Bank of New York Mellon Corp Sells 6,844 Shares of Ingevity Corporation (NYSE:NGVT)

Bank of New York Mellon Corp lessened its stake in shares of Ingevity Corporation (NYSE:NGVT - Free Report) by 3.1% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 214,379 shares of the company's stock after selling 6,844 shares during the quarter. Bank of New York Mellon Corp owned 0.59% of Ingevity worth $8,487,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. GAMMA Investing LLC increased its holdings in Ingevity by 119.1% in the first quarter. GAMMA Investing LLC now owns 1,137 shares of the company's stock valued at $45,000 after buying an additional 618 shares during the last quarter. O Shaughnessy Asset Management LLC bought a new stake in Ingevity in the fourth quarter valued at about $214,000. Teacher Retirement System of Texas bought a new stake in Ingevity in the fourth quarter valued at about $237,000. Balyasny Asset Management L.P. bought a new stake in Ingevity in the fourth quarter valued at about $302,000. Finally, Wealth Enhancement Advisory Services LLC increased its holdings in Ingevity by 28.8% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 7,674 shares of the company's stock valued at $313,000 after buying an additional 1,717 shares during the last quarter. Institutional investors and hedge funds own 91.59% of the company's stock.

Ingevity Stock Up 1.1%

Shares of NYSE NGVT traded up $0.52 during mid-day trading on Friday, reaching $46.28. The company had a trading volume of 163,292 shares, compared to its average volume of 201,522. The company has a debt-to-equity ratio of 5.68, a quick ratio of 1.08 and a current ratio of 2.00. The stock has a market capitalization of $1.69 billion, a PE ratio of -4.75 and a beta of 1.38. Ingevity Corporation has a twelve month low of $28.49 and a twelve month high of $51.67. The stock's 50 day moving average is $43.78 and its 200-day moving average is $41.93.

Ingevity (NYSE:NGVT - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The company reported $0.99 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.74 by $0.25. The company had revenue of $284.00 million during the quarter, compared to analysts' expectations of $299.13 million. Ingevity had a negative net margin of 26.20% and a positive return on equity of 63.76%. The business's quarterly revenue was down 16.5% compared to the same quarter last year. During the same period in the prior year, the company earned $0.47 earnings per share. As a group, equities analysts anticipate that Ingevity Corporation will post 4.45 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms have recently commented on NGVT. Wall Street Zen lowered Ingevity from a "strong-buy" rating to a "buy" rating in a report on Saturday. Wells Fargo & Company upped their target price on Ingevity from $38.00 to $48.00 and gave the company an "equal weight" rating in a report on Monday, July 14th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, Ingevity presently has a consensus rating of "Moderate Buy" and an average price target of $55.25.

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.