Oppenheimer Asset Management Inc. Raises Stock Position in Ingevity Co. (NYSE:NGVT)

Oppenheimer Asset Management Inc. increased its holdings in shares of Ingevity Co. (NYSE:NGVT) by 1.2% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 25,739 shares of the company’s stock after purchasing an additional 313 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Ingevity were worth $1,004,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. UniSuper Management Pty Ltd purchased a new position in shares of Ingevity during the first quarter worth $522,000. Swedbank AB purchased a new position in shares of Ingevity during the first quarter worth $3,372,000. American Century Companies Inc. raised its holdings in shares of Ingevity by 7.6% during the second quarter. American Century Companies Inc. now owns 765,588 shares of the company’s stock worth $33,464,000 after purchasing an additional 53,839 shares during the last quarter. Wakefield Asset Management LLLP purchased a new position in shares of Ingevity during the second quarter worth $748,000. Finally, Sei Investments Co. raised its holdings in shares of Ingevity by 9.8% during the first quarter. Sei Investments Co. now owns 131,221 shares of the company’s stock worth $6,259,000 after purchasing an additional 11,699 shares during the last quarter. Hedge funds and other institutional investors own 91.59% of the company’s stock.

Analysts Set New Price Targets

NGVT has been the subject of several recent research reports. CJS Securities raised shares of Ingevity from a “market perform” rating to an “outperform” rating and set a $58.00 target price for the company in a report on Wednesday, August 7th. Wells Fargo & Company cut their price objective on shares of Ingevity from $45.00 to $40.00 and set an “equal weight” rating for the company in a report on Monday, August 5th. BMO Capital Markets lifted their price objective on shares of Ingevity from $40.00 to $47.00 and gave the company a “market perform” rating in a report on Thursday, October 31st. Finally, Oppenheimer cut their price objective on shares of Ingevity from $58.00 to $50.00 and set an “outperform” rating for the company in a report on Thursday, August 1st. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $52.17.

Ingevity Stock Up 0.1 %

Shares of NYSE NGVT opened at $46.01 on Tuesday. The company’s 50-day simple moving average is $38.34 and its 200-day simple moving average is $42.17. Ingevity Co. has a 52-week low of $30.90 and a 52-week high of $56.29. The firm has a market cap of $1.67 billion, a price-to-earnings ratio of -2.97 and a beta of 1.60. The company has a quick ratio of 1.04, a current ratio of 1.76 and a debt-to-equity ratio of 6.52.

Ingevity (NYSE:NGVT) last announced its earnings results on Tuesday, October 29th. The company reported $1.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.60 by $0.50. Ingevity had a negative net margin of 38.11% and a positive return on equity of 24.46%. The business had revenue of $376.90 million for the quarter, compared to analyst estimates of $376.95 million. During the same quarter last year, the business earned $1.21 earnings per share. The company’s revenue for the quarter was down 15.5% compared to the same quarter last year. Equities analysts predict that Ingevity Co. will post 2.55 EPS for the current fiscal year.

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.