Principal Financial Group Inc. Purchases 475,907 Shares of Ingevity Corporation $NGVT

Key Points

• Principal Financial Group increased its stake in Ingevity by 269.9% in the fourth quarter, buying 475,907 additional shares and lifting its holdings to 652,237 shares worth about $38.6 million.
• Several other institutional investors also boosted or initiated positions in NGVT, and institutional ownership now stands at 91.59% of the company.
• Ingevity reported better-than-expected quarterly earnings of $1.15 per share on revenue of $258 million, while analysts currently have a consensus Hold rating with an average price target of $80.

Principal Financial Group Inc. grew its position in Ingevity Corporation (NYSE:NGVT - Free Report) by 269.9% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 652,237 shares of the company's stock after buying an additional 475,907 shares during the period. Principal Financial Group Inc. owned 1.81% of Ingevity worth $38,599,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of Ingevity by 311.8% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 600,380 shares of the company's stock valued at $23,769,000 after purchasing an additional 454,579 shares during the last quarter. Simcoe Capital Management LLC raised its position in shares of Ingevity by 188.8% in the 2nd quarter. Simcoe Capital Management LLC now owns 624,935 shares of the company's stock valued at $26,928,000 after purchasing an additional 408,508 shares during the last quarter. Boston Partners purchased a new position in shares of Ingevity in the 3rd quarter valued at approximately $14,171,000. Marshall Wace LLP raised its position in shares of Ingevity by 217.4% in the 3rd quarter. Marshall Wace LLP now owns 228,201 shares of the company's stock valued at $12,594,000 after purchasing an additional 156,301 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership purchased a new position in shares of Ingevity in the 3rd quarter valued at approximately $8,571,000. 91.59% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

NGVT has been the subject of a number of recent research reports. Jefferies Financial Group reissued a "buy" rating and set a $82.00 price target on shares of Ingevity in a research report on Thursday, February 26th. Wells Fargo & Company raised their price target on shares of Ingevity from $65.00 to $75.00 and gave the stock an "equal weight" rating in a research report on Friday, February 27th. BMO Capital Markets reissued an "outperform" rating and set a $83.00 price target on shares of Ingevity in a research report on Monday, March 2nd. Wall Street Zen raised shares of Ingevity from a "hold" rating to a "strong-buy" rating in a research report on Saturday. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Ingevity in a research report on Tuesday, April 21st. Two 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's stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $80.00.

Ingevity Price Performance

Ingevity stock opened at $75.73 on Friday. The company's fifty day moving average price is $71.20 and its 200 day moving average price is $64.15. Ingevity Corporation has a 1 year low of $39.74 and a 1 year high of $79.29. The stock has a market capitalization of $2.67 billion, a P/E ratio of -21.33 and a beta of 1.24. 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 (NYSE:NGVT - Get Free Report) last announced its earnings results on Wednesday, May 6th. The company reported $1.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.84 by $0.31. Ingevity had a negative net margin of 10.55% and a positive return on equity of 207.82%. The company had revenue of $258.00 million for the quarter, compared to analysts' expectations of $254.73 million. During the same quarter in the previous year, the company posted $1.01 EPS. The firm's quarterly revenue was up 4.1% on a year-over-year basis. Ingevity has set its FY 2026 guidance at 4.700-5.200 EPS. As a group, equities research analysts anticipate that Ingevity Corporation will post 5.05 earnings per share for the current fiscal 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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