Ingevity Corporation $NGVT Stake Reduced by KLP Kapitalforvaltning AS

KLP Kapitalforvaltning AS cut its stake in Ingevity Corporation (NYSE:NGVT) by 34.2% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 83,300 shares of the company’s stock after selling 43,200 shares during the period. KLP Kapitalforvaltning AS’s holdings in Ingevity were worth $4,597,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently modified their holdings of the company. Range Financial Group LLC bought a new stake in Ingevity in the 2nd quarter valued at about $1,326,000. Teacher Retirement System of Texas increased its stake in shares of Ingevity by 82.1% in the second quarter. Teacher Retirement System of Texas now owns 36,312 shares of the company’s stock valued at $1,565,000 after purchasing an additional 16,366 shares during the period. Squarepoint Ops LLC bought a new stake in shares of Ingevity during the second quarter valued at approximately $1,279,000. American Century Companies Inc. raised its holdings in shares of Ingevity by 15.6% during the second quarter. American Century Companies Inc. now owns 1,707,273 shares of the company’s stock valued at $73,566,000 after buying an additional 230,525 shares during the last quarter. Finally, Brandywine Global Investment Management LLC acquired a new position in shares of Ingevity during the second quarter worth approximately $2,767,000. Institutional investors and hedge funds own 91.59% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently commented on NGVT. BMO Capital Markets raised their target price on Ingevity from $64.00 to $70.00 and gave the company an “outperform” rating in a research report on Wednesday, December 10th. Zacks Research raised Ingevity to a “hold” rating in a report on Tuesday, December 16th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Ingevity in a report on Wednesday, October 8th. Wall Street Zen upgraded shares of Ingevity from a “buy” rating to a “strong-buy” rating in a research report on Saturday, January 3rd. Finally, Wells Fargo & Company boosted their price target on shares of Ingevity from $55.00 to $60.00 and gave the stock an “equal weight” rating in a research report on Friday, December 19th. One equities research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $65.00.

Ingevity Trading Up 0.8%

Shares of Ingevity stock opened at $64.32 on Friday. The business has a fifty day simple moving average of $55.13 and a 200-day simple moving average of $53.24. Ingevity Corporation has a fifty-two week low of $28.49 and a fifty-two week high of $64.69. The firm has a market cap of $2.31 billion, a price-to-earnings ratio of -35.34 and a beta of 1.36. The company has a quick ratio of 0.80, a current ratio of 1.27 and a debt-to-equity ratio of 8.39.

Ingevity (NYSE:NGVT) last issued its quarterly earnings results on Friday, March 24th. The company reported $0.78 EPS for the quarter. Ingevity had a negative net margin of 5.14% and a positive return on equity of 103.69%. The firm had revenue of $336.00 million for the quarter. On average, equities analysts forecast that Ingevity Corporation will post 4.45 EPS for the current fiscal year.

About Ingevity

Ingevity Corporation, traded as NGVT, is a specialty chemicals and performance materials company headquartered in North Charleston, South Carolina. The company operates two primary business units: Performance Chemicals and Performance Materials. The Performance Chemicals segment produces and markets specialty chemicals derived largely from wood and other natural feedstocks, including rosin acids, tall oil fatty acids and esters, as well as specialty petroleum resins. These products serve a broad range of industries, including paper, adhesives, coatings, oilfield drilling and consumer goods.

The Performance Materials segment develops and manufactures activated carbon products and composites for applications such as automotive emissions control, industrial air and water purification, and spill containment.