Wellington Management Group LLP Boosts Stake in Ingevity Co. (NYSE:NGVT)

Wellington Management Group LLP lifted its holdings in Ingevity Co. (NYSE:NGVT) by 3.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,148,379 shares of the company’s stock after buying an additional 80,856 shares during the quarter. Wellington Management Group LLP owned 5.93% of Ingevity worth $101,446,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of NGVT. Victory Capital Management Inc. boosted its stake in shares of Ingevity by 57.6% in the fourth quarter. Victory Capital Management Inc. now owns 1,854,554 shares of the company’s stock valued at $87,572,000 after buying an additional 677,718 shares in the last quarter. American Century Companies Inc. boosted its position in 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. Assenagon Asset Management S.A. purchased a new stake in Ingevity during the fourth quarter worth $2,530,000. Brown Advisory Inc. boosted its position in 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. Finally, Hotchkis & Wiley Capital Management LLC boosted its position in Ingevity by 22.4% during the fourth quarter. Hotchkis & Wiley Capital Management LLC now owns 271,530 shares of the company’s stock worth $12,822,000 after purchasing an additional 49,620 shares in the last quarter. 91.59% of the stock is currently owned by hedge funds and other institutional investors.

Ingevity Stock Performance

Shares of NYSE:NGVT opened at $43.71 on Friday. The firm has a market capitalization of $1.59 billion, a PE ratio of -14.05 and a beta of 1.72. The company has a debt-to-equity ratio of 2.48, a current ratio of 1.90 and a quick ratio of 0.98. The business has a 50-day moving average of $48.94 and a two-hundred day moving average of $46.42. Ingevity Co. has a 12 month low of $36.66 and a 12 month high of $66.18.

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

Analyst Ratings Changes

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

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.