Northern Trust Corp Sells 6,305 Shares of 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 Ingevity Corporation (NYSE:NGVT - Free Report) by 1.4% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 432,393 shares of the company's stock after selling 6,305 shares during the quarter. Northern Trust Corp owned 1.19% of Ingevity worth $17,118,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. American Century Companies Inc. grew its holdings in shares of Ingevity by 1.3% in the first quarter. American Century Companies Inc. now owns 1,476,748 shares of the company's stock valued at $58,464,000 after purchasing an additional 19,383 shares in the last quarter. Sei Investments Co. grew its holdings in shares of Ingevity by 0.7% in the first quarter. Sei Investments Co. now owns 237,424 shares of the company's stock valued at $9,664,000 after purchasing an additional 1,570 shares in the last quarter. Mitsubishi UFJ Asset Management UK Ltd. grew its holdings in shares of Ingevity by 23.1% in the first quarter. Mitsubishi UFJ Asset Management UK Ltd. now owns 16,000 shares of the company's stock valued at $633,000 after purchasing an additional 3,000 shares in the last quarter. Russell Investments Group Ltd. grew its holdings in shares of Ingevity by 46.7% in the first quarter. Russell Investments Group Ltd. now owns 238,331 shares of the company's stock valued at $9,436,000 after purchasing an additional 75,880 shares in the last quarter. Finally, Trillium Asset Management LLC grew its holdings in shares of Ingevity by 2.7% in the first quarter. Trillium Asset Management LLC now owns 117,980 shares of the company's stock valued at $4,671,000 after purchasing an additional 3,055 shares in the last quarter. 91.59% of the stock is owned by hedge funds and other institutional investors.

Ingevity Trading Up 1.4%

Shares of NGVT traded up $0.81 during trading hours on Friday, reaching $59.69. 213,784 shares of the company traded hands, compared to its average volume of 260,299. The firm has a market cap of $2.18 billion, a price-to-earnings ratio of -10.03 and a beta of 1.44. Ingevity Corporation has a 12-month low of $28.49 and a 12-month high of $59.95. 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 stock's fifty day moving average price is $49.86 and its 200 day moving average price is $43.58.

Ingevity (NYSE:NGVT - Get Free Report) last released 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 firm had revenue of $365.10 million during the quarter, compared to the consensus estimate of $378.70 million. Ingevity had a positive return on equity of 84.92% and a negative net margin of 16.35%.The firm's quarterly revenue was down 6.5% on a year-over-year basis. During the same period in the previous year, the company posted $1.01 earnings per share. Ingevity has set its FY 2025 guidance at EPS. Sell-side analysts forecast that Ingevity Corporation will post 4.45 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on NGVT. Wells Fargo & Company raised their price target on Ingevity from $38.00 to $48.00 and gave the stock an "equal weight" rating in a research report on Monday, July 14th. Wall Street Zen upgraded Ingevity from a "buy" rating to a "strong-buy" rating in a research report on Saturday, August 9th. Finally, BMO Capital Markets raised their price target on Ingevity from $62.00 to $68.00 and gave the stock an "outperform" rating in a research report on Friday. One analyst has rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus 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.