Patten & Patten Inc. TN Sells 17,838 Shares of Ingevity Corporation $NGVT

Key Points

• Patten & Patten Inc. TN cut its Ingevity stake by 10.8% in the fourth quarter, selling 17,838 shares and leaving it with 147,213 shares valued at about $8.7 million.
• Ingevity’s latest quarterly results beat expectations, with EPS of $1.15 versus the $0.84 estimate and revenue of $258 million topping forecasts. The company also raised its FY 2026 guidance to 4.7-5.2 EPS.
• Analyst sentiment is mixed: the stock currently carries a Hold consensus rating with an average price target of $80, though ratings range from Buy to Sell.

Patten & Patten Inc. TN lowered its stake in Ingevity Corporation (NYSE:NGVT - Free Report) by 10.8% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 147,213 shares of the company's stock after selling 17,838 shares during the quarter. Patten & Patten Inc. TN owned 0.41% of Ingevity worth $8,712,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Allianz Asset Management GmbH bought a new stake in Ingevity in the third quarter valued at approximately $1,670,000. CWA Asset Management Group LLC bought a new stake in Ingevity in the fourth quarter valued at approximately $1,305,000. Harvey Partners LLC lifted its position in Ingevity by 5.1% in the third quarter. Harvey Partners LLC now owns 601,000 shares of the company's stock valued at $33,169,000 after purchasing an additional 28,953 shares during the last quarter. Alpha Wave Global LP bought a new stake in Ingevity in the third quarter valued at approximately $8,395,000. Finally, Allspring Global Investments Holdings LLC bought a new stake in Ingevity in the fourth quarter valued at approximately $8,083,000. Institutional investors own 91.59% of the company's stock.

Analyst Ratings Changes

Several research firms have recently issued reports on NGVT. BMO Capital Markets reissued an "outperform" rating and set a $83.00 target price on shares of Ingevity in a research note on Monday, March 2nd. Wells Fargo & Company boosted their target price on Ingevity from $65.00 to $75.00 and gave the company an "equal weight" rating in a research note on Friday, February 27th. Jefferies Financial Group reissued a "buy" rating and set a $82.00 target price on shares of Ingevity in a research note on Thursday, February 26th. Weiss Ratings reissued a "sell (d-)" rating on shares of Ingevity in a research note on Tuesday, April 21st. Finally, Wall Street Zen raised Ingevity from a "hold" rating to a "strong-buy" rating in a research note on Saturday. Two investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Ingevity currently has a consensus rating of "Hold" and a consensus price target of $80.00.

Ingevity Price Performance

NGVT opened at $75.73 on Friday. The company has a debt-to-equity ratio of 27.83, a quick ratio of 0.79 and a current ratio of 1.42. Ingevity Corporation has a 52-week low of $39.74 and a 52-week high of $79.29. The stock has a market capitalization of $2.67 billion, a PE ratio of -21.33 and a beta of 1.24. The stock's 50 day moving average price is $71.20 and its 200-day moving average price is $64.15.

Ingevity (NYSE:NGVT - Get Free Report) last posted its earnings results on Wednesday, May 6th. The company reported $1.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.84 by $0.31. The firm had revenue of $258.00 million for the quarter, compared to analysts' expectations of $254.73 million. Ingevity had a positive return on equity of 207.82% and a negative net margin of 10.55%.The business's revenue was up 4.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.01 earnings per share. Ingevity has set its FY 2026 guidance at 4.700-5.200 EPS. On average, equities research analysts predict that Ingevity Corporation will post 5.05 EPS for the current year.

About Ingevity

Ingevity Corporation, traded as NGVT, is a specialty chemicals and performance materials company headquartered in North Charleston, South Carolina. The company operates two primary business units: Performance Chemicals and Performance Materials. The Performance Chemicals segment produces and markets specialty chemicals derived largely from wood and other natural feedstocks, including rosin acids, tall oil fatty acids and esters, as well as specialty petroleum resins. These products serve a broad range of industries, including paper, adhesives, coatings, oilfield drilling and consumer goods.

The Performance Materials segment develops and manufactures activated carbon products and composites for applications such as automotive emissions control, industrial air and water purification, and spill containment.

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