Invenomic Capital Management LP Takes $2.77 Million Position in Ingevity Co. (NYSE:NGVT)

Invenomic Capital Management LP bought a new stake in Ingevity Co. (NYSE:NGVT - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 68,059 shares of the company's stock, valued at approximately $2,773,000. Invenomic Capital Management LP owned approximately 0.19% of Ingevity at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of NGVT. JPMorgan Chase & Co. raised its stake in shares of Ingevity by 24.9% during the third quarter. JPMorgan Chase & Co. now owns 117,581 shares of the company's stock worth $4,586,000 after acquiring an additional 23,460 shares in the last quarter. Hennion & Walsh Asset Management Inc. purchased a new position in shares of Ingevity in the fourth quarter worth $239,000. Proficio Capital Partners LLC purchased a new position in shares of Ingevity in the fourth quarter worth $863,000. Raymond James Financial Inc. purchased a new position in shares of Ingevity in the fourth quarter worth $3,018,000. Finally, Mitsubishi UFJ Asset Management UK Ltd. purchased a new position in shares of Ingevity in the fourth quarter worth $530,000. 91.59% of the stock is owned by hedge funds and other institutional investors.

Ingevity Trading Up 0.4%

NYSE:NGVT traded up $0.18 during trading hours on Friday, hitting $43.07. The company had a trading volume of 216,387 shares, compared to its average volume of 281,518. The company has a market capitalization of $1.57 billion, a PE ratio of -3.64 and a beta of 1.31. The stock has a 50-day moving average price of $37.18 and a 200 day moving average price of $42.16. Ingevity Co. has a 52 week low of $28.49 and a 52 week high of $53.41. The company has a debt-to-equity ratio of 6.86, a current ratio of 1.87 and a quick ratio of 1.04.

Ingevity (NYSE:NGVT - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The company reported $0.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.74 by $0.25. The firm had revenue of $284.00 million during the quarter, compared to analyst estimates of $299.13 million. Ingevity had a positive return on equity of 41.44% and a negative net margin of 30.60%. Ingevity's quarterly revenue was down 16.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.47 EPS. On average, equities research analysts predict that Ingevity Co. will post 4.45 EPS for the current fiscal year.

Analyst Ratings Changes

Several brokerages recently commented on NGVT. Wells Fargo & Company lifted their target price on shares of Ingevity from $32.00 to $38.00 and gave the stock an "equal weight" rating in a research note on Wednesday, May 7th. StockNews.com downgraded shares of Ingevity from a "buy" rating to a "hold" rating in a research note on Saturday, April 12th. Finally, BMO Capital Markets upgraded shares of Ingevity from a "market perform" rating to an "outperform" rating and lifted their price target for the company from $62.00 to $65.00 in a report on Wednesday, February 26th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $52.75.

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.