Ingevity Corporation $NGVT Position Raised by Russell Investments Group Ltd.

Key Points

• Russell Investments Group Ltd. increased its holdings in Ingevity Corporation by 46.7%, now owning approximately 0.65% of the company worth $9.43 million.
• Ingevity reported an EPS of $1.39 for the last quarter, exceeding analysts' predictions, despite a 6.5% decline in revenue compared to the previous year.
• Wall Street analysts have shown optimism, with BMO Capital Markets raising their price target on Ingevity's shares from $56.00 to $62.00 and upgrading the stock to "outperform."

Russell Investments Group Ltd. increased its position in Ingevity Corporation (NYSE:NGVT - Free Report) by 46.7% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 238,331 shares of the company's stock after purchasing an additional 75,880 shares during the period. Russell Investments Group Ltd. owned 0.65% of Ingevity worth $9,436,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. GAMMA Investing LLC grew its stake in Ingevity by 119.1% in the first quarter. GAMMA Investing LLC now owns 1,137 shares of the company's stock worth $45,000 after purchasing an additional 618 shares in the last quarter. Teacher Retirement System of Texas grew its stake in Ingevity by 243.2% in the first quarter. Teacher Retirement System of Texas now owns 19,946 shares of the company's stock worth $790,000 after purchasing an additional 14,134 shares in the last quarter. Deutsche Bank AG grew its stake in Ingevity by 53.3% in the fourth 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 grew its stake in Ingevity by 6.8% in the first 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. grew its stake in Ingevity by 5.5% in the first 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 currently owned by institutional investors and hedge funds.

Ingevity Stock Performance

Shares of NYSE NGVT traded up $3.12 during midday trading on Friday, hitting $57.66. 427,494 shares of the company's stock were exchanged, compared to its average volume of 340,560. 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's 50 day moving average price is $46.99 and its 200-day moving average price is $42.75. The firm has a market cap of $2.10 billion, a P/E ratio of -9.69 and a beta of 1.36. Ingevity Corporation has a twelve month low of $28.49 and a twelve month high of $57.92.

Ingevity (NYSE:NGVT - Get Free Report) last issued its quarterly earnings data 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. The business 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%.The business's revenue was down 6.5% on a year-over-year basis. During the same period in the previous year, the firm posted $1.01 earnings per share. Ingevity has set its FY 2025 guidance at EPS. Equities research analysts anticipate that Ingevity Corporation will post 4.45 EPS for the current year.

Analysts Set New Price Targets

NGVT has been the subject of a number of research reports. Wall Street Zen upgraded Ingevity from a "buy" rating to a "strong-buy" rating in a research note on Saturday, August 9th. BMO Capital Markets lifted 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. Finally, Wells Fargo & Company lifted 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. One investment analyst has rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $55.00.

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.