Millennium Management LLC Purchases 90,958 Shares of Ingevity Corporation $NGVT

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 grew its holdings in Ingevity Corporation (NYSE:NGVT - Free Report) by 8.0% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,226,189 shares of the company's stock after acquiring an additional 90,958 shares during the period. Millennium Management LLC owned 3.36% of Ingevity worth $48,545,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the business. GAMMA Investing LLC raised its holdings in shares of 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 in the last quarter. BI Asset Management Fondsmaeglerselskab A S increased its position in Ingevity by 21.6% during the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 1,670 shares of the company's stock worth $66,000 after buying an additional 297 shares during the last quarter. Optimist Retirement Group LLC bought a new position in Ingevity during the first quarter valued at about $246,000. Balyasny Asset Management L.P. acquired a new stake in shares of Ingevity in the fourth quarter worth about $302,000. Finally, Wealth Enhancement Advisory Services LLC lifted its position in shares of Ingevity by 28.8% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 7,674 shares of the company's stock worth $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 Performance

NGVT traded down $0.69 during midday trading on Friday, reaching $58.09. The company's stock had a trading volume of 172,020 shares, compared to its average volume of 252,237. The company has a current ratio of 1.36, a quick ratio of 0.80 and a debt-to-equity ratio of 10.24. The company has a fifty day simple moving average of $51.50 and a 200 day simple moving average of $44.08. The stock has a market cap of $2.12 billion, a P/E ratio of -9.76 and a beta of 1.44. Ingevity Corporation has a twelve month low of $28.49 and a twelve month high of $60.77.

Ingevity (NYSE:NGVT - Get Free Report) last posted its quarterly earnings data on Monday, August 4th. The company reported $1.39 earnings per share for the quarter, beating the consensus estimate 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 revenue for the quarter was down 6.5% compared to the same quarter last year. During the same period in the prior year, the business earned $1.01 earnings per share. Ingevity has set its FY 2025 guidance at EPS. Research analysts expect that Ingevity Corporation will post 4.45 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. BMO Capital Markets increased 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. Wells Fargo & Company upped their target price on Ingevity from $38.00 to $48.00 and gave the stock an "equal weight" rating in a research report on Monday, July 14th. Finally, Wall Street Zen raised shares of Ingevity from a "buy" rating to a "strong-buy" rating in a research report on Saturday, August 9th. One research analyst has rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, Ingevity has a consensus rating of "Moderate Buy" and an average target price of $58.00.

Ingevity Company 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.