Congress Asset Management Co. MA purchased a new stake in shares of Ingevity Corp (NYSE:NGVT) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 20,820 shares of the company’s stock, valued at approximately $1,766,000.
Other hedge funds have also recently made changes to their positions in the company. Advisory Services Network LLC raised its stake in shares of Ingevity by 54.3% in the second quarter. Advisory Services Network LLC now owns 355 shares of the company’s stock worth $37,000 after acquiring an additional 125 shares during the last quarter. Quest Capital Management Inc. ADV bought a new position in shares of Ingevity in the third quarter worth about $74,000. NumerixS Investment Technologies Inc bought a new position in shares of Ingevity in the second quarter worth about $84,000. Flagship Harbor Advisors LLC raised its stake in shares of Ingevity by 29.7% in the second quarter. Flagship Harbor Advisors LLC now owns 1,246 shares of the company’s stock worth $131,000 after acquiring an additional 285 shares during the last quarter. Finally, Valeo Financial Advisors LLC raised its stake in shares of Ingevity by 13.4% in the third quarter. Valeo Financial Advisors LLC now owns 1,691 shares of the company’s stock worth $143,000 after acquiring an additional 200 shares during the last quarter. 91.63% of the stock is owned by hedge funds and other institutional investors.
NGVT has been the subject of a number of research analyst reports. SunTrust Banks dropped their target price on shares of Ingevity to $120.00 and set a “buy” rating for the company in a research note on Friday, October 25th. They noted that the move was a valuation call. Loop Capital raised shares of Ingevity from a “hold” rating to a “buy” rating in a research note on Thursday, September 5th. ValuEngine raised shares of Ingevity from a “sell” rating to a “hold” rating in a research note on Saturday, October 19th. Jefferies Financial Group downgraded shares of Ingevity from a “buy” rating to a “hold” rating and dropped their price target for the stock from $129.00 to $107.00 in a research note on Friday, July 19th. Finally, Stifel Nicolaus dropped their price target on shares of Ingevity from $109.00 to $99.00 and set a “hold” rating for the company in a research note on Wednesday, September 25th. Four research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Ingevity has a consensus rating of “Buy” and an average target price of $112.78.
Ingevity (NYSE:NGVT) last issued its quarterly earnings data on Wednesday, October 23rd. The company reported $1.46 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.42 by $0.04. The firm had revenue of $359.90 million during the quarter, compared to analysts’ expectations of $365.44 million. Ingevity had a net margin of 14.31% and a return on equity of 53.69%. The business’s revenue for the quarter was up 15.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.16 earnings per share. Analysts anticipate that Ingevity Corp will post 4.79 EPS 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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