Patten & Patten Inc. TN Trims Stake in Ingevity Corporation $NGVT

Key Points

• Patten & Patten Inc. TN reduced its stake in Ingevity Corporation by 7.8% during the 2nd quarter, owning 172,485 shares valued at approximately $7.43 million after selling 14,577 shares.
• Several institutional investors have increased their positions in Ingevity, with entities like GAMMA Investing LLC raising their holdings by 119.1% in the same period.
• Ingevity has a current market capitalization of $2.03 billion and a price-to-earnings ratio of -9.36, with analysts projecting an earnings per share of $4.45 for the current year.

Patten & Patten Inc. TN reduced its position in Ingevity Corporation (NYSE:NGVT - Free Report) by 7.8% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 172,485 shares of the company's stock after selling 14,577 shares during the period. Patten & Patten Inc. TN owned 0.47% of Ingevity worth $7,432,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in NGVT. GAMMA Investing LLC lifted its holdings 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 during the last quarter. BI Asset Management Fondsmaeglerselskab A S lifted its holdings in shares of Ingevity by 21.6% in the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 1,670 shares of the company's stock valued at $66,000 after purchasing an additional 297 shares during the last quarter. Empowered Funds LLC lifted its holdings in shares of Ingevity by 12.9% in the 1st quarter. Empowered Funds LLC now owns 5,181 shares of the company's stock valued at $205,000 after purchasing an additional 594 shares during the last quarter. Optimist Retirement Group LLC acquired a new position in Ingevity in the 1st quarter valued at about $246,000. Finally, Wealth Enhancement Advisory Services LLC increased its position in Ingevity by 4.3% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 8,007 shares of the company's stock valued at $317,000 after acquiring an additional 333 shares during the period. 91.59% of the stock is owned by hedge funds and other institutional investors.

Ingevity Stock Performance

NYSE NGVT opened at $55.69 on Thursday. 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 business's 50 day moving average is $55.94 and its two-hundred day moving average is $45.80. Ingevity Corporation has a 12-month low of $28.49 and a 12-month high of $60.77. The stock has a market capitalization of $2.03 billion, a price-to-earnings ratio of -9.36 and a beta of 1.40.

Ingevity (NYSE:NGVT - Get Free Report) last released its earnings results on Friday, March 24th. The company reported $0.78 earnings per share (EPS) for the quarter. Ingevity had a positive return on equity of 84.92% and a negative net margin of 16.35%.The company had revenue of $336.00 million for the quarter. Research analysts expect that Ingevity Corporation will post 4.45 EPS for the current year.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Weiss Ratings restated a "sell (d-)" rating on shares of Ingevity in a research report on Wednesday, October 8th. BMO Capital Markets boosted their price target on Ingevity from $62.00 to $68.00 and gave the company an "outperform" rating in a research report on Friday, September 5th. Wells Fargo & Company boosted their price target on Ingevity from $38.00 to $48.00 and gave the company an "equal weight" rating in a research report on Monday, July 14th. Finally, Wall Street Zen upgraded Ingevity from a "buy" rating to a "strong-buy" rating in a research report on Saturday, August 9th. One analyst has rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $58.00.

Ingevity 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.

Want to see what other hedge funds are holding NGVT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Ingevity Corporation (NYSE:NGVT - Free Report).

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.