Vanguard Group Inc. Sells 81,033 Shares of Ingevity Corporation $NGVT

Key Points

• Vanguard Group Inc. reduced its stake in Ingevity Corporation by 1.9%, now holding approximately 4.08 million shares valued at about $161.66 million.
• Institutional investors own 91.59% of Ingevity, with significant increases in holdings from firms like Ancora Advisors LLC, which raised its stake by 799.4%.
• Wells Fargo & Company raised its target price for Ingevity from $38.00 to $48.00, while BMO Capital Markets increased theirs from $56.00 to $62.00, indicating a positive outlook for the company.

Vanguard Group Inc. cut its stake in Ingevity Corporation (NYSE:NGVT - Free Report) by 1.9% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 4,083,386 shares of the company's stock after selling 81,033 shares during the period. Vanguard Group Inc. owned 11.21% of Ingevity worth $161,661,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. GAMMA Investing LLC lifted its position in Ingevity by 119.1% during the 1st quarter. GAMMA Investing LLC now owns 1,137 shares of the company's stock valued at $45,000 after acquiring an additional 618 shares during the period. Teacher Retirement System of Texas lifted its holdings in shares of Ingevity by 243.2% during the first quarter. Teacher Retirement System of Texas now owns 19,946 shares of the company's stock valued at $790,000 after purchasing an additional 14,134 shares during the last quarter. Deutsche Bank AG boosted its position in shares of Ingevity by 53.3% in the 4th quarter. Deutsche Bank AG now owns 33,936 shares of the company's stock worth $1,383,000 after purchasing an additional 11,801 shares in the last quarter. Palisade Capital Management LP boosted its position in shares of Ingevity by 6.8% in the 1st quarter. Palisade Capital Management LP now owns 511,059 shares of the company's stock worth $20,233,000 after purchasing an additional 32,511 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. boosted its position in shares of Ingevity by 5.5% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 29,287 shares of the company's stock worth $1,159,000 after purchasing an additional 1,517 shares in the last quarter. 91.59% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

Ingevity Stock Up 5.7%

Shares of NGVT stock traded up $3.12 during mid-day trading on Friday, hitting $57.66. The company's stock had a trading volume of 427,494 shares, compared to its average volume of 340,560. The stock has a market cap of $2.10 billion, a price-to-earnings ratio of -9.69 and a beta of 1.36. The company has a debt-to-equity ratio of 10.24, a quick ratio of 0.80 and a current ratio of 1.36. Ingevity Corporation has a 52-week low of $28.49 and a 52-week high of $57.92. The business has a 50-day moving average price of $46.99 and a 200 day moving average price of $42.73.

Ingevity (NYSE:NGVT - Get Free Report) last released its quarterly earnings data on Monday, August 4th. The company reported $1.39 EPS for the quarter, topping the consensus estimate of $1.02 by $0.37. The company had revenue of $365.10 million during the quarter, compared to the consensus estimate of $378.70 million. Ingevity had a positive return on equity of 84.92% and a negative net margin of 16.35%.Ingevity's revenue for the quarter was down 6.5% on a year-over-year basis. During the same period last year, the company earned $1.01 EPS. Ingevity has set its FY 2025 guidance at EPS. Research analysts predict 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.