Ingevity Co. (NYSE:NGVT) Shares Sold by Franklin Resources Inc.

Franklin Resources Inc. lowered its holdings in Ingevity Co. (NYSE:NGVT) by 47.9% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 16,956 shares of the company’s stock after selling 15,619 shares during the period. Franklin Resources Inc.’s holdings in Ingevity were worth $661,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of NGVT. First Horizon Advisors Inc. grew its stake in Ingevity by 45.9% in the third quarter. First Horizon Advisors Inc. now owns 862 shares of the company’s stock worth $34,000 after purchasing an additional 271 shares in the last quarter. Headlands Technologies LLC acquired a new position in Ingevity in the second quarter worth $46,000. KBC Group NV boosted its holdings in shares of Ingevity by 50.8% in the 3rd quarter. KBC Group NV now owns 1,574 shares of the company’s stock valued at $61,000 after buying an additional 530 shares during the period. Blue Trust Inc. boosted its stake in Ingevity by 179.6% in the third quarter. Blue Trust Inc. now owns 2,505 shares of the company’s stock valued at $98,000 after acquiring an additional 1,609 shares during the period. Finally, nVerses Capital LLC acquired a new position in Ingevity during the 3rd quarter valued at approximately $113,000. Institutional investors and hedge funds own 91.59% of the company’s stock.

Analysts Set New Price Targets

Separately, BMO Capital Markets lifted their price objective 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 assigned a buy rating to the company. According to MarketBeat.com, Ingevity has an average rating of “Moderate Buy” and a consensus price target of $52.17.

Ingevity Price Performance

Shares of NYSE NGVT opened at $40.15 on Tuesday. The stock has a market cap of $1.46 billion, a P/E ratio of -2.59 and a beta of 1.62. The firm’s 50-day simple moving average is $43.75 and its 200 day simple moving average is $41.06. Ingevity Co. has a fifty-two week low of $30.90 and a fifty-two week high of $56.29. The company has a quick ratio of 1.04, a current ratio of 1.76 and a debt-to-equity ratio of 6.52.

Ingevity (NYSE:NGVT) last released its quarterly earnings results on Tuesday, October 29th. The company reported $1.10 EPS for the quarter, topping 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 company had revenue of $376.90 million for the quarter, compared to the consensus estimate of $376.95 million. During the same period in the previous year, the firm earned $1.21 EPS. Ingevity’s revenue was down 15.5% on a year-over-year basis. Equities analysts expect that Ingevity Co. will post 2.55 EPS for the current year.

About Ingevity

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.