MetLife Investment Management LLC Decreases Stake in Ingevity Co. (NYSE:NGVT)

Posted by on Feb 26th, 2023

MetLife Investment Management LLC lowered its stake in Ingevity Co. (NYSE:NGVT – Get Rating) by 3.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 42,837 shares of the company’s stock after selling 1,514 shares during the period. MetLife Investment Management LLC owned 0.11% of Ingevity worth $2,597,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. BlackRock Inc. raised its holdings in shares of Ingevity by 7.4% in the first quarter. BlackRock Inc. now owns 4,657,366 shares of the company’s stock worth $298,398,000 after buying an additional 322,066 shares during the last quarter. State Street Corp raised its holdings in shares of Ingevity by 3.9% during the first quarter. State Street Corp now owns 1,258,440 shares of the company’s stock worth $80,628,000 after purchasing an additional 47,263 shares during the last quarter. LSV Asset Management raised its holdings in shares of Ingevity by 3.2% during the third quarter. LSV Asset Management now owns 1,079,082 shares of the company’s stock worth $65,425,000 after purchasing an additional 33,480 shares during the last quarter. Massachusetts Financial Services Co. MA raised its holdings in shares of Ingevity by 12.7% during the third quarter. Massachusetts Financial Services Co. MA now owns 928,657 shares of the company’s stock worth $56,304,000 after purchasing an additional 104,938 shares during the last quarter. Finally, Thrivent Financial for Lutherans raised its holdings in shares of Ingevity by 12.2% during the second quarter. Thrivent Financial for Lutherans now owns 913,319 shares of the company’s stock worth $57,667,000 after purchasing an additional 98,974 shares during the last quarter. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Insider Activity at Ingevity

In related news, SVP Richard Allen White, Jr. sold 1,639 shares of the firm’s stock in a transaction on Thursday, December 1st. The shares were sold at an average price of $77.97, for a total transaction of $127,792.83. Following the sale, the senior vice president now owns 3,995 shares in the company, valued at $311,490.15. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, insider Erik Spencer Ripple sold 856 shares of Ingevity stock in a transaction dated Friday, December 2nd. The shares were sold at an average price of $77.84, for a total value of $66,631.04. Following the sale, the insider now owns 10,106 shares in the company, valued at $786,651.04. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Richard Allen White, Jr. sold 1,639 shares of Ingevity stock in a transaction dated Thursday, December 1st. The shares were sold at an average price of $77.97, for a total transaction of $127,792.83. Following the completion of the sale, the senior vice president now owns 3,995 shares in the company, valued at approximately $311,490.15. The disclosure for this sale can be found here. 0.71% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on NGVT shares. Wells Fargo & Company raised their target price on shares of Ingevity from $73.00 to $76.00 and gave the stock an “equal weight” rating in a report on Monday, January 9th. Loop Capital raised shares of Ingevity from a “hold” rating to a “buy” rating and raised their target price for the stock from $81.00 to $100.00 in a report on Thursday, February 2nd. Finally, StockNews.com cut shares of Ingevity from a “strong-buy” rating to a “buy” rating in a report on Friday, January 6th. One equities research analyst has rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $87.67.

Ingevity Stock Up 0.6 %

NGVT stock opened at $88.56 on Friday. The firm has a market cap of $3.31 billion, a PE ratio of 15.24 and a beta of 1.81. The company has a debt-to-equity ratio of 1.82, a quick ratio of 1.25 and a current ratio of 2.22. The firm’s fifty day moving average is $80.21 and its 200 day moving average is $73.50. Ingevity Co. has a one year low of $56.31 and a one year high of $90.81.

About Ingevity

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Ingevity Corp. engages in the manufacture of specialty chemicals and carbon materials. It operates through the following segments: Performance Chemicals and Performance Materials. The Performance Materials segment consists of automotive technologies and process purifications product families. Automotive technologies produces automotive carbon products used in gasoline vapor emission control systems in cars, trucks, motorcycles and boats.

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Institutional Ownership by Quarter for Ingevity (NYSE:NGVT)

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