Isthmus Partners LLC Cuts Stock Holdings in Ingevity Corporation (NYSE:NGVT)

Isthmus Partners LLC lowered its stake in shares of Ingevity Corporation (NYSE:NGVT) by 12.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 68,162 shares of the company’s stock after selling 9,322 shares during the quarter. Isthmus Partners LLC’s holdings in Ingevity were worth $2,699,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Maple Rock Capital Partners Inc. purchased a new stake in shares of Ingevity during the fourth quarter valued at approximately $17,515,000. American Century Companies Inc. grew its stake in Ingevity by 37.7% in the 4th quarter. American Century Companies Inc. now owns 1,457,365 shares of the company’s stock valued at $59,388,000 after buying an additional 398,800 shares in the last quarter. Vision One Management Partners LP raised its stake in shares of Ingevity by 265.0% during the 4th quarter. Vision One Management Partners LP now owns 410,678 shares of the company’s stock valued at $16,735,000 after purchasing an additional 298,157 shares during the period. Royce & Associates LP lifted its holdings in Ingevity by 22.4% during the 4th quarter. Royce & Associates LP now owns 1,142,598 shares of the company’s stock worth $46,561,000 after purchasing an additional 208,921 shares in the last quarter. Finally, Brown Advisory Inc. lifted its holdings in Ingevity by 23.6% during the 4th quarter. Brown Advisory Inc. now owns 928,220 shares of the company’s stock worth $37,825,000 after purchasing an additional 177,289 shares in the last quarter. Hedge funds and other institutional investors own 91.59% of the company’s stock.

Ingevity Price Performance

Ingevity stock opened at $47.45 on Friday. The stock has a market cap of $1.73 billion, a price-to-earnings ratio of -4.87 and a beta of 1.38. The company has a quick ratio of 1.08, a current ratio of 2.00 and a debt-to-equity ratio of 5.68. The business has a 50-day simple moving average of $42.75 and a 200 day simple moving average of $41.50. Ingevity Corporation has a 52 week low of $28.49 and a 52 week high of $51.67.

Ingevity (NYSE:NGVT) last issued its quarterly earnings data on Wednesday, May 7th. The company reported $0.99 EPS for the quarter, topping the consensus estimate of $0.74 by $0.25. The company had revenue of $284.00 million during the quarter, compared to analyst estimates of $299.13 million. Ingevity had a positive return on equity of 63.76% and a negative net margin of 26.20%. Ingevity’s revenue was down 16.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.47 earnings per share. On average, research analysts forecast that Ingevity Corporation will post 4.45 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on NGVT shares. Wall Street Zen upgraded Ingevity from a “buy” rating to a “strong-buy” rating in a research report on Friday, June 6th. Wells Fargo & Company boosted their price objective on shares of Ingevity from $32.00 to $38.00 and gave the company an “equal weight” rating in a research note on Wednesday, May 7th. One equities research analyst has rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Ingevity currently has a consensus rating of “Buy” and an average target price of $52.75.

Ingevity 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.