Ingevity Corporation $NGVT Shares Acquired by Millennium Management LLC

Key Points

• Millennium Management LLC increased its stake in Ingevity Corporation by 8.0%, owning approximately 3.36% of the company with a stock position valued at $48.55 million.
• Wall Street analysts have positively revised their outlook on Ingevity, with upgrades to ratings and price targets, indicating a consensus average price target of $58.00.
• Ingevity reported an EPS of $1.39 for the last quarter, surpassing estimates, despite a 6.5% decline in revenue compared to the previous year.

Millennium Management LLC raised its position in shares of Ingevity Corporation (NYSE:NGVT - Free Report) by 8.0% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,226,189 shares of the company's stock after purchasing an additional 90,958 shares during the quarter. Millennium Management LLC owned 3.36% of Ingevity worth $48,545,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. GAMMA Investing LLC grew its stake in Ingevity by 119.1% during the 1st quarter. GAMMA Investing LLC now owns 1,137 shares of the company's stock valued at $45,000 after purchasing an additional 618 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S grew its stake in Ingevity by 21.6% during the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 1,670 shares of the company's stock valued at $66,000 after purchasing an additional 297 shares during the last quarter. Optimist Retirement Group LLC purchased a new stake in Ingevity during the 1st quarter valued at about $246,000. Balyasny Asset Management L.P. purchased a new stake in Ingevity during the 4th quarter valued at about $302,000. Finally, Wealth Enhancement Advisory Services LLC grew its stake in Ingevity by 28.8% during 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 during the last quarter. Hedge funds and other institutional investors own 91.59% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on NGVT shares. Wall Street Zen raised Ingevity from a "buy" rating to a "strong-buy" rating in a report on Saturday, August 9th. BMO Capital Markets boosted their price objective on Ingevity from $62.00 to $68.00 and gave the company an "outperform" rating in a report on Friday, September 5th. Finally, Wells Fargo & Company boosted their price objective 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 Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat.com, Ingevity presently has a consensus rating of "Moderate Buy" and a consensus price target of $58.00.

Ingevity Price Performance

NYSE NGVT traded down $0.69 during trading hours on Friday, reaching $58.09. The company's stock had a trading volume of 172,020 shares, compared to its average volume of 249,115. The firm has a market capitalization of $2.12 billion, a price-to-earnings ratio of -9.76 and a beta of 1.44. Ingevity Corporation has a 1-year low of $28.49 and a 1-year high of $60.77. 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 company's 50-day moving average is $51.50 and its two-hundred day moving average is $44.02.

Ingevity (NYSE:NGVT - Get Free Report) last released its quarterly earnings results on Monday, August 4th. The company reported $1.39 earnings per share for the quarter, topping analysts' consensus estimates of $1.02 by $0.37. The company had revenue of $365.10 million during the quarter, compared to analysts' expectations of $378.70 million. Ingevity had a positive return on equity of 84.92% and a negative net margin of 16.35%.Ingevity's quarterly revenue was down 6.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.01 EPS. Ingevity has set its FY 2025 guidance at EPS. On average, equities analysts predict 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.