Wedge Capital Management L L P NC Sells 27,236 Shares of Ingevity Co. (NYSE:NGVT)

Wedge Capital Management L L P NC lessened its position in Ingevity Co. (NYSE:NGVT) by 23.0% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 91,359 shares of the company’s stock after selling 27,236 shares during the period. Wedge Capital Management L L P NC’s holdings in Ingevity were worth $3,617,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. KBC Group NV boosted its holdings in shares of Ingevity by 27.5% during the fourth quarter. KBC Group NV now owns 2,007 shares of the company’s stock worth $82,000 after purchasing an additional 433 shares during the period. Empowered Funds LLC bought a new position in Ingevity during the 4th quarter valued at approximately $187,000. O Shaughnessy Asset Management LLC purchased a new stake in Ingevity in the 4th quarter worth approximately $214,000. Teacher Retirement System of Texas bought a new stake in shares of Ingevity in the 4th quarter worth approximately $237,000. Finally, Balyasny Asset Management L.P. bought a new stake in shares of Ingevity in the 4th quarter worth approximately $302,000. Institutional investors own 91.59% of the company’s stock.

Ingevity Stock Up 3.1%

NGVT stock opened at $43.34 on Tuesday. Ingevity Co. has a fifty-two week low of $28.49 and a fifty-two week high of $51.67. The company has a market capitalization of $1.58 billion, a price-to-earnings ratio of -3.66 and a beta of 1.39. The business’s 50 day moving average price is $37.06 and its two-hundred day moving average price is $41.74. The company has a debt-to-equity ratio of 6.86, a quick ratio of 1.04 and a current ratio of 1.87.

Ingevity (NYSE:NGVT) last issued its quarterly earnings results on Wednesday, May 7th. The company reported $0.99 earnings per share for the quarter, topping the consensus estimate of $0.74 by $0.25. The company had revenue of $284.00 million for the quarter, compared to analysts’ expectations of $299.13 million. Ingevity had a positive return on equity of 41.44% and a negative net margin of 30.60%. The firm’s revenue for the quarter was down 16.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.47 earnings per share. As a group, analysts forecast that Ingevity Co. will post 4.45 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on NGVT. Wells Fargo & Company upped their target price on Ingevity from $32.00 to $38.00 and gave the company an “equal weight” rating in a report on Wednesday, May 7th. Wall Street Zen upgraded shares of Ingevity from a “buy” rating to a “strong-buy” rating in a report on Friday. Finally, BMO Capital Markets raised shares of Ingevity from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $62.00 to $65.00 in a research report on Wednesday, February 26th. One investment analyst has rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “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.