ClariVest Asset Management LLC Makes New Investment in Ingevity Co. (NYSE:NGVT)

ClariVest Asset Management LLC acquired a new stake in Ingevity Co. (NYSE:NGVT) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 81,207 shares of the company’s stock, valued at approximately $3,550,000. ClariVest Asset Management LLC owned about 0.22% of Ingevity at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of NGVT. Wellington Management Group LLP boosted its stake in Ingevity by 3.9% during the fourth quarter. Wellington Management Group LLP now owns 2,148,379 shares of the company’s stock worth $101,446,000 after buying an additional 80,856 shares during the period. UniSuper Management Pty Ltd purchased a new position in shares of Ingevity during the 1st quarter worth about $522,000. Vanguard Group Inc. grew its holdings in Ingevity by 4.3% during the 4th quarter. Vanguard Group Inc. now owns 3,743,322 shares of the company’s stock valued at $176,760,000 after purchasing an additional 153,530 shares during the last quarter. Swedbank AB purchased a new stake in Ingevity in the 1st quarter worth about $3,372,000. Finally, Brown Advisory Inc. lifted its stake in Ingevity by 7.0% in the fourth quarter. Brown Advisory Inc. now owns 793,942 shares of the company’s stock worth $37,490,000 after purchasing an additional 52,187 shares during the last quarter. Hedge funds and other institutional investors own 91.59% of the company’s stock.

Ingevity Stock Down 2.7 %

Shares of Ingevity stock opened at $32.91 on Wednesday. Ingevity Co. has a 1 year low of $32.90 and a 1 year high of $56.29. The company has a debt-to-equity ratio of 4.92, a current ratio of 1.92 and a quick ratio of 1.07. The stock has a market cap of $1.20 billion, a price-to-earnings ratio of -10.58 and a beta of 1.62. The firm’s 50-day moving average is $40.26 and its two-hundred day moving average is $45.03.

Ingevity (NYSE:NGVT) last announced its earnings results on Wednesday, July 31st. The company reported $1.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.05 by ($0.04). Ingevity had a negative net margin of 27.85% and a positive return on equity of 19.59%. The company had revenue of $390.60 million for the quarter, compared to the consensus estimate of $407.58 million. During the same period last year, the business posted $1.41 EPS. The firm’s revenue was down 18.9% compared to the same quarter last year. As a group, research analysts expect that Ingevity Co. will post 2.63 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Wells Fargo & Company cut their target price on Ingevity from $45.00 to $40.00 and set an “equal weight” rating on the stock in a research note on Monday, August 5th. 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. Oppenheimer lowered their target price on shares of Ingevity from $58.00 to $50.00 and set an “outperform” rating for the company in a research note on Thursday, August 1st. Finally, BMO Capital Markets reduced their price target on shares of Ingevity from $45.00 to $42.00 and set a “market perform” rating on the stock in a research note on Monday, August 5th. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, Ingevity has an average rating of “Hold” and a consensus price target of $51.33.

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.