Texas Permanent School Fund Corp Decreases Stake in Ingevity Co. (NYSE:NGVT)

Texas Permanent School Fund Corp lowered its holdings in Ingevity Co. (NYSE:NGVT) by 14.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 25,219 shares of the company’s stock after selling 4,174 shares during the quarter. Texas Permanent School Fund Corp owned 0.07% of Ingevity worth $1,102,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of the business. Choreo LLC purchased a new position in shares of Ingevity in the second quarter worth $474,000. Isthmus Partners LLC purchased a new stake in Ingevity during the second quarter valued at $35,000. Los Angeles Capital Management LLC purchased a new stake in Ingevity during the second quarter valued at $351,000. Wakefield Asset Management LLLP purchased a new stake in Ingevity during the second quarter valued at $748,000. Finally, Victory Capital Management Inc. increased its position in Ingevity by 1.4% during the second quarter. Victory Capital Management Inc. now owns 1,028,685 shares of the company’s stock valued at $44,964,000 after acquiring an additional 13,771 shares during the last quarter. Hedge funds and other institutional investors own 91.59% of the company’s stock.

Ingevity Stock Performance

Shares of NGVT opened at $40.04 on Friday. The company has a quick ratio of 1.07, a current ratio of 1.92 and a debt-to-equity ratio of 4.92. The business has a 50-day simple moving average of $39.40 and a two-hundred day simple moving average of $44.49. The stock has a market cap of $1.45 billion, a price-to-earnings ratio of -12.87 and a beta of 1.62. Ingevity Co. has a 52 week low of $32.21 and a 52 week high of $56.29.

Ingevity (NYSE:NGVT) last issued its quarterly earnings results on Wednesday, July 31st. The company reported $1.01 EPS for the quarter, missing analysts’ consensus estimates of $1.05 by ($0.04). Ingevity had a positive return on equity of 19.59% and a negative net margin of 27.85%. The company had revenue of $390.60 million during the quarter, compared to analysts’ expectations of $407.58 million. During the same quarter in the previous year, the company earned $1.41 EPS. The business’s quarterly revenue was down 18.9% compared to the same quarter last year. On average, analysts expect that Ingevity Co. will post 2.63 EPS for the current year.

Wall Street Analyst Weigh In

A number of research firms recently commented on NGVT. BMO Capital Markets reduced their price objective on Ingevity from $45.00 to $42.00 and set a “market perform” rating for the company in a research report on Monday, August 5th. Oppenheimer reduced their price objective on Ingevity from $58.00 to $50.00 and set an “outperform” rating for the company in a research report on Thursday, August 1st. CJS Securities upgraded Ingevity from a “market perform” rating to an “outperform” rating and set a $58.00 price objective for the company in a research report on Wednesday, August 7th. Finally, Wells Fargo & Company reduced their price objective 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. Four analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $51.33.

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.