Royce & Associates LP Has $36.41 Million Position in Ingevity Co. (NYSE:NGVT)

Royce & Associates LP raised its stake in Ingevity Co. (NYSE:NGVT) by 23.3% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 933,677 shares of the company’s stock after purchasing an additional 176,447 shares during the period. Royce & Associates LP owned 2.57% of Ingevity worth $36,413,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Mesirow Institutional Investment Management Inc. acquired a new position in shares of Ingevity in the second quarter valued at about $11,416,000. Millennium Management LLC grew its stake in Ingevity by 46.9% during the second quarter. Millennium Management LLC now owns 504,552 shares of the company’s stock worth $22,054,000 after buying an additional 161,014 shares in the last quarter. Burney Co. grew its stake in Ingevity by 2,449.8% during the first quarter. Burney Co. now owns 112,268 shares of the company’s stock worth $5,355,000 after buying an additional 107,865 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Ingevity by 11.6% during the second quarter. Dimensional Fund Advisors LP now owns 845,912 shares of the company’s stock worth $36,977,000 after buying an additional 88,026 shares in the last quarter. Finally, ClariVest Asset Management LLC acquired a new stake in Ingevity during the second quarter worth about $3,550,000. 91.59% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on NGVT shares. BMO Capital Markets increased their price objective on shares of Ingevity from $40.00 to $47.00 and gave the stock a “market perform” rating in a research note on Thursday, October 31st. CJS Securities raised shares of Ingevity from a “market perform” rating to an “outperform” rating and set a $58.00 target price for the company in a research report on Wednesday, August 7th. Oppenheimer decreased their target price on shares of Ingevity from $58.00 to $50.00 and set an “outperform” rating for the company in a research report on Thursday, August 1st. Finally, Wells Fargo & Company reduced their price objective on shares of Ingevity from $45.00 to $40.00 and set an “equal weight” rating for the company in a research report on Monday, August 5th. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $52.17.

Ingevity Stock Performance

Shares of NYSE NGVT opened at $45.18 on Friday. Ingevity Co. has a 12 month low of $30.90 and a 12 month high of $56.29. The company has a debt-to-equity ratio of 6.52, a current ratio of 1.76 and a quick ratio of 1.04. The business has a 50-day moving average of $37.96 and a 200-day moving average of $42.31.

Ingevity (NYSE:NGVT) last released its earnings results on Tuesday, October 29th. The company reported $1.10 earnings per share for the quarter, topping analysts’ consensus estimates of $0.60 by $0.50. Ingevity had a positive return on equity of 24.46% and a negative net margin of 38.11%. The company had revenue of $376.90 million during the quarter, compared to the consensus estimate of $376.95 million. During the same quarter in the previous year, the company posted $1.21 EPS. Ingevity’s quarterly revenue was down 15.5% compared to the same quarter last year. As a group, sell-side analysts expect that Ingevity Co. will post 2.55 EPS for the current fiscal year.

About Ingevity

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.