Voya Investment Management LLC Sells 6,362 Shares of Ingevity Corporation $NGVT

Key Points

• Voya Investment Management LLC has reduced its holdings in Ingevity Corporation by 38.9%, selling 6,362 shares, leaving it with a total of 9,981 shares valued at approximately $395,000.
• UBS Asset Management significantly increased its stake in Ingevity by 311.8%, now owning 600,380 shares worth $23.77 million, while a majority of the company's stock, around 91.59%, is held by institutional investors.
• Analysts have upgraded Ingevity's stock rating and increased the price targets; Wells Fargo raised their target from $38.00 to $48.00, while BMO Capital Markets raised it from $62.00 to $68.00.

Voya Investment Management LLC trimmed its holdings in Ingevity Corporation (NYSE:NGVT - Free Report) by 38.9% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,981 shares of the company's stock after selling 6,362 shares during the quarter. Voya Investment Management LLC's holdings in Ingevity were worth $395,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of NGVT. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake 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 worth $23,769,000 after acquiring an additional 454,579 shares in the last quarter. Simcoe Capital Management LLC bought a new stake in Ingevity during the 1st quarter valued at about $8,568,000. Nuveen LLC bought a new stake in Ingevity during the 1st quarter valued at about $4,228,000. Millennium Management LLC increased its stake in Ingevity by 8.0% during the 1st quarter. Millennium Management LLC now owns 1,226,189 shares of the company's stock valued at $48,545,000 after purchasing an additional 90,958 shares in the last quarter. Finally, Ancora Advisors LLC increased its stake in Ingevity by 100.2% during the 1st quarter. Ancora Advisors LLC now owns 176,610 shares of the company's stock valued at $6,992,000 after purchasing an additional 88,380 shares in the last quarter. 91.59% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

NGVT has been the subject of a number of analyst reports. Wells Fargo & Company raised their price objective on shares of Ingevity from $38.00 to $48.00 and gave the company an "equal weight" rating in a research note on Monday, July 14th. Wall Street Zen upgraded shares of Ingevity from a "buy" rating to a "strong-buy" rating in a research note on Saturday, August 9th. Finally, BMO Capital Markets raised their price objective on shares of Ingevity from $62.00 to $68.00 and gave the company an "outperform" rating in a research note on Friday, September 5th. One research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $58.00.

Ingevity Stock Performance

NGVT opened at $55.05 on Friday. 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 company has a market cap of $2.01 billion, a price-to-earnings ratio of -9.25 and a beta of 1.44. The company's 50 day moving average is $53.45 and its 200 day moving average is $44.76. Ingevity Corporation has a 12-month low of $28.49 and a 12-month high of $60.77.

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