Patten & Patten Inc. TN Sells 7,434 Shares of Ingevity Corporation $NGVT

Patten & Patten Inc. TN reduced its position in shares of Ingevity Corporation (NYSE:NGVT) by 4.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 165,051 shares of the company’s stock after selling 7,434 shares during the period. Patten & Patten Inc. TN owned about 0.45% of Ingevity worth $9,109,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of NGVT. American Century Companies Inc. lifted its stake in Ingevity by 15.6% in the 2nd quarter. American Century Companies Inc. now owns 1,707,273 shares of the company’s stock valued at $73,566,000 after acquiring an additional 230,525 shares in the last quarter. Segall Bryant & Hamill LLC raised its holdings in shares of Ingevity by 0.3% in the second quarter. Segall Bryant & Hamill LLC now owns 1,283,210 shares of the company’s stock valued at $55,294,000 after purchasing an additional 3,948 shares during the last quarter. Maple Rock Capital Partners Inc. lifted its position in shares of Ingevity by 21.7% in the second quarter. Maple Rock Capital Partners Inc. now owns 653,516 shares of the company’s stock worth $28,160,000 after purchasing an additional 116,700 shares in the last quarter. Simcoe Capital Management LLC boosted its holdings in Ingevity by 188.8% during the second quarter. Simcoe Capital Management LLC now owns 624,935 shares of the company’s stock worth $26,928,000 after purchasing an additional 408,508 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Ingevity by 311.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 600,380 shares of the company’s stock valued at $23,769,000 after purchasing an additional 454,579 shares in the last quarter. Institutional investors and hedge funds own 91.59% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. 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. BMO Capital Markets lifted 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 upgraded Ingevity to a “hold” rating in a report on Tuesday, December 16th. Wall Street Zen upgraded Ingevity from a “buy” rating to a “strong-buy” rating in a research note on Saturday, January 3rd. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Ingevity in a research report on Thursday. One research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $65.00.

Ingevity Trading Up 1.1%

Ingevity stock opened at $69.35 on Friday. The stock has a 50-day simple moving average of $58.39 and a 200 day simple moving average of $54.84. The stock has a market capitalization of $2.49 billion, a P/E ratio of -38.10 and a beta of 1.36. The company has a debt-to-equity ratio of 8.39, a quick ratio of 0.80 and a current ratio of 1.27. Ingevity Corporation has a 52 week low of $28.49 and a 52 week high of $69.59.

Ingevity (NYSE:NGVT) last released its quarterly earnings data on Wednesday, November 5th. The company reported $1.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.14 by $0.38. The company had revenue of $333.10 million during the quarter, compared to analysts’ expectations of $360.43 million. Ingevity had a positive return on equity of 103.69% and a negative net margin of 5.14%.The business’s revenue was down 3.9% on a year-over-year basis. During the same period last year, the firm posted $1.10 earnings per share. Analysts expect that Ingevity Corporation will post 4.45 earnings per share for the current 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.