New York State Teachers Retirement System reduced its holdings in shares of Ingevity Co. (NYSE:NGVT – Free Report) by 4.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 63,295 shares of the company’s stock after selling 2,984 shares during the period. New York State Teachers Retirement System owned approximately 0.17% of Ingevity worth $4,527,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds also recently added to or reduced their stakes in the company. Private Trust Co. NA grew its stake in Ingevity by 12,500.0% during the 1st quarter. Private Trust Co. NA now owns 504 shares of the company’s stock valued at $36,000 after purchasing an additional 500 shares during the last quarter. Strs Ohio grew its stake in Ingevity by 83.3% during the 4th quarter. Strs Ohio now owns 1,100 shares of the company’s stock valued at $77,000 after purchasing an additional 500 shares during the last quarter. EMC Capital Management grew its stake in Ingevity by 14.2% during the 4th quarter. EMC Capital Management now owns 2,320 shares of the company’s stock valued at $163,000 after purchasing an additional 289 shares during the last quarter. Crossmark Global Holdings Inc. purchased a new stake in Ingevity during the 4th quarter valued at about $200,000. Finally, Mercer Global Advisors Inc. ADV purchased a new stake in Ingevity during the 4th quarter valued at about $223,000. 95.23% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
Several research firms have weighed in on NGVT. Loop Capital downgraded Ingevity from a “buy” rating to a “hold” rating and dropped their price target for the company from $92.00 to $64.00 in a research note on Friday, May 5th. Wells Fargo & Company lowered their target price on Ingevity from $66.00 to $55.00 in a research note on Tuesday, May 23rd. BMO Capital Markets lowered their target price on Ingevity from $100.00 to $80.00 in a research note on Tuesday, May 9th. StockNews.com started coverage on Ingevity in a research note on Thursday, May 18th. They issued a “hold” rating on the stock. Finally, TheStreet downgraded Ingevity from a “b-” rating to a “c” rating in a research note on Tuesday, May 30th. Three research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $66.33.
Ingevity Stock Performance
Ingevity (NYSE:NGVT – Get Free Report) last issued its quarterly earnings results on Wednesday, May 3rd. The company reported $1.09 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.26 by ($0.17). The business had revenue of $392.60 million for the quarter, compared to analysts’ expectations of $411.22 million. Ingevity had a return on equity of 30.82% and a net margin of 12.01%. The business’s revenue for the quarter was up 2.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.62 EPS. Analysts expect that Ingevity Co. will post 5.5 EPS for the current fiscal year.
About Ingevity
Ingevity Corporation manufactures and sells specialty chemicals and activated carbon materials in North America, the Asia Pacific, Europe, the Middle East, Africa, and South America. It operates through two segments, Performance Materials and Performance Chemicals. The Performance Materials segment engineers, manufactures, and sells hardwood-based and chemically activated carbon products primarily for use in gasoline vapor emission control systems in cars, motorcycles, trucks, and boats.
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