AQR Capital Management LLC Invests $367,000 in Ingevity Co. (NYSE:NGVT)

AQR Capital Management LLC acquired a new stake in shares of Ingevity Co. (NYSE:NGVT) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 8,392 shares of the company’s stock, valued at approximately $367,000.

A number of other hedge funds have also made changes to their positions in the stock. Vanguard Group Inc. increased its position in shares of Ingevity by 2.0% during the 1st quarter. Vanguard Group Inc. now owns 3,818,520 shares of the company’s stock valued at $182,143,000 after purchasing an additional 75,198 shares during the period. Wellington Management Group LLP increased its holdings in shares of Ingevity by 3.9% in the 4th quarter. Wellington Management Group LLP now owns 2,148,379 shares of the company’s stock valued at $101,446,000 after purchasing an additional 80,856 shares during the period. Thrivent Financial for Lutherans lifted its position in Ingevity by 2.7% in the 2nd quarter. Thrivent Financial for Lutherans now owns 1,359,556 shares of the company’s stock worth $59,427,000 after buying an additional 35,620 shares in the last quarter. Victory Capital Management Inc. boosted its stake in shares of Ingevity by 1.4% during the 2nd quarter. Victory Capital Management Inc. now owns 1,028,685 shares of the company’s stock valued at $44,964,000 after buying an additional 13,771 shares during the period. Finally, Dimensional Fund Advisors LP boosted its stake in shares of Ingevity by 11.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 845,912 shares of the company’s stock valued at $36,977,000 after buying an additional 88,026 shares during the period. Institutional investors and hedge funds own 91.59% of the company’s stock.

Ingevity Trading Down 1.2 %

Shares of Ingevity stock opened at $34.12 on Wednesday. Ingevity Co. has a 12-month low of $30.90 and a 12-month high of $56.29. The company has a quick ratio of 1.07, a current ratio of 1.92 and a debt-to-equity ratio of 4.92. The business’s 50 day moving average is $36.96 and its 200-day moving average is $43.43. The stock has a market cap of $1.24 billion, a P/E ratio of -11.15 and a beta of 1.62.

Ingevity (NYSE:NGVT) last posted its earnings results on Wednesday, July 31st. The company reported $1.01 earnings per share for the quarter, missing analysts’ consensus estimates of $1.05 by ($0.04). Ingevity had a positive return on equity of 19.59% and a negative net margin of 27.85%. The business had revenue of $390.60 million for the quarter, compared to analyst estimates of $407.58 million. During the same period in the previous year, the firm posted $1.41 earnings per share. The firm’s revenue was down 18.9% compared to the same quarter last year. Equities research analysts predict that Ingevity Co. will post 2.63 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Oppenheimer cut their price objective on Ingevity from $58.00 to $50.00 and set an “outperform” rating for the company in a report on Thursday, August 1st. BMO Capital Markets reduced their price target on Ingevity from $42.00 to $40.00 and set a “market perform” rating for the company in a report on Monday, September 30th. CJS Securities upgraded Ingevity from a “market perform” rating to an “outperform” rating and set a $58.00 price objective on the stock in a report on Wednesday, August 7th. Finally, Wells Fargo & Company reduced their target price on shares of Ingevity from $45.00 to $40.00 and set an “equal weight” rating for the company in a research note on Monday, August 5th. Three analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $51.00.

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.