JPMorgan Chase & Co. Acquires 23,460 Shares of Ingevity Co. (NYSE:NGVT)

JPMorgan Chase & Co. lifted its stake in shares of Ingevity Co. (NYSE:NGVT) by 24.9% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 117,581 shares of the company’s stock after purchasing an additional 23,460 shares during the period. JPMorgan Chase & Co. owned 0.32% of Ingevity worth $4,586,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. First Horizon Advisors Inc. boosted its position in Ingevity by 45.9% during 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 during the period. KBC Group NV boosted its stake in Ingevity by 50.8% in the third quarter. KBC Group NV now owns 1,574 shares of the company’s stock valued at $61,000 after buying an additional 530 shares in the last quarter. Blue Trust Inc. increased its position in Ingevity by 179.6% during the 3rd quarter. Blue Trust Inc. now owns 2,505 shares of the company’s stock worth $98,000 after purchasing an additional 1,609 shares in the last quarter. nVerses Capital LLC acquired a new stake in shares of Ingevity during the 3rd quarter valued at $113,000. Finally, Nisa Investment Advisors LLC grew its holdings in shares of Ingevity by 27.3% during the third quarter. Nisa Investment Advisors LLC now owns 3,880 shares of the company’s stock worth $151,000 after purchasing an additional 831 shares during the last quarter. 91.59% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, BMO Capital Markets increased their price target on Ingevity from $40.00 to $47.00 and gave the company a “market perform” rating in a research note on Thursday, October 31st. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $52.17.

Ingevity Stock Up 1.3 %

Shares of NYSE NGVT opened at $47.07 on Friday. The firm has a market capitalization of $1.71 billion, a price-to-earnings ratio of -3.03 and a beta of 1.65. The company has a current ratio of 1.76, a quick ratio of 1.04 and a debt-to-equity ratio of 6.52. Ingevity Co. has a 12 month low of $30.90 and a 12 month high of $56.29. The business has a 50-day moving average of $44.09 and a 200-day moving average of $40.77.

Ingevity (NYSE:NGVT) last issued its quarterly earnings data on Tuesday, October 29th. The company reported $1.10 EPS for the quarter, beating the consensus estimate 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 firm had revenue of $376.90 million during the quarter, compared to the consensus estimate of $376.95 million. During the same period in the prior year, the firm posted $1.21 earnings per share. The company’s quarterly revenue was down 15.5% compared to the same quarter last year. Sell-side analysts expect that Ingevity Co. will post 2.55 earnings per share for the current fiscal 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.