Northern Trust Corp Reduces Stock Holdings in Ingevity Corporation $NGVT

Key Points

• Northern Trust Corp has reduced its stake in Ingevity Corporation by 1.4%, selling 6,305 shares and now owning 432,393 shares, giving it a value of approximately $17.1 million.
• Analysts have raised their target prices for Ingevity, with Wells Fargo increasing its target from $38.00 to $48.00 and BMO Capital Markets setting a new target at $62.00.
• Ingevity reported quarterly earnings of $1.39 EPS, exceeding expectations despite a 6.5% decline in revenue compared to the previous year.

Northern Trust Corp cut its holdings in shares of Ingevity Corporation (NYSE:NGVT - Free Report) by 1.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 432,393 shares of the company's stock after selling 6,305 shares during the period. Northern Trust Corp owned about 1.19% of Ingevity worth $17,118,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. GAMMA Investing LLC increased its stake 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 period. Optimist Retirement Group LLC purchased a new stake in Ingevity during the 1st quarter worth approximately $246,000. Balyasny Asset Management L.P. purchased a new stake in Ingevity during the 4th quarter worth approximately $302,000. Wealth Enhancement Advisory Services LLC increased 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 worth $313,000 after buying an additional 1,717 shares during the period. Finally, NBC Securities Inc. increased its stake in Ingevity by 112,655.6% during the 1st quarter. NBC Securities Inc. now owns 10,148 shares of the company's stock worth $401,000 after buying an additional 10,139 shares during the period. 91.59% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on NGVT. Wall Street Zen raised shares of Ingevity from a "buy" rating to a "strong-buy" rating in a research note on Saturday, August 9th. BMO Capital Markets upped their target price on shares of Ingevity from $62.00 to $68.00 and gave the stock an "outperform" rating in a research note on Friday. Finally, Wells Fargo & Company upped their target price on shares of Ingevity from $38.00 to $48.00 and gave the stock an "equal weight" rating in a research note on Monday, July 14th. One equities research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $58.00.

Ingevity Stock Up 1.4%

Shares of NGVT stock traded up $0.81 during trading hours on Friday, reaching $59.69. 213,784 shares of the stock were exchanged, compared to its average volume of 264,312. The business's fifty day moving average is $50.19 and its two-hundred day moving average is $43.62. The company has a debt-to-equity ratio of 10.24, a current ratio of 1.36 and a quick ratio of 0.80. Ingevity Corporation has a 12-month low of $28.49 and a 12-month high of $59.95. The firm has a market capitalization of $2.18 billion, a P/E ratio of -10.03 and a beta of 1.44.

Ingevity (NYSE:NGVT - Get Free Report) last released its 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. Ingevity had a negative net margin of 16.35% and a positive return on equity of 84.92%. The firm had revenue of $365.10 million for the quarter, compared to analyst estimates of $378.70 million. During the same period in the prior year, the firm earned $1.01 earnings per share. The business's quarterly revenue was down 6.5% compared to the same quarter last year. Ingevity has set its FY 2025 guidance at EPS. As a group, research analysts expect that Ingevity Corporation will post 4.45 EPS for the current fiscal 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.