Invenomic Capital Management LP Makes New $2.20 Million Investment in Ingevity Co. (NYSE:NGVT)

Invenomic Capital Management LP acquired a new position in Ingevity Co. (NYSE:NGVT) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 46,584 shares of the company’s stock, valued at approximately $2,200,000. Invenomic Capital Management LP owned 0.13% of Ingevity as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also modified their holdings of the company. Wellington Management Group LLP increased its stake in shares of Ingevity by 3.7% during the third quarter. Wellington Management Group LLP now owns 2,067,523 shares of the company’s stock worth $98,435,000 after purchasing an additional 73,412 shares in the last quarter. Victory Capital Management Inc. increased its stake in shares of Ingevity by 57.6% during the fourth quarter. Victory Capital Management Inc. now owns 1,854,554 shares of the company’s stock worth $87,572,000 after purchasing an additional 677,718 shares in the last quarter. Brown Advisory Inc. increased its stake in shares of Ingevity by 7.0% during the fourth quarter. Brown Advisory Inc. now owns 793,942 shares of the company’s stock worth $37,490,000 after purchasing an additional 52,187 shares in the last quarter. American Century Companies Inc. increased its stake in shares of Ingevity by 14.4% during the third quarter. American Century Companies Inc. now owns 494,464 shares of the company’s stock worth $23,541,000 after purchasing an additional 62,418 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of Ingevity by 10.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 483,976 shares of the company’s stock worth $22,853,000 after purchasing an additional 44,910 shares in the last quarter. Institutional investors and hedge funds own 91.59% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on NGVT. Loop Capital upped their price objective on shares of Ingevity from $49.00 to $56.00 and gave the company a “hold” rating in a research note on Tuesday, May 7th. Jefferies Financial Group raised shares of Ingevity from a “hold” rating to a “buy” rating and upped their price objective for the company from $52.00 to $62.00 in a research note on Monday, April 22nd. BMO Capital Markets upped their price objective on shares of Ingevity from $50.00 to $55.00 and gave the company a “market perform” rating in a research note on Wednesday, May 8th. Wells Fargo & Company increased their price target on shares of Ingevity from $43.00 to $50.00 and gave the company an “equal weight” rating in a research note on Friday, February 23rd. Finally, Oppenheimer increased their price target on shares of Ingevity from $50.00 to $58.00 and gave the company an “outperform” rating in a research note on Thursday, May 2nd. Five research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $55.00.

Ingevity Stock Performance

Shares of NGVT stock opened at $46.35 on Tuesday. The firm’s 50 day moving average price is $49.31 and its 200-day moving average price is $46.21. The company has a debt-to-equity ratio of 2.48, a quick ratio of 0.98 and a current ratio of 1.90. Ingevity Co. has a one year low of $36.66 and a one year high of $66.18. The firm has a market cap of $1.68 billion, a P/E ratio of -14.90 and a beta of 1.72.

Ingevity (NYSE:NGVT) last issued its quarterly earnings data on Wednesday, May 1st. The company reported $0.52 EPS for the quarter, topping the consensus estimate of $0.37 by $0.15. Ingevity had a negative net margin of 6.84% and a positive return on equity of 18.65%. The firm had revenue of $340.10 million for the quarter, compared to analyst estimates of $319.15 million. During the same period in the prior year, the business posted $1.09 EPS. The business’s revenue for the quarter was down 13.4% compared to the same quarter last year. As a group, equities research analysts predict that Ingevity Co. will post 3.78 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.