Ingevity Corporation $NGVT Shares Bought by Synovus Financial Corp

Synovus Financial Corp boosted its stake in shares of Ingevity Corporation (NYSE:NGVT) by 27.2% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 17,537 shares of the company’s stock after purchasing an additional 3,751 shares during the quarter. Synovus Financial Corp’s holdings in Ingevity were worth $694,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in NGVT. GAMMA Investing LLC grew its position in Ingevity by 119.1% during the first quarter. GAMMA Investing LLC now owns 1,137 shares of the company’s stock worth $45,000 after buying an additional 618 shares during the period. BI Asset Management Fondsmaeglerselskab A S grew its position in Ingevity by 21.6% during the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 1,670 shares of the company’s stock worth $66,000 after buying an additional 297 shares during the period. Optimist Retirement Group LLC acquired a new position in Ingevity during the first quarter worth about $246,000. Balyasny Asset Management L.P. acquired a new stake in shares of Ingevity in the fourth quarter valued at approximately $302,000. Finally, Wealth Enhancement Advisory Services LLC grew its position in shares of Ingevity by 28.8% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 7,674 shares of the company’s stock valued at $313,000 after purchasing an additional 1,717 shares during the last quarter. 91.59% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. BMO Capital Markets increased their price target on shares of Ingevity from $56.00 to $62.00 and gave the company an “outperform” rating in a research report on Thursday, August 7th. Wall Street Zen upgraded shares of Ingevity from a “buy” rating to a “strong-buy” rating in a research report on Saturday, August 9th. Finally, Wells Fargo & Company increased their price target on shares of Ingevity from $38.00 to $48.00 and gave the company an “equal weight” rating in a research report on Monday, July 14th. One investment analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $55.00.

Ingevity Stock Up 0.6%

Shares of NYSE NGVT opened at $57.35 on Thursday. Ingevity Corporation has a 1 year low of $28.49 and a 1 year high of $57.92. The firm’s 50 day moving average price is $47.91 and its 200 day moving average price is $43.03. The firm has a market cap of $2.09 billion, a P/E ratio of -9.64 and a beta of 1.36. The company has a debt-to-equity ratio of 10.24, a quick ratio of 0.80 and a current ratio of 1.36.

Ingevity (NYSE:NGVT) last announced its earnings results on Monday, August 4th. The company reported $1.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.02 by $0.37. Ingevity had a negative net margin of 16.35% and a positive return on equity of 84.92%. The firm had revenue of $365.10 million for the quarter, compared to analyst estimates of $378.70 million. During the same quarter last year, the business earned $1.01 earnings per share. Ingevity’s revenue was down 6.5% compared to the same quarter last year. Ingevity has set its FY 2025 guidance at EPS. As a group, sell-side analysts anticipate that Ingevity Corporation will post 4.45 earnings per share for the current 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.