Invesco Ltd. Lowers Position in Ingevity Corporation $NGVT

Key Points

• Invesco Ltd. reduced its holdings in Ingevity Corporation by 10.1%, selling 17,352 shares and leaving them with 154,713 shares valued at approximately $6.13 million.
• Analysts have upgraded Ingevity's stock with Wells Fargo raising its price target to $48.00 and BMO Capital Markets increasing it to $62.00, reflecting a positive outlook for the company.
• Ingevity reported earnings of $1.39 per share for the last quarter, surpassing estimates, while also facing a 6.5% decline in revenue year-over-year.

Invesco Ltd. lowered its position in shares of Ingevity Corporation (NYSE:NGVT - Free Report) by 10.1% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 154,713 shares of the company's stock after selling 17,352 shares during the quarter. Invesco Ltd. owned 0.42% of Ingevity worth $6,125,000 as of its most recent filing with the SEC.

Other large investors also recently bought and sold shares of the company. GAMMA Investing LLC raised its position in Ingevity by 119.1% during the 1st quarter. GAMMA Investing LLC now owns 1,137 shares of the company's stock worth $45,000 after buying an additional 618 shares during the last quarter. Optimist Retirement Group LLC purchased a new position in shares of Ingevity in the 1st quarter valued at about $246,000. Balyasny Asset Management L.P. purchased a new position in shares of Ingevity in the 4th quarter valued at about $302,000. Wealth Enhancement Advisory Services LLC increased its holdings in shares of Ingevity by 28.8% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 7,674 shares of the company's stock valued at $313,000 after purchasing an additional 1,717 shares in the last quarter. Finally, NBC Securities Inc. increased its holdings in shares of Ingevity by 112,655.6% in the 1st quarter. NBC Securities Inc. now owns 10,148 shares of the company's stock valued at $401,000 after purchasing an additional 10,139 shares in the last quarter. Hedge funds and other institutional investors own 91.59% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on NGVT. BMO Capital Markets increased their price target on shares of Ingevity from $56.00 to $62.00 and gave the company an "outperform" rating in a report on Thursday, August 7th. Wall Street Zen upgraded shares of Ingevity from a "buy" rating to a "strong-buy" rating in a report on Saturday, August 9th. Finally, Wells Fargo & Company increased their price target on shares of Ingevity from $38.00 to $48.00 and gave the company an "equal weight" rating in a report on Monday, July 14th. One analyst has rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $55.00.

Ingevity Price Performance

NYSE:NGVT traded up $0.37 during mid-day trading on Monday, hitting $58.32. 207,595 shares of the company's stock traded hands, compared to its average volume of 359,721. The company has a debt-to-equity ratio of 10.24, a quick ratio of 0.80 and a current ratio of 1.36. The firm's 50 day simple moving average is $48.58 and its 200 day simple moving average is $43.18. Ingevity Corporation has a 1 year low of $28.49 and a 1 year high of $58.59. The company has a market cap of $2.13 billion, a PE ratio of -9.80 and a beta of 1.44.

Ingevity (NYSE:NGVT - Get Free Report) last issued its quarterly earnings results on Monday, August 4th. The company reported $1.39 EPS for the quarter, topping analysts' consensus estimates 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 negative net margin of 16.35% and a positive return on equity of 84.92%. The company's quarterly revenue was down 6.5% compared to the same quarter last year. 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. Sell-side analysts expect that Ingevity Corporation will post 4.45 EPS for the current year.

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.