Palisade Capital Management LP Increases Holdings in Ingevity Corporation (NYSE:NGVT)

Palisade Capital Management LP raised its holdings in shares of Ingevity Corporation (NYSE:NGVT - Free Report) by 6.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 511,059 shares of the company's stock after acquiring an additional 32,511 shares during the quarter. Palisade Capital Management LP owned about 1.40% of Ingevity worth $20,233,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in NGVT. Principal Financial Group Inc. grew its position in shares of Ingevity by 2.3% in the first quarter. Principal Financial Group Inc. now owns 181,510 shares of the company's stock valued at $7,186,000 after purchasing an additional 4,128 shares in the last quarter. Teacher Retirement System of Texas boosted its stake in Ingevity by 243.2% in the 1st 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 during the period. Oppenheimer Asset Management Inc. grew its holdings in Ingevity by 5.5% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 29,287 shares of the company's stock valued at $1,159,000 after buying an additional 1,517 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its position in shares of Ingevity by 4.3% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 8,007 shares of the company's stock valued at $317,000 after buying an additional 333 shares during the period. Finally, GAMMA Investing LLC lifted its holdings in shares of 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 buying an additional 618 shares in the last quarter. Hedge funds and other institutional investors own 91.59% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on NGVT shares. Wells Fargo & Company boosted their price objective on shares of Ingevity from $32.00 to $38.00 and gave the company an "equal weight" rating in a research note on Wednesday, May 7th. Wall Street Zen raised shares of Ingevity from a "buy" rating to a "strong-buy" rating in a report on Friday, June 6th. One research analyst has rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average price target of $52.75.

Ingevity Price Performance

Shares of NYSE NGVT traded down $0.03 during midday trading on Friday, hitting $46.76. 117,223 shares of the company's stock were exchanged, compared to its average volume of 275,483. The company has a current ratio of 2.00, a quick ratio of 1.08 and a debt-to-equity ratio of 5.68. The business's fifty day moving average price is $41.11 and its two-hundred day moving average price is $41.28. The company has a market cap of $1.71 billion, a price-to-earnings ratio of -4.80 and a beta of 1.38. Ingevity Corporation has a 12-month low of $28.49 and a 12-month high of $51.67.

Ingevity (NYSE:NGVT - Get Free Report) last announced its earnings results on Wednesday, May 7th. The company reported $0.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.74 by $0.25. Ingevity had a negative net margin of 26.20% and a positive return on equity of 63.76%. The business had revenue of $284.00 million during the quarter, compared to analyst estimates of $299.13 million. During the same period in the previous year, the business posted $0.47 earnings per share. Ingevity's revenue for the quarter was down 16.5% on a year-over-year basis. As a group, research analysts forecast 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.