Inclusive Capital Partners L.P. Has $26.05 Million Holdings in Ingevity Co. (NYSE:NGVT)

Inclusive Capital Partners L.P. cut its stake in shares of Ingevity Co. (NYSE:NGVT) by 42.0% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 667,930 shares of the company’s stock after selling 483,475 shares during the period. Ingevity makes up approximately 100.0% of Inclusive Capital Partners L.P.’s investment portfolio, making the stock its largest holding. Inclusive Capital Partners L.P. owned about 1.84% of Ingevity worth $26,049,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. American Century Companies Inc. lifted its holdings in 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 acquiring an additional 53,839 shares in the last quarter. Wakefield Asset Management LLLP bought a new position in Ingevity in the second quarter valued at approximately $748,000. ClariVest Asset Management LLC acquired a new position in shares of Ingevity in the second quarter valued at approximately $3,550,000. Jade Capital Advisors LLC bought a new stake in shares of Ingevity during the third quarter worth $1,170,000. Finally, Burney Co. raised its holdings in shares of Ingevity by 8.2% during the second quarter. Burney Co. now owns 121,428 shares of the company’s stock worth $5,308,000 after acquiring an additional 9,160 shares during the period. Institutional investors own 91.59% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. BMO Capital Markets lifted their price target on Ingevity from $40.00 to $47.00 and gave the company a “market perform” rating in a research note on Thursday, October 31st. CJS Securities upgraded Ingevity from a “market perform” rating to an “outperform” rating and set a $58.00 target price on the stock in a research note on Wednesday, August 7th. Finally, Wells Fargo & Company reduced their price target on Ingevity from $45.00 to $40.00 and set an “equal weight” rating for the company in a research report on Monday, August 5th. Three analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $52.17.

Ingevity Stock Performance

Shares of NYSE NGVT traded down $1.20 during mid-day trading on Tuesday, reaching $48.51. 8,076 shares of the company were exchanged, compared to its average volume of 265,871. Ingevity Co. has a twelve month low of $30.90 and a twelve month high of $56.29. The company’s 50-day simple moving average is $40.65 and its 200-day simple moving average is $41.66. The company has a quick ratio of 1.04, a current ratio of 1.76 and a debt-to-equity ratio of 6.52. The stock has a market capitalization of $1.76 billion, a P/E ratio of -3.21 and a beta of 1.62.

Ingevity (NYSE:NGVT) last issued its quarterly earnings data on Tuesday, October 29th. The company reported $1.10 EPS for the quarter, beating analysts’ consensus estimates of $0.60 by $0.50. The firm had revenue of $376.90 million for the quarter, compared to analyst estimates of $376.95 million. Ingevity had a positive return on equity of 24.46% and a negative net margin of 38.11%. The company’s revenue for the quarter was down 15.5% on a year-over-year basis. During the same period in the prior year, the firm posted $1.21 EPS. As a group, research analysts predict that Ingevity Co. will post 2.55 earnings per share for the current year.

Ingevity Company Profile

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.