Ingevity Co. (NYSE:NGVT) Stake Boosted by Millennium Management LLC

Millennium Management LLC increased its position in shares of Ingevity Co. (NYSE:NGVT) by 46.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 504,552 shares of the company’s stock after acquiring an additional 161,014 shares during the period. Millennium Management LLC owned about 1.39% of Ingevity worth $22,054,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently bought and sold shares of the company. Hsbc Holdings PLC raised its stake in shares of Ingevity by 282.1% during the 4th quarter. Hsbc Holdings PLC now owns 33,084 shares of the company’s stock worth $1,566,000 after purchasing an additional 24,426 shares in the last quarter. TFO Wealth Partners LLC increased its holdings in Ingevity by 40,750.0% in the fourth quarter. TFO Wealth Partners LLC now owns 817 shares of the company’s stock worth $39,000 after buying an additional 815 shares during the last quarter. Quadrature Capital Ltd raised its position in Ingevity by 134.9% during the fourth quarter. Quadrature Capital Ltd now owns 22,227 shares of the company’s stock valued at $1,050,000 after acquiring an additional 12,763 shares in the last quarter. Invenomic Capital Management LP acquired a new stake in Ingevity in the fourth quarter valued at approximately $2,200,000. Finally, Hotchkis & Wiley Capital Management LLC grew its position in Ingevity by 22.4% in the fourth quarter. Hotchkis & Wiley Capital Management LLC now owns 271,530 shares of the company’s stock worth $12,822,000 after acquiring an additional 49,620 shares in the last quarter. Institutional investors and hedge funds own 91.59% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Ingevity Trading Up 12.0 %

Shares of NYSE:NGVT opened at $37.04 on Friday. The company has a debt-to-equity ratio of 4.92, a quick ratio of 1.07 and a current ratio of 1.92. The stock’s 50-day moving average is $37.95 and its 200-day moving average is $43.99. The company has a market cap of $1.35 billion, a P/E ratio of -11.91 and a beta of 1.62. Ingevity Co. has a 52-week low of $30.90 and a 52-week high of $56.29.

Ingevity (NYSE:NGVT) last released its earnings results on Wednesday, July 31st. The company reported $1.01 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.05 by ($0.04). Ingevity had a negative net margin of 27.85% and a positive return on equity of 19.59%. The business had revenue of $390.60 million during the quarter, compared to analyst estimates of $407.58 million. During the same period last year, the business earned $1.41 EPS. The business’s quarterly 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 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.