Swedbank AB Sells 53,834 Shares of Ingevity Co. (NYSE:NGVT)

Swedbank AB trimmed its stake in Ingevity Co. (NYSE:NGVT) by 76.1% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 16,866 shares of the company’s stock after selling 53,834 shares during the period. Swedbank AB’s holdings in Ingevity were worth $658,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. First Horizon Advisors Inc. grew its position in Ingevity by 809.2% during the second quarter. First Horizon Advisors Inc. now owns 591 shares of the company’s stock worth $26,000 after buying an additional 526 shares in the last quarter. Isthmus Partners LLC bought a new stake in shares of Ingevity in the 2nd quarter worth approximately $35,000. Blue Trust Inc. grew its holdings in shares of Ingevity by 101.8% during 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. Headlands Technologies LLC acquired a new position in shares of Ingevity in the second quarter valued at $46,000. Finally, Everence Capital Management Inc. acquired a new position in shares of Ingevity in the second quarter valued at $180,000. Institutional investors own 91.59% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on NGVT shares. CJS Securities upgraded shares of Ingevity from a “market perform” rating to an “outperform” rating and set a $58.00 price objective for the company in a research note on Wednesday, August 7th. BMO Capital Markets cut their price target on shares of Ingevity from $42.00 to $40.00 and set a “market perform” rating for the company in a research note on Monday, September 30th. Wells Fargo & Company lowered their price objective on Ingevity from $45.00 to $40.00 and set an “equal weight” rating on the stock in a research note on Monday, August 5th. Finally, Oppenheimer dropped their target price on Ingevity from $58.00 to $50.00 and set an “outperform” rating for the company in a report on Thursday, August 1st. 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 price target of $51.00.

Ingevity Price Performance

NYSE:NGVT opened at $34.76 on Friday. The company has a quick ratio of 1.07, a current ratio of 1.92 and a debt-to-equity ratio of 4.92. The firm has a market cap of $1.26 billion, a PE ratio of -11.18 and a beta of 1.62. Ingevity Co. has a 12 month low of $30.90 and a 12 month high of $56.29. The company’s 50-day moving average price is $36.93 and its two-hundred day moving average price is $43.14.

Ingevity (NYSE:NGVT) last announced its earnings results on Wednesday, July 31st. The company reported $1.01 EPS for the quarter, missing the consensus estimate of $1.05 by ($0.04). Ingevity had a positive return on equity of 19.59% and a negative net margin of 27.85%. The business had revenue of $390.60 million during the quarter, compared to analyst estimates of $407.58 million. During the same period in the previous year, the firm earned $1.41 earnings per share. The firm’s revenue was down 18.9% compared to the same quarter last year. On average, equities analysts anticipate that Ingevity Co. will post 2.63 EPS for the current fiscal year.

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.