Salem Investment Counselors Inc. Decreases Stake in Ingevity Co. (NYSE:NGVT)

Salem Investment Counselors Inc. lessened its holdings in Ingevity Co. (NYSE:NGVT) by 22.9% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 50,822 shares of the company’s stock after selling 15,090 shares during the period. Salem Investment Counselors Inc. owned approximately 0.14% of Ingevity worth $2,071,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Amalgamated Bank boosted its position in Ingevity by 2.4% in the third quarter. Amalgamated Bank now owns 10,667 shares of the company’s stock worth $416,000 after purchasing an additional 246 shares during the last quarter. First Horizon Advisors Inc. boosted its holdings in shares of Ingevity by 45.9% in the 3rd quarter. First Horizon Advisors Inc. now owns 862 shares of the company’s stock worth $34,000 after buying an additional 271 shares during the last quarter. Oppenheimer Asset Management Inc. grew its position in Ingevity by 1.2% during the third quarter. Oppenheimer Asset Management Inc. now owns 25,739 shares of the company’s stock valued at $1,004,000 after buying an additional 313 shares during the period. KBC Group NV increased its holdings in Ingevity by 50.8% during the third quarter. KBC Group NV now owns 1,574 shares of the company’s stock worth $61,000 after buying an additional 530 shares during the last quarter. Finally, Inspire Investing LLC increased its holdings in Ingevity by 8.0% during the second quarter. Inspire Investing LLC now owns 8,013 shares of the company’s stock worth $350,000 after buying an additional 596 shares during the last quarter. 91.59% of the stock is owned by institutional investors.

Ingevity Price Performance

Shares of NYSE:NGVT opened at $39.68 on Tuesday. The firm has a market capitalization of $1.44 billion, a PE ratio of -2.56 and a beta of 1.65. 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 company has a 50-day moving average price of $44.23 and a two-hundred day moving average price of $40.71. Ingevity Co. has a twelve month low of $30.90 and a twelve month high of $56.29.

Ingevity (NYSE:NGVT) last released its quarterly earnings data 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. The business had revenue of $376.90 million during the quarter, compared to analyst estimates of $376.95 million. Ingevity had a negative net margin of 38.11% and a positive return on equity of 24.46%. Ingevity’s revenue was down 15.5% compared to the same quarter last year. During the same period in the previous year, the business earned $1.21 EPS. Equities analysts forecast that Ingevity Co. will post 2.55 EPS for the current year.

Wall Street Analyst Weigh In

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

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.