Price T Rowe Associates Inc. MD Raises Stake in Ingevity Co. (NYSE:NGVT)

Price T Rowe Associates Inc. MD grew its position in Ingevity Co. (NYSE:NGVT) by 7.8% in the fourth quarter, HoldingsChannel.com reports. The firm owned 35,238 shares of the company’s stock after acquiring an additional 2,541 shares during the period. Price T Rowe Associates Inc. MD’s holdings in Ingevity were worth $1,437,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. JPMorgan Chase & Co. increased its stake in Ingevity by 24.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 117,581 shares of the company’s stock worth $4,586,000 after buying an additional 23,460 shares in the last quarter. Hennion & Walsh Asset Management Inc. purchased a new stake in shares of Ingevity during the fourth quarter worth about $239,000. Proficio Capital Partners LLC bought a new stake in Ingevity during the 4th quarter valued at approximately $863,000. Raymond James Financial Inc. purchased a new position in Ingevity in the 4th quarter worth approximately $3,018,000. Finally, Mitsubishi UFJ Asset Management UK Ltd. bought a new position in Ingevity in the 4th quarter worth approximately $530,000. 91.59% of the stock is owned by hedge funds and other institutional investors.

Ingevity Stock Performance

Shares of NYSE:NGVT opened at $40.27 on Friday. The firm has a fifty day simple moving average of $37.67 and a two-hundred day simple moving average of $41.73. Ingevity Co. has a 52 week low of $28.49 and a 52 week high of $56.28. The company has a quick ratio of 1.04, a current ratio of 1.87 and a debt-to-equity ratio of 6.86. The stock has a market capitalization of $1.47 billion, a P/E ratio of -3.40 and a beta of 1.31.

Ingevity (NYSE:NGVT) last issued its quarterly earnings data on Wednesday, May 7th. The company reported $0.99 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.74 by $0.25. The business had revenue of $284.00 million for the quarter, compared to the consensus estimate of $299.13 million. Ingevity had a positive return on equity of 41.44% and a negative net margin of 30.60%. The company’s quarterly revenue was down 16.5% compared to the same quarter last year. During the same period in the prior year, the business posted $0.47 earnings per share. On average, analysts expect that Ingevity Co. will post 4.45 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. BMO Capital Markets upgraded shares of Ingevity from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $62.00 to $65.00 in a research report on Wednesday, February 26th. StockNews.com downgraded shares of Ingevity from a “buy” rating to a “hold” rating in a report on Saturday, April 12th. Finally, Wells Fargo & Company lifted their target price on Ingevity from $32.00 to $38.00 and gave the stock an “equal weight” rating in a report on Wednesday. Two 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 has an average rating of “Moderate Buy” and an average target price of $52.75.

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.