Salem Investment Counselors Inc. Sells 6,100 Shares of Ingevity Corporation $NGVT

Key Points

• Salem Investment Counselors Inc. reduced its stake in Ingevity Corporation by 12.0%, selling 6,100 shares and retaining ownership of 44,722 shares valued at approximately $1.93 million.
• Wells Fargo & Company and BMO Capital Markets both raised their target prices for Ingevity, with BMO setting it at $68.00 and Wells Fargo at $48.00.
• Ingevity recently reported earnings of $1.39 per share, exceeding estimates, but its quarterly revenue fell by 6.5% year-over-year.

Salem Investment Counselors Inc. lowered its position in Ingevity Corporation (NYSE:NGVT - Free Report) by 12.0% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 44,722 shares of the company's stock after selling 6,100 shares during the period. Salem Investment Counselors Inc. owned about 0.12% of Ingevity worth $1,927,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. GAMMA Investing LLC increased its position 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 buying an additional 618 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S increased its holdings in Ingevity by 21.6% during the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 1,670 shares of the company's stock worth $66,000 after purchasing an additional 297 shares in the last quarter. Empowered Funds LLC increased its holdings in Ingevity by 12.9% during the 1st quarter. Empowered Funds LLC now owns 5,181 shares of the company's stock worth $205,000 after purchasing an additional 594 shares in the last quarter. Optimist Retirement Group LLC bought a new position in Ingevity during the 1st quarter worth about $246,000. Finally, Balyasny Asset Management L.P. bought a new position in Ingevity during the 4th quarter worth about $302,000. Institutional investors own 91.59% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. Wells Fargo & Company increased their target price on Ingevity from $38.00 to $48.00 and gave the stock an "equal weight" rating in a report on Monday, July 14th. BMO Capital Markets increased their target price on Ingevity from $62.00 to $68.00 and gave the stock an "outperform" rating in a report on Friday, September 5th. Finally, Wall Street Zen upgraded Ingevity from a "buy" rating to a "strong-buy" rating in a report on Saturday, August 9th. One investment analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $58.00.

Ingevity Price Performance

Shares of NYSE NGVT opened at $58.09 on Friday. The stock has a market capitalization of $2.12 billion, a price-to-earnings ratio of -9.76 and a beta of 1.44. The business has a 50-day moving average of $51.50 and a 200-day moving average of $44.04. The company has a debt-to-equity ratio of 10.24, a current ratio of 1.36 and a quick ratio of 0.80. Ingevity Corporation has a fifty-two week low of $28.49 and a fifty-two week high of $60.77.

Ingevity (NYSE:NGVT - Get Free Report) last announced its quarterly earnings data on Monday, August 4th. The company reported $1.39 earnings per share for the quarter, beating the consensus estimate of $1.02 by $0.37. The company had revenue of $365.10 million during the quarter, compared to analysts' expectations of $378.70 million. Ingevity had a positive return on equity of 84.92% and a negative net margin of 16.35%.Ingevity's revenue for the quarter was down 6.5% compared to the same quarter last year. During the same quarter last year, the company earned $1.01 EPS. Ingevity has set its FY 2025 guidance at EPS. As a group, sell-side analysts predict that Ingevity Corporation will post 4.45 earnings per share for the current fiscal year.

Ingevity Company 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.

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