Wedge Capital Management L L P NC Grows Position in Ingevity Co. (NYSE:NGVT)

Wedge Capital Management L L P NC increased its position in Ingevity Co. (NYSE:NGVT) by 28.3% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 137,106 shares of the company’s stock after purchasing an additional 30,201 shares during the quarter. Wedge Capital Management L L P NC owned approximately 0.38% of Ingevity worth $6,474,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Jennison Associates LLC increased its position in Ingevity by 1.3% during the 4th 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 position in Ingevity by 2.5% during the 4th 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 position in Ingevity by 1.1% during the 3rd 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 position in Ingevity by 22.1% during the 3rd 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 position in Ingevity by 0.5% during the 3rd 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. Hedge funds and other institutional investors own 91.59% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have commented on NGVT. Wells Fargo & Company lifted their target price on Ingevity from $43.00 to $50.00 and gave the stock an “equal weight” rating in a report on Friday, February 23rd. Jefferies Financial Group raised Ingevity from a “hold” rating to a “buy” rating and lifted their target price for the stock from $52.00 to $62.00 in a report on Monday. Five investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $51.40.

Ingevity Stock Performance

NGVT stock opened at $48.90 on Wednesday. The company has a market cap of $1.77 billion, a P/E 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 stock’s fifty day moving average price is $46.33 and its 200-day moving average price is $43.66. Ingevity Co. has a 1 year low of $36.66 and a 1 year high of $72.76.

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