Millennium Management LLC Has $22.05 Million Holdings in Ingevity Co. (NYSE:NGVT)

Millennium Management LLC increased its position in shares of Ingevity Co. (NYSE:NGVT) by 46.9% during the second quarter, HoldingsChannel.com reports. The firm owned 504,552 shares of the company’s stock after buying an additional 161,014 shares during the period. Millennium Management LLC’s holdings in Ingevity were worth $22,054,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Wellington Management Group LLP lifted its stake in Ingevity by 3.9% during the fourth quarter. Wellington Management Group LLP now owns 2,148,379 shares of the company’s stock worth $101,446,000 after purchasing an additional 80,856 shares during the period. UniSuper Management Pty Ltd bought a new position in shares of Ingevity during the 1st quarter worth approximately $522,000. Vanguard Group Inc. boosted its stake in Ingevity by 4.3% in the 4th quarter. Vanguard Group Inc. now owns 3,743,322 shares of the company’s stock valued at $176,760,000 after buying an additional 153,530 shares in the last quarter. Swedbank AB bought a new stake in Ingevity in the first quarter valued at $3,372,000. Finally, Hotchkis & Wiley Capital Management LLC raised its stake in Ingevity by 22.4% during the fourth quarter. Hotchkis & Wiley Capital Management LLC now owns 271,530 shares of the company’s stock worth $12,822,000 after acquiring an additional 49,620 shares in the last quarter. 91.59% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

NGVT has been the topic of several recent analyst reports. Oppenheimer reduced their target price on shares of Ingevity from $58.00 to $50.00 and set an “outperform” rating on the stock in a research note on Thursday, August 1st. BMO Capital Markets dropped their price objective on shares of Ingevity from $42.00 to $40.00 and set a “market perform” rating for the company in a report on Monday, September 30th. Wells Fargo & Company decreased their price target on Ingevity from $45.00 to $40.00 and set an “equal weight” rating on the stock in a research report on Monday, August 5th. Finally, CJS Securities raised Ingevity from a “market perform” rating to an “outperform” rating and set a $58.00 price target for the company in a report on Wednesday, August 7th. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $51.00.

Ingevity Price Performance

Shares of NGVT stock opened at $37.04 on Friday. Ingevity Co. has a 1 year low of $30.90 and a 1 year high of $56.29. The company has a current ratio of 1.92, a quick ratio of 1.07 and a debt-to-equity ratio of 4.92. The firm’s 50 day moving average is $37.95 and its 200-day moving average is $43.99. The firm has a market capitalization of $1.35 billion, a price-to-earnings ratio of -11.91 and a beta of 1.62.

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