Jane Street Group LLC Decreases Position in Ingevity Co. (NYSE:NGVT)

Jane Street Group LLC lowered its position in Ingevity Co. (NYSE:NGVT) by 27.4% in the third quarter, HoldingsChannel reports. The institutional investor owned 26,805 shares of the company’s stock after selling 10,136 shares during the period. Jane Street Group LLC’s holdings in Ingevity were worth $1,045,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Jackson Creek Investment Advisors LLC purchased a new stake in shares of Ingevity in the second quarter valued at $895,000. Mesirow Institutional Investment Management Inc. purchased a new position in Ingevity in the 2nd quarter valued at about $11,416,000. Victory Capital Management Inc. boosted its stake in shares of Ingevity by 1.4% during the 2nd quarter. Victory Capital Management Inc. now owns 1,028,685 shares of the company’s stock worth $44,964,000 after purchasing an additional 13,771 shares during the last quarter. Wakefield Asset Management LLLP purchased a new stake in shares of Ingevity during the second quarter worth about $748,000. Finally, Los Angeles Capital Management LLC acquired a new position in shares of Ingevity in the second quarter valued at approximately $351,000. Institutional investors and hedge funds own 91.59% of the company’s stock.

Wall Street Analyst Weigh In

Separately, BMO Capital Markets lifted their target price on shares of Ingevity from $40.00 to $47.00 and gave the stock a “market perform” rating in a research note on Thursday, October 31st. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, Ingevity has an average rating of “Moderate Buy” and an average target price of $52.17.

Ingevity Price Performance

Ingevity stock opened at $40.15 on Tuesday. The company has a debt-to-equity ratio of 6.52, a quick ratio of 1.04 and a current ratio of 1.76. The company has a market cap of $1.46 billion, a price-to-earnings 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 firm has a 50 day moving average price of $43.75 and a 200 day moving average price of $41.06.

Ingevity (NYSE:NGVT) last released its quarterly earnings data on Tuesday, October 29th. The company reported $1.10 EPS for the quarter, topping analysts’ consensus estimates of $0.60 by $0.50. The business had revenue of $376.90 million during the quarter, compared to the consensus estimate of $376.95 million. Ingevity had a positive return on equity of 24.46% and a negative net margin of 38.11%. The business’s revenue for the quarter was down 15.5% on a year-over-year basis. During the same period in the prior year, the firm posted $1.21 EPS. Sell-side analysts predict that Ingevity Co. will post 2.55 earnings per share for the current 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.