Federated Hermes Inc. Makes New Investment in Ingevity Co. (NYSE:NGVT)

Federated Hermes Inc. bought a new stake in Ingevity Co. (NYSE:NGVT) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 20,966 shares of the company’s stock, valued at approximately $916,000. Federated Hermes Inc. owned 0.06% of Ingevity at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the stock. Mesirow Institutional Investment Management Inc. purchased a new stake in Ingevity in the 2nd quarter worth approximately $11,416,000. Vanguard Group Inc. raised its holdings in shares of Ingevity by 4.3% during the fourth quarter. Vanguard Group Inc. now owns 3,743,322 shares of the company’s stock worth $176,760,000 after acquiring an additional 153,530 shares in the last quarter. Burney Co. boosted its position in Ingevity by 2,449.8% during the first quarter. Burney Co. now owns 112,268 shares of the company’s stock valued at $5,355,000 after purchasing an additional 107,865 shares during the last quarter. ClariVest Asset Management LLC purchased a new position in Ingevity in the second quarter valued at about $3,550,000. Finally, Wellington Management Group LLP increased its position in Ingevity by 3.9% in the 4th quarter. Wellington Management Group LLP now owns 2,148,379 shares of the company’s stock worth $101,446,000 after purchasing an additional 80,856 shares during the last quarter. 91.59% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently commented on NGVT. CJS Securities raised Ingevity from a “market perform” rating to an “outperform” rating and set a $58.00 price target for the company in a research note on Wednesday, August 7th. Oppenheimer decreased their target price on shares of Ingevity from $58.00 to $50.00 and set an “outperform” rating for the company in a research report on Thursday, August 1st. Wells Fargo & Company cut their price target on shares of Ingevity from $45.00 to $40.00 and set an “equal weight” rating on the stock in a report on Monday, August 5th. Finally, BMO Capital Markets decreased their price objective on shares of Ingevity from $45.00 to $42.00 and set a “market perform” rating for the company in a report on Monday, August 5th. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $51.33.

Ingevity Price Performance

Shares of Ingevity stock opened at $40.04 on Friday. The company has a current ratio of 1.92, a quick ratio of 1.07 and a debt-to-equity ratio of 4.92. The firm has a fifty day simple moving average of $39.40 and a 200-day simple moving average of $44.49. The stock has a market capitalization of $1.45 billion, a price-to-earnings ratio of -12.87 and a beta of 1.62. Ingevity Co. has a 1-year low of $32.21 and a 1-year high of $56.29.

Ingevity (NYSE:NGVT) last released its earnings results on Wednesday, July 31st. The company reported $1.01 earnings per share for the quarter, missing analysts’ consensus estimates of $1.05 by ($0.04). The firm had revenue of $390.60 million for the quarter, compared to analyst estimates of $407.58 million. Ingevity had a positive return on equity of 19.59% and a negative net margin of 27.85%. The firm’s revenue was down 18.9% on a year-over-year basis. During the same period in the prior year, the firm earned $1.41 EPS. On average, sell-side analysts expect that Ingevity Co. will post 2.63 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.