Optimist Retirement Group LLC Makes New Investment in Ingevity Corporation (NYSE:NGVT)

Optimist Retirement Group LLC acquired a new stake in Ingevity Corporation (NYSE:NGVT - Free Report) during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 6,202 shares of the company's stock, valued at approximately $246,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. GAMMA Investing LLC boosted its stake in shares of Ingevity by 119.1% in 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. O Shaughnessy Asset Management LLC bought a new position in Ingevity in the 4th quarter valued at approximately $214,000. Teacher Retirement System of Texas bought a new position in Ingevity in the 4th quarter valued at approximately $237,000. Balyasny Asset Management L.P. bought a new position in Ingevity in the 4th quarter valued at approximately $302,000. Finally, Wealth Enhancement Advisory Services LLC raised its holdings in 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 buying an additional 1,717 shares during the last quarter. 91.59% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have issued reports on NGVT. Wall Street Zen upgraded shares of Ingevity from a "buy" rating to a "strong-buy" rating in a report on Friday, June 6th. Wells Fargo & Company lifted their price objective on shares of Ingevity from $38.00 to $48.00 and gave the company an "equal weight" rating in a research note on Monday, July 14th. One investment analyst has rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Buy" and a consensus target price of $55.25.

Ingevity Price Performance

Shares of NYSE:NGVT opened at $46.16 on Friday. The company's 50-day moving average is $43.47 and its 200 day moving average is $41.69. The company has a debt-to-equity ratio of 5.68, a quick ratio of 1.08 and a current ratio of 2.00. The company has a market capitalization of $1.68 billion, a P/E ratio of -4.74 and a beta of 1.38. Ingevity Corporation has a fifty-two week low of $28.49 and a fifty-two week high of $51.67.

Ingevity (NYSE:NGVT - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The company reported $0.99 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.74 by $0.25. Ingevity had a positive return on equity of 63.76% and a negative net margin of 26.20%. The business had revenue of $284.00 million for the quarter, compared to analysts' expectations of $299.13 million. During the same period in the previous year, the business posted $0.47 EPS. The firm's quarterly revenue was down 16.5% compared to the same quarter last year. On average, equities research analysts forecast that Ingevity Corporation will post 4.45 earnings per share 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.