Ingevity Co. (NYSE:NGVT) Shares Purchased by State Street Corp

State Street Corp boosted its position in Ingevity Co. (NYSE:NGVT) by 14.7% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,546,957 shares of the company’s stock after purchasing an additional 198,300 shares during the quarter. State Street Corp’s holdings in Ingevity were worth $60,331,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. First Horizon Advisors Inc. grew its holdings in shares of Ingevity by 809.2% during the second quarter. First Horizon Advisors Inc. now owns 591 shares of the company’s stock worth $26,000 after buying an additional 526 shares in the last quarter. Blue Trust Inc. boosted its position in Ingevity by 101.8% during the second quarter. Blue Trust Inc. now owns 896 shares of the company’s stock worth $43,000 after acquiring an additional 452 shares during the last quarter. Headlands Technologies LLC purchased a new stake in Ingevity during the 2nd quarter valued at about $46,000. KBC Group NV lifted its stake in Ingevity by 50.8% in the 3rd quarter. KBC Group NV now owns 1,574 shares of the company’s stock worth $61,000 after purchasing an additional 530 shares in the last quarter. Finally, nVerses Capital LLC acquired a new position in shares of Ingevity during the 3rd quarter worth approximately $113,000. Hedge funds and other institutional investors own 91.59% of the company’s stock.

Wall Street Analyst Weigh In

Separately, BMO Capital Markets lifted their price objective on Ingevity from $40.00 to $47.00 and gave the stock a “market perform” rating in a research report on Thursday, October 31st. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Ingevity currently has an average rating of “Moderate Buy” and an average price target of $52.17.

Ingevity Stock Performance

Ingevity stock opened at $41.61 on Thursday. The stock has a market cap of $1.51 billion, a price-to-earnings ratio of -2.68 and a beta of 1.62. The company has a debt-to-equity ratio of 6.52, a current ratio of 1.76 and a quick ratio of 1.04. The firm has a 50 day simple moving average of $42.56 and a 200-day simple moving average of $41.45. Ingevity Co. has a 1-year low of $30.90 and a 1-year high of $56.29.

Ingevity (NYSE:NGVT) last posted its earnings results on Tuesday, October 29th. The company reported $1.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.60 by $0.50. Ingevity had a positive return on equity of 24.46% and a negative net margin of 38.11%. The company had revenue of $376.90 million during the quarter, compared to analysts’ expectations of $376.95 million. During the same quarter last year, the firm earned $1.21 earnings per share. The firm’s quarterly revenue was down 15.5% compared to the same quarter last year. On average, analysts expect that Ingevity Co. will post 2.55 EPS for the current year.

About Ingevity

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.