Burney Co. Reduces Position in Ingevity Co. (NYSE:NGVT)

Burney Co. trimmed its holdings in Ingevity Co. (NYSE:NGVT) by 91.6% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,495 shares of the company’s stock after selling 114,083 shares during the quarter. Burney Co.’s holdings in Ingevity were worth $428,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Segall Bryant & Hamill LLC increased its holdings in shares of Ingevity by 33.5% in the third quarter. Segall Bryant & Hamill LLC now owns 1,185,415 shares of the company’s stock valued at $46,231,000 after purchasing an additional 297,135 shares during the last quarter. Harvey Partners LLC acquired a new stake in shares of Ingevity in the 3rd quarter worth $7,878,000. State Street Corp raised its holdings in shares of Ingevity by 14.7% during the 3rd quarter. State Street Corp now owns 1,546,957 shares of the company’s stock worth $60,331,000 after acquiring an additional 198,300 shares during the period. Royce & Associates LP boosted its position in shares of Ingevity by 23.3% during the 3rd quarter. Royce & Associates LP now owns 933,677 shares of the company’s stock valued at $36,413,000 after acquiring an additional 176,447 shares during the last quarter. Finally, Millennium Management LLC grew its holdings in shares of Ingevity by 46.9% in the second quarter. Millennium Management LLC now owns 504,552 shares of the company’s stock valued at $22,054,000 after purchasing an additional 161,014 shares during the period. 91.59% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Separately, BMO Capital Markets lifted their target price on shares of Ingevity from $40.00 to $47.00 and gave the stock a “market perform” rating in a research note on Thursday, October 31st. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $52.17.

Ingevity Stock Up 1.3 %

Shares of NYSE:NGVT opened at $47.07 on Friday. The company has a market capitalization of $1.71 billion, a price-to-earnings ratio of -3.03 and a beta of 1.65. Ingevity Co. has a 12-month low of $30.90 and a 12-month high of $56.29. The business has a 50-day moving average price of $44.09 and a 200 day moving average price of $40.77. The company has a current ratio of 1.76, a quick ratio of 1.04 and a debt-to-equity ratio of 6.52.

Ingevity (NYSE:NGVT) last announced its quarterly earnings results on Tuesday, October 29th. The company reported $1.10 earnings per share for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $376.95 million. During the same period last year, the business earned $1.21 earnings per share. The business’s revenue for the quarter was down 15.5% on a year-over-year basis. Sell-side analysts expect that Ingevity Co. will post 2.55 EPS for the current year.

Ingevity 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.