Raymond James Financial Inc. Invests $3.02 Million in Ingevity Co. (NYSE:NGVT)

Raymond James Financial Inc. acquired a new stake in shares of Ingevity Co. (NYSE:NGVT) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 74,051 shares of the company’s stock, valued at approximately $3,018,000. Raymond James Financial Inc. owned about 0.20% of Ingevity at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the company. Intech Investment Management LLC purchased a new stake in Ingevity during the 3rd quarter valued at about $371,000. Charles Schwab Investment Management Inc. lifted its holdings in shares of Ingevity by 9.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 607,628 shares of the company’s stock worth $23,697,000 after purchasing an additional 50,692 shares during the period. BNP Paribas Financial Markets boosted its position in Ingevity by 26.1% in the third quarter. BNP Paribas Financial Markets now owns 21,528 shares of the company’s stock valued at $840,000 after buying an additional 4,459 shares during the last quarter. Public Sector Pension Investment Board boosted its position in Ingevity by 3.8% in the third quarter. Public Sector Pension Investment Board now owns 77,105 shares of the company’s stock valued at $3,007,000 after buying an additional 2,800 shares during the last quarter. Finally, Edgestream Partners L.P. acquired a new position in Ingevity in the 3rd quarter worth approximately $288,000. 91.59% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. BMO Capital Markets upgraded shares of Ingevity from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $62.00 to $65.00 in a research note on Wednesday, February 26th. StockNews.com downgraded Ingevity from a “buy” rating to a “hold” rating in a research report on Monday, March 24th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Ingevity currently has a consensus rating of “Moderate Buy” and an average target price of $55.17.

Ingevity Stock Performance

NGVT opened at $39.62 on Friday. The firm has a fifty day moving average price of $45.16 and a 200 day moving average price of $42.47. Ingevity Co. has a 1 year low of $30.90 and a 1 year high of $56.30. The stock has a market cap of $1.44 billion, a P/E ratio of -3.35 and a beta of 1.53. The company has a debt-to-equity ratio of 6.86, a current ratio of 1.87 and a quick ratio of 1.04.

Ingevity (NYSE:NGVT) last issued its quarterly earnings data on Tuesday, February 18th. The company reported $0.95 earnings per share for the quarter, topping analysts’ consensus estimates of $0.29 by $0.66. Ingevity had a negative net margin of 30.60% and a positive return on equity of 41.44%. The business had revenue of $298.80 million during the quarter, compared to the consensus estimate of $297.40 million. Equities research analysts anticipate that Ingevity Co. will post 4.45 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.