Harvey Partners LLC Buys New Shares in Ingevity Co. (NYSE:NGVT)

Harvey Partners LLC acquired a new stake in Ingevity Co. (NYSE:NGVT) during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm acquired 202,000 shares of the company’s stock, valued at approximately $7,878,000. Harvey Partners LLC owned approximately 0.56% of Ingevity as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Price T Rowe Associates Inc. MD boosted its position in shares of Ingevity by 18.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 31,218 shares of the company’s stock valued at $1,490,000 after acquiring an additional 4,820 shares during the last quarter. Comerica Bank raised its stake in Ingevity by 1.6% during the first quarter. Comerica Bank now owns 70,275 shares of the company’s stock valued at $3,352,000 after buying an additional 1,086 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Ingevity by 3.9% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 7,449 shares of the company’s stock worth $326,000 after purchasing an additional 279 shares in the last quarter. Wedge Capital Management L L P NC raised its stake in shares of Ingevity by 4.4% in the second quarter. Wedge Capital Management L L P NC now owns 143,493 shares of the company’s stock worth $6,272,000 after purchasing an additional 6,009 shares during the last quarter. Finally, Blue Trust Inc. lifted its stake in Ingevity by 101.8% in the 2nd quarter. Blue Trust Inc. now owns 896 shares of the company’s stock worth $43,000 after purchasing an additional 452 shares in the last quarter. Institutional investors own 91.59% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on NGVT shares. BMO Capital Markets raised their target price on Ingevity from $40.00 to $47.00 and gave the stock a “market perform” rating in a research report on Thursday, October 31st. CJS Securities raised Ingevity from a “market perform” rating to an “outperform” rating and set a $58.00 target price on the stock in a research note on Wednesday, August 7th. Finally, Wells Fargo & Company lowered their target price on Ingevity from $45.00 to $40.00 and set an “equal weight” rating for the company in a research note on Monday, August 5th. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, Ingevity presently has an average rating of “Moderate Buy” and an average target price of $52.17.

Ingevity Stock Performance

NGVT opened at $49.78 on Tuesday. The company has a debt-to-equity ratio of 6.52, a quick ratio of 1.04 and a current ratio of 1.76. Ingevity Co. has a 1-year low of $30.90 and a 1-year high of $56.29. The company’s fifty day moving average price is $40.65 and its two-hundred day moving average price is $41.66.

Ingevity (NYSE:NGVT) last released its quarterly earnings results on Tuesday, October 29th. The company reported $1.10 earnings per share for the quarter, beating analysts’ consensus estimates of $0.60 by $0.50. Ingevity had a negative net margin of 38.11% and a positive return on equity of 24.46%. The company had revenue of $376.90 million for the quarter, compared to analyst estimates of $376.95 million. During the same period last year, the firm earned $1.21 earnings per share. The firm’s revenue was down 15.5% on a year-over-year basis. As a group, equities research analysts expect that Ingevity Co. will post 2.55 earnings per share for the current year.

Ingevity Company 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.