Lapides Asset Management LLC Sells 3,800 Shares of Ingevity Corp (NYSE:NGVT)

Lapides Asset Management LLC decreased its position in Ingevity Corp (NYSE:NGVT) by 9.0% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 38,500 shares of the company’s stock after selling 3,800 shares during the quarter. Lapides Asset Management LLC owned approximately 0.09% of Ingevity worth $2,024,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Shine Investment Advisory Services Inc. raised its position in shares of Ingevity by 36.4% in the first quarter. Shine Investment Advisory Services Inc. now owns 1,447 shares of the company’s stock valued at $51,000 after purchasing an additional 386 shares during the period. Mark Sheptoff Financial Planning LLC bought a new position in shares of Ingevity in the first quarter valued at approximately $60,000. Strs Ohio acquired a new stake in shares of Ingevity in the second quarter worth $99,000. CapWealth Advisors LLC acquired a new stake in shares of Ingevity in the first quarter worth $212,000. Finally, ETF Managers Group LLC grew its stake in shares of Ingevity by 11.3% in the first quarter. ETF Managers Group LLC now owns 2,598 shares of the company’s stock worth $88,000 after acquiring an additional 264 shares during the last quarter. 89.36% of the stock is currently owned by institutional investors.

NGVT traded up $2.45 during trading on Friday, reaching $58.48. 412,914 shares of the company’s stock were exchanged, compared to its average volume of 269,132. Ingevity Corp has a fifty-two week low of $24.92 and a fifty-two week high of $101.36. The company has a quick ratio of 2.35, a current ratio of 3.09 and a debt-to-equity ratio of 2.50. The business has a 50 day moving average price of $53.87 and a 200 day moving average price of $52.33. The company has a market capitalization of $2.41 billion, a P/E ratio of 14.51 and a beta of 2.42.

Ingevity (NYSE:NGVT) last issued its earnings results on Wednesday, July 29th. The company reported $0.63 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.60 by $0.03. Ingevity had a net margin of 13.89% and a return on equity of 36.42%. The company had revenue of $270.60 million for the quarter, compared to the consensus estimate of $256.30 million. During the same quarter in the previous year, the company earned $1.36 EPS. The firm’s revenue for the quarter was down 23.3% compared to the same quarter last year. As a group, research analysts forecast that Ingevity Corp will post 3.53 EPS for the current year.

NGVT has been the topic of several research analyst reports. Wells Fargo & Co raised their price objective on shares of Ingevity from $43.00 to $55.00 and gave the stock an “equal weight” rating in a research note on Friday, May 1st. ValuEngine upgraded shares of Ingevity from a “sell” rating to a “hold” rating in a research note on Monday, May 11th. Zacks Investment Research upgraded shares of Ingevity from a “sell” rating to a “hold” rating and set a $55.00 price objective on the stock in a research note on Wednesday, July 1st. BMO Capital Markets lowered their price objective on shares of Ingevity from $111.00 to $74.00 and set an “outperform” rating on the stock in a research note on Monday, April 20th. Finally, Stifel Nicolaus upgraded shares of Ingevity from a “hold” rating to a “buy” rating and lifted their price target for the stock from $55.00 to $66.00 in a research note on Friday. They noted that the move was a valuation call. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $69.14.

About Ingevity

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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Institutional Ownership by Quarter for Ingevity (NYSE:NGVT)

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