Wedge Capital Management L L P NC Boosts Stock Holdings in Ingevity Co. (NYSE:NGVT)

Wedge Capital Management L L P NC increased its position in shares of Ingevity Co. (NYSE:NGVT) by 28.3% in the 4th quarter, HoldingsChannel reports. The firm owned 137,106 shares of the company’s stock after purchasing an additional 30,201 shares during the period. Wedge Capital Management L L P NC’s holdings in Ingevity were worth $6,474,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the company. Jennison Associates LLC increased its holdings in Ingevity by 1.3% in the fourth quarter. Jennison Associates LLC now owns 19,588 shares of the company’s stock valued at $925,000 after buying an additional 249 shares in the last quarter. First Hawaiian Bank increased its holdings in Ingevity by 2.5% in the fourth quarter. First Hawaiian Bank now owns 10,160 shares of the company’s stock valued at $480,000 after buying an additional 250 shares in the last quarter. Raymond James & Associates increased its holdings in Ingevity by 1.1% in the third quarter. Raymond James & Associates now owns 46,519 shares of the company’s stock valued at $2,215,000 after buying an additional 516 shares in the last quarter. Pathstone Family Office LLC increased its holdings in Ingevity by 22.1% in the third quarter. Pathstone Family Office LLC now owns 4,430 shares of the company’s stock valued at $211,000 after buying an additional 803 shares in the last quarter. Finally, New York State Common Retirement Fund increased its holdings in Ingevity by 0.5% in the third quarter. New York State Common Retirement Fund now owns 179,012 shares of the company’s stock valued at $8,523,000 after buying an additional 825 shares in the last quarter. 91.59% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently commented on NGVT shares. 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 report on Friday, February 23rd. Jefferies Financial Group upgraded shares of Ingevity from a “hold” rating to a “buy” rating and raised their target price for the stock from $52.00 to $62.00 in a research report on Monday. Five equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $51.40.

Ingevity Stock Performance

Ingevity stock opened at $48.90 on Wednesday. Ingevity Co. has a 12-month low of $36.66 and a 12-month high of $72.76. The company has a market capitalization of $1.77 billion, a price-to-earnings ratio of -222.27 and a beta of 1.85. The company has a debt-to-equity ratio of 2.19, a current ratio of 1.81 and a quick ratio of 0.96. The firm’s fifty day moving average price is $46.33 and its 200 day moving average price is $43.66.

Ingevity (NYSE:NGVT) last released its quarterly earnings results on Wednesday, February 21st. The company reported $0.21 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.13) by $0.34. Ingevity had a negative net margin of 0.32% and a positive return on equity of 20.75%. The firm had revenue of $371.70 million for the quarter, compared to the consensus estimate of $336.74 million. During the same quarter in the previous year, the firm posted $0.57 EPS. The firm’s quarterly revenue was down 3.1% on a year-over-year basis. On average, research analysts forecast that Ingevity Co. will post 3.66 EPS for the current fiscal year.

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.