Wells Fargo & Company MN cut its position in shares of Ingevity Corp (NYSE:NGVT) by 35.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 231,626 shares of the company’s stock after selling 129,977 shares during the quarter. Wells Fargo & Company MN owned approximately 0.55% of Ingevity worth $16,322,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently modified their holdings of NGVT. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Ingevity by 50.0% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,420 shares of the company’s stock valued at $171,000 after purchasing an additional 807 shares during the period. Teacher Retirement System of Texas purchased a new stake in Ingevity in the third quarter valued at approximately $218,000. Greenwood Capital Associates LLC purchased a new stake in Ingevity in the fourth quarter valued at approximately $223,000. Miles Capital Inc. purchased a new stake in Ingevity in the fourth quarter valued at approximately $231,000. Finally, Keybank National Association OH purchased a new stake in Ingevity in the fourth quarter valued at approximately $237,000. Institutional investors and hedge funds own 89.94% of the company’s stock.
NGVT has been the subject of a number of recent analyst reports. Rowe restated an “outperform” rating and issued a $90.00 target price (up from $80.00) on shares of Ingevity in a report on Thursday, November 30th. Loop Capital downgraded shares of Ingevity from a “buy” rating to a “hold” rating and set a $80.00 target price for the company. in a report on Tuesday, February 27th. Zacks Investment Research upgraded shares of Ingevity from a “hold” rating to a “strong-buy” rating and set a $89.00 target price for the company in a report on Saturday, February 24th. Jefferies Group boosted their target price on shares of Ingevity to $92.00 and gave the company a “buy” rating in a report on Thursday, March 8th. Finally, SunTrust Banks restated a “buy” rating and issued a $90.00 target price on shares of Ingevity in a report on Friday, February 23rd. One investment analyst has rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $86.13.
Ingevity (NYSE:NGVT) last announced its quarterly earnings results on Tuesday, February 20th. The company reported $0.45 earnings per share for the quarter, beating analysts’ consensus estimates of $0.36 by $0.09. The firm had revenue of $229.50 million for the quarter, compared to analysts’ expectations of $214.94 million. Ingevity had a net margin of 10.24% and a return on equity of 28.24%. Ingevity’s revenue was up 8.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.34 earnings per share. equities research analysts predict that Ingevity Corp will post 3.51 EPS for the current year.
Ingevity Corporation is a manufacturer of specialty chemicals and high performance carbon materials. The Company is also a manufacturer of activated carbon used in gasoline vapor emission control systems in cars, trucks, motorcycles and boats. The Company operates through two segments: Performance Materials and Performance Chemicals.
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