Franklin Resources Inc. Has $661,000 Holdings in Ingevity Co. (NYSE:NGVT)

Franklin Resources Inc. reduced its position in Ingevity Co. (NYSE:NGVT) by 47.9% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 16,956 shares of the company’s stock after selling 15,619 shares during the quarter. Franklin Resources Inc.’s holdings in Ingevity were worth $661,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Synovus Financial Corp raised its stake in Ingevity by 22.0% during the 3rd quarter. Synovus Financial Corp now owns 13,697 shares of the company’s stock valued at $534,000 after purchasing an additional 2,471 shares during the period. Geode Capital Management LLC lifted its stake in Ingevity by 4.3% in the 3rd quarter. Geode Capital Management LLC now owns 815,661 shares of the company’s stock worth $31,817,000 after acquiring an additional 33,973 shares in the last quarter. Vestcor Inc acquired a new stake in Ingevity during the 3rd quarter worth about $796,000. Barclays PLC grew its stake in Ingevity by 245.3% during the 3rd quarter. Barclays PLC now owns 66,761 shares of the company’s stock valued at $2,603,000 after acquiring an additional 47,429 shares in the last quarter. Finally, XTX Topco Ltd acquired a new position in shares of Ingevity in the 3rd quarter valued at about $260,000. Institutional investors and hedge funds own 91.59% of the company’s stock.

Ingevity Stock Down 1.1 %

NGVT stock opened at $40.15 on Tuesday. The firm has a market cap of $1.46 billion, a PE ratio of -2.59 and a beta of 1.62. Ingevity Co. has a 1 year low of $30.90 and a 1 year high of $56.29. The company has a fifty day simple moving average of $43.75 and a 200 day simple moving average of $41.06. The company has a current ratio of 1.76, a quick ratio of 1.04 and a debt-to-equity ratio of 6.52.

Ingevity (NYSE:NGVT) last released its quarterly earnings results on Tuesday, October 29th. The company reported $1.10 earnings per share (EPS) for the quarter, topping the consensus estimate 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 prior year, the company posted $1.21 EPS. The firm’s revenue was down 15.5% on a year-over-year basis. Sell-side analysts anticipate that Ingevity Co. will post 2.55 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Separately, BMO Capital Markets raised their price target on shares of Ingevity from $40.00 to $47.00 and gave the stock a “market perform” rating in a report on Thursday, October 31st. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $52.17.

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.