargo & Company increased their price objective on shares of Ingevity from $38.00 to $48.00 and gave the stock an "equal weight" rating in a research report on Monday, July 14th. Wall Street Zen upgraded shares of Ingevity from a "buy" rating to a "strong-buy" rating in a report on Saturday, August 9th. Finally, BMO Capital Markets boosted their target price on shares of Ingevity from $56.00 to $62.00 and gave the company an "outperform" rating in a report on Thursday, August 7th. One investment 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 presently has a consensus rating of "Moderate Buy" and a consensus target price of $55.00.

Ingevity Trading Down 1.1%

Shares of NYSE:NGVT traded down $0.66 during mid-day trading on Wednesday, hitting $57.89. The company had a trading volume of 248,820 shares, compared to its average volume of 260,114. The firm has a fifty day moving average price of $49.23 and a 200 day moving average price of $43.38. The company has a market capitalization of $2.11 billion, a PE ratio of -9.73 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 Corporation has a one year low of $28.49 and a one year high of $58.73.

Ingevity (NYSE:NGVT - Get Free Report) last released its quarterly earnings data 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 analyst estimates of $378.70 million. Ingevity had a negative net margin of 16.35% and a positive return on equity of 84.92%. Ingevity's revenue for the quarter was down 6.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.01 EPS. Ingevity has set its FY 2025 guidance at EPS. As a group, research analysts forecast that Ingevity Corporation will post 4.45 EPS 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.