Range Financial Group LLC Acquires New Position in Ingevity Corporation $NGVT

Key Points

• Range Financial Group LLC has acquired a position in Ingevity Corporation with an investment of approximately $1.33 million, owning about 0.08% of the company.
• Ingevity reported an EPS of $1.39 in its recent quarterly earnings, which surpassed the consensus estimate by $0.37, despite a year-over-year revenue decline of 6.5%.
• Research analysts have updated their ratings for Ingevity, with BMO Capital Markets raising the price target to $68.00, while Wells Fargo adjusted theirs to $48.00.

Range Financial Group LLC bought a new position in shares of Ingevity Corporation (NYSE:NGVT - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 30,763 shares of the company's stock, valued at approximately $1,326,000. Range Financial Group LLC owned approximately 0.08% of Ingevity at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Ameriprise Financial Inc. lifted its stake in shares of Ingevity by 1.3% in the 4th quarter. Ameriprise Financial Inc. now owns 224,199 shares of the company's stock valued at $9,136,000 after purchasing an additional 2,810 shares during the last quarter. Deutsche Bank AG lifted its stake in shares of Ingevity by 53.3% in the 4th quarter. Deutsche Bank AG now owns 33,936 shares of the company's stock valued at $1,383,000 after purchasing an additional 11,801 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Ingevity by 3.9% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 20,710 shares of the company's stock valued at $844,000 after purchasing an additional 781 shares during the last quarter. ProShare Advisors LLC lifted its stake in shares of Ingevity by 43.5% in the 4th quarter. ProShare Advisors LLC now owns 11,858 shares of the company's stock valued at $483,000 after purchasing an additional 3,595 shares during the last quarter. Finally, Vision One Management Partners LP lifted its stake in shares of Ingevity by 265.0% in the 4th quarter. Vision One Management Partners LP now owns 410,678 shares of the company's stock valued at $16,735,000 after purchasing an additional 298,157 shares during the last quarter. 91.59% of the stock is owned by institutional investors.

Ingevity Stock Performance

Shares of NGVT traded down $1.51 during mid-day trading on Friday, reaching $56.33. The company had a trading volume of 716,763 shares, compared to its average volume of 232,953. Ingevity Corporation has a 52-week low of $28.49 and a 52-week high of $60.77. The company has a quick ratio of 0.80, a current ratio of 1.36 and a debt-to-equity ratio of 10.24. The stock has a market capitalization of $2.05 billion, a P/E ratio of -9.47 and a beta of 1.44. The stock has a 50 day moving average of $52.51 and a two-hundred day moving average of $44.44.

Ingevity (NYSE:NGVT - Get Free Report) last released its quarterly earnings results on Monday, August 4th. The company reported $1.39 earnings per share for the quarter, topping analysts' consensus estimates of $1.02 by $0.37. Ingevity had a positive return on equity of 84.92% and a negative net margin of 16.35%.The company had revenue of $365.10 million during the quarter, compared to analysts' expectations of $378.70 million. During the same quarter in the prior year, the firm posted $1.01 EPS. Ingevity's quarterly revenue was down 6.5% compared to the same quarter last year. Ingevity has set its FY 2025 guidance at EPS. On average, analysts expect that Ingevity Corporation will post 4.45 earnings per share for the current year.

Analysts Set New Price Targets

NGVT has been the topic of several recent analyst reports. Wells Fargo & Company increased their price target on Ingevity from $38.00 to $48.00 and gave the stock an "equal weight" rating in a report on Monday, July 14th. Wall Street Zen upgraded Ingevity from a "buy" rating to a "strong-buy" rating in a report on Saturday, August 9th. Finally, BMO Capital Markets increased their price target on Ingevity from $62.00 to $68.00 and gave the stock an "outperform" rating in a report on Friday, September 5th. One equities research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat, Ingevity presently has an average rating of "Moderate Buy" and a consensus 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.