JPMorgan Chase & Co. Raises Stake in Ingevity Corp (NGVT)
JPMorgan Chase & Co. boosted its position in Ingevity Corp (NASDAQ:NGVT) by 68.7% during the third quarter, Holdings Channel reports. The institutional investor owned 97,239 shares of the company’s stock after buying an additional 39,590 shares during the period. JPMorgan Chase & Co. owned about 0.23% of Ingevity Corp worth $4,483,000 at the end of the most recent quarter.
Several other large investors have also recently added to or reduced their stakes in the company. Advisors Asset Management Inc. bought a new stake in shares of Ingevity Corp during the second quarter worth approximately $135,000. PineBridge Investments L.P. bought a new stake in shares of Ingevity Corp during the second quarter worth approximately $181,000. Ancora Advisors LLC bought a new stake in shares of Ingevity Corp during the second quarter worth approximately $200,000. Virginia Retirement Systems ET AL bought a new stake in shares of Ingevity Corp during the third quarter worth approximately $201,000. Finally, Teacher Retirement System of Texas bought a new stake in shares of Ingevity Corp during the second quarter worth approximately $202,000.
Shares of Ingevity Corp (NASDAQ:NGVT) opened at 53.00 on Friday. Ingevity Corp has a one year low of $23.00 and a one year high of $55.77. The firm has a market cap of $2.23 billion and a PE ratio of 68.74. The firm’s 50-day moving average price is $52.91 and its 200-day moving average price is $45.37.
Ingevity Corp (NASDAQ:NGVT) last released its quarterly earnings results on Wednesday, November 2nd. The company reported $0.64 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.61 by $0.03. The business had revenue of $252 million for the quarter, compared to the consensus estimate of $247.60 million. The firm’s revenue was down 1.8% compared to the same quarter last year. Equities research analysts expect that Ingevity Corp will post $1.99 earnings per share for the current fiscal year.
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A number of brokerages have commented on NGVT. Zacks Investment Research upgraded Ingevity Corp from a “hold” rating to a “buy” rating and set a $61.00 target price on the stock in a report on Saturday, January 7th. Oppenheimer Holdings, Inc. reiterated an “outperform” rating and set a $60.00 target price (up previously from $50.00) on shares of Ingevity Corp in a report on Thursday, December 15th. Aegis began coverage on Ingevity Corp in a report on Tuesday, November 22nd. They set a “buy” rating and a $59.00 target price on the stock. Buckingham Research began coverage on Ingevity Corp in a report on Friday, September 23rd. They set a “neutral” rating on the stock. Finally, Jefferies Group began coverage on Ingevity Corp in a report on Friday, September 23rd. They set a “buy” rating and a $57.00 target price on the stock. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $54.00.
About Ingevity Corp
Ingevity Corporation is a manufacturer of specialty chemicals and high performance carbon materials. The Company is also a manufacturer of activated carbon used in gasoline vapor emission control systems in cars, trucks, motorcycles and boats. The Company operates through two segments: Performance Materials and Performance Chemicals.
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