Palisade Capital Management LP Has $20.23 Million Stock Position in Ingevity Corporation (NYSE:NGVT)

Palisade Capital Management LP grew its position in Ingevity Corporation (NYSE:NGVT - Free Report) by 6.8% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 511,059 shares of the company's stock after acquiring an additional 32,511 shares during the period. Palisade Capital Management LP owned 1.40% of Ingevity worth $20,233,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of NGVT. GAMMA Investing LLC raised its position in Ingevity by 119.1% in the 1st quarter. GAMMA Investing LLC now owns 1,137 shares of the company's stock worth $45,000 after purchasing an additional 618 shares during the last quarter. O Shaughnessy Asset Management LLC bought a new position in Ingevity in the 4th quarter worth approximately $214,000. Teacher Retirement System of Texas bought a new position in Ingevity in the 4th quarter worth approximately $237,000. Balyasny Asset Management L.P. bought a new position in Ingevity in the 4th quarter worth approximately $302,000. Finally, Johnson Investment Counsel Inc. raised its position in Ingevity by 9.1% in the 4th quarter. Johnson Investment Counsel Inc. now owns 7,538 shares of the company's stock worth $307,000 after purchasing an additional 628 shares during the last quarter. Institutional investors own 91.59% of the company's stock.

Ingevity Trading Down 0.1%

NGVT traded down $0.03 during trading on Friday, reaching $46.76. 117,223 shares of the company's stock were exchanged, compared to its average volume of 276,075. The company's fifty day moving average price is $41.39 and its 200-day moving average price is $41.30. The company has a debt-to-equity ratio of 5.68, a quick ratio of 1.08 and a current ratio of 2.00. Ingevity Corporation has a fifty-two week low of $28.49 and a fifty-two week high of $51.67. The firm has a market capitalization of $1.71 billion, a PE ratio of -4.80 and a beta of 1.38.

Ingevity (NYSE:NGVT - Get Free Report) last released its earnings results on Wednesday, May 7th. The company reported $0.99 EPS for the quarter, topping analysts' consensus estimates 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 firm had revenue of $284.00 million during the quarter, compared to analyst estimates of $299.13 million. During the same quarter in the previous year, the business earned $0.47 EPS. The business's quarterly revenue was down 16.5% compared to the same quarter last year. As a group, equities analysts forecast that Ingevity Corporation will post 4.45 EPS for the current year.

Wall Street Analysts Forecast Growth

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

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.