Wellington Management Group LLP Acquires 59,342 Shares of Ingevity Corporation $NGVT

Key Points

• Wellington Management Group LLP increased its holdings in Ingevity Corporation by 2.6%, acquiring an additional 59,342 shares during the first quarter, bringing its total ownership to approximately 6.31% of the company.
• Ingevity reported $1.39 earnings per share in its latest quarterly results, beating estimates, but saw a 6.5% decline in revenue year-over-year.
• Analysts have differing opinions on Ingevity's stock, with Wells Fargo raising its price target to $48.00 and BMO Capital increasing theirs to $62.00, reflecting a range of ratings from "equal weight" to "strong-buy."

Wellington Management Group LLP lifted its stake in Ingevity Corporation (NYSE:NGVT - Free Report) by 2.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,299,312 shares of the company's stock after purchasing an additional 59,342 shares during the quarter. Wellington Management Group LLP owned 6.31% of Ingevity worth $91,030,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently modified their holdings of the company. GAMMA Investing LLC raised 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 worth $45,000 after purchasing an additional 618 shares during the last quarter. Optimist Retirement Group LLC purchased a new position in shares of Ingevity in the 1st quarter worth about $246,000. Balyasny Asset Management L.P. purchased a new position in shares of Ingevity in the 4th quarter worth about $302,000. Wealth Enhancement Advisory Services LLC raised its position in shares of Ingevity by 28.8% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 7,674 shares of the company's stock worth $313,000 after purchasing an additional 1,717 shares during the last quarter. Finally, NBC Securities Inc. raised its position in shares of Ingevity by 112,655.6% in the 1st quarter. NBC Securities Inc. now owns 10,148 shares of the company's stock worth $401,000 after purchasing an additional 10,139 shares during the last quarter. Hedge funds and other institutional investors own 91.59% of the company's stock.

Ingevity Stock Performance

Shares of NYSE NGVT traded up $3.12 during midday trading on Friday, hitting $57.66. 427,494 shares of the company's stock traded hands, compared to its average volume of 353,770. The firm has a fifty day moving average of $46.99 and a 200 day moving average of $42.73. Ingevity Corporation has a 1 year low of $28.49 and a 1 year high of $57.92. The company has a debt-to-equity ratio of 10.24, a quick ratio of 0.80 and a current ratio of 1.36. The stock has a market capitalization of $2.10 billion, a price-to-earnings ratio of -9.69 and a beta of 1.36.

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

Analysts Set New Price Targets

Several research firms have issued reports on NGVT. BMO Capital Markets upped their target price on shares of Ingevity from $56.00 to $62.00 and gave the company an "outperform" rating in a research note on Thursday, August 7th. Wells Fargo & Company upped their target price 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. Finally, Wall Street Zen upgraded shares of Ingevity from a "buy" rating to a "strong-buy" rating in a research note on Saturday, August 9th. One analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $55.00.

About Ingevity

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.