Proficio Capital Partners LLC Takes Position in Ingevity Co. (NYSE:NGVT)

Proficio Capital Partners LLC acquired a new stake in shares of Ingevity Co. (NYSE:NGVT) during the fourth quarter, HoldingsChannel reports. The fund acquired 21,190 shares of the company’s stock, valued at approximately $863,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of NGVT. Vestcor Inc purchased a new position in shares of Ingevity in the third quarter worth $796,000. Geode Capital Management LLC raised its holdings in shares of Ingevity by 4.3% in the third quarter. Geode Capital Management LLC now owns 815,661 shares of the company’s stock worth $31,817,000 after buying an additional 33,973 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Ingevity by 24.9% in the third quarter. JPMorgan Chase & Co. now owns 117,581 shares of the company’s stock worth $4,586,000 after buying an additional 23,460 shares during the last quarter. Hennion & Walsh Asset Management Inc. purchased a new position in shares of Ingevity in the fourth quarter worth $239,000. Finally, Mitsubishi UFJ Asset Management UK Ltd. purchased a new position in shares of Ingevity in the fourth quarter worth $530,000. 91.59% of the stock is currently owned by institutional investors.

Ingevity Stock Up 1.5 %

Ingevity stock opened at $47.35 on Friday. Ingevity Co. has a fifty-two week low of $30.90 and a fifty-two week high of $56.29. The company has a debt-to-equity ratio of 6.86, a quick ratio of 1.04 and a current ratio of 1.87. The firm has a 50 day moving average price of $44.33 and a 200 day moving average price of $41.92. The company has a market capitalization of $1.72 billion, a PE ratio of -4.00 and a beta of 1.53.

Ingevity (NYSE:NGVT) last posted its earnings results on Tuesday, February 18th. The company reported $0.95 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.66. Ingevity had a negative net margin of 30.60% and a positive return on equity of 41.44%. The firm had revenue of $298.80 million during the quarter, compared to the consensus estimate of $297.40 million. Research analysts expect that Ingevity Co. will post 4.45 earnings per share for the current year.

Analyst Ratings Changes

Several brokerages recently issued reports on NGVT. BMO Capital Markets raised shares of Ingevity from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $62.00 to $65.00 in a report on Wednesday, February 26th. StockNews.com raised shares of Ingevity from a “hold” rating to a “buy” rating in a report on Thursday, February 20th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $55.17.

About Ingevity

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.