Portland Global Advisors LLC acquired a new stake in Ingevity Corp (NYSE:NGVT) in the 1st quarter, according to its most recent disclosure with the SEC. The fund acquired 2,129 shares of the company’s stock, valued at approximately $225,000.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Oppenheimer Asset Management Inc. bought a new position in shares of Ingevity in the 4th quarter valued at $25,000. ETF Managers Group LLC grew its position in Ingevity by 17.4% during the 4th quarter. ETF Managers Group LLC now owns 1,793 shares of the company’s stock worth $150,000 after acquiring an additional 266 shares during the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. bought a new stake in Ingevity during the 4th quarter worth $177,000. Dynamic Technology Lab Private Ltd bought a new stake in Ingevity during the 3rd quarter worth $205,000. Finally, LPL Financial LLC grew its position in Ingevity by 4.7% during the 4th quarter. LPL Financial LLC now owns 2,558 shares of the company’s stock worth $214,000 after acquiring an additional 115 shares during the last quarter. 94.40% of the stock is owned by hedge funds and other institutional investors.
In other Ingevity news, CFO John C. Fortson sold 18,000 shares of the company’s stock in a transaction dated Wednesday, February 27th. The stock was sold at an average price of $114.46, for a total value of $2,060,280.00. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Phillip John Platt sold 2,725 shares of the company’s stock in a transaction dated Tuesday, February 26th. The shares were sold at an average price of $114.07, for a total value of $310,840.75. Following the completion of the sale, the chief accounting officer now owns 1,137 shares in the company, valued at approximately $129,697.59. The disclosure for this sale can be found here. Insiders sold a total of 25,125 shares of company stock worth $2,876,065 in the last quarter. Corporate insiders own 0.60% of the company’s stock.
A number of equities research analysts recently weighed in on the company. Zacks Investment Research upgraded Ingevity from a “hold” rating to a “buy” rating and set a $89.00 price objective on the stock in a research report on Monday, December 31st. ValuEngine upgraded Ingevity from a “hold” rating to a “buy” rating in a research report on Thursday, April 4th. Loop Capital boosted their price objective on Ingevity to $104.00 and gave the stock a “hold” rating in a research report on Friday, February 15th. They noted that the move was a valuation call. Jefferies Financial Group set a $68.00 price objective on Ingevity and gave the stock a “buy” rating in a research report on Thursday, December 20th. Finally, Oppenheimer set a $110.00 price objective on Ingevity and gave the stock a “buy” rating in a research report on Thursday, February 14th. Three research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $102.44.
Shares of NYSE NGVT traded down $1.29 during trading on Monday, reaching $112.79. The company had a trading volume of 849 shares, compared to its average volume of 677,978. Ingevity Corp has a 12 month low of $74.98 and a 12 month high of $120.41. The firm has a market capitalization of $4.72 billion, a PE ratio of 27.33, a price-to-earnings-growth ratio of 1.94 and a beta of 1.61. The company has a current ratio of 2.31, a quick ratio of 1.26 and a debt-to-equity ratio of 2.19.
Ingevity (NYSE:NGVT) last released its quarterly earnings results on Wednesday, February 13th. The company reported $1.07 EPS for the quarter, beating analysts’ consensus estimates of $0.78 by $0.29. Ingevity had a return on equity of 53.18% and a net margin of 14.92%. The firm had revenue of $278.60 million for the quarter, compared to analyst estimates of $265.60 million. During the same quarter in the previous year, the company posted $0.45 EPS. The business’s revenue was up 21.4% on a year-over-year basis. As a group, analysts forecast that Ingevity Corp will post 4.86 earnings per share for the current fiscal year.
Ingevity Corporation manufactures and sells specialty chemicals and carbon materials in the United States and internationally. The company operates through two segments, Performance Materials and Performance Chemicals. The Performance Materials segment engineers, manufactures, and sells hardwood-based and chemically activated carbon products primarily for use in gasoline vapor emission control systems in cars, trucks, motorcycles, and boats.
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