State of Alaska Department of Revenue purchased a new stake in Ingevity Corp (NYSE:NGVT) in the 3rd quarter, Holdings Channel.com reports. The institutional investor purchased 7,443 shares of the company’s stock, valued at approximately $631,000.
Other institutional investors also recently added to or reduced their stakes in the company. Advisory Services Network LLC boosted its holdings in shares of Ingevity by 54.3% in the second quarter. Advisory Services Network LLC now owns 355 shares of the company’s stock valued at $37,000 after buying an additional 125 shares during the period. NumerixS Investment Technologies Inc acquired a new position in shares of Ingevity in the second quarter valued at approximately $84,000. Flagship Harbor Advisors LLC boosted its holdings in shares of Ingevity by 29.7% in the second quarter. Flagship Harbor Advisors LLC now owns 1,246 shares of the company’s stock valued at $131,000 after buying an additional 285 shares during the period. Premier Asset Management LLC acquired a new position in shares of Ingevity in the second quarter valued at approximately $213,000. Finally, Quantitative Systematic Strategies LLC acquired a new position in shares of Ingevity in the second quarter valued at approximately $223,000. Institutional investors own 91.67% of the company’s stock.
Several research analysts have recently weighed in on the stock. Loop Capital upgraded shares of Ingevity from a “hold” rating to a “buy” rating in a report on Thursday, September 5th. BMO Capital Markets reduced their price target on shares of Ingevity from $131.00 to $127.00 and set an “outperform” rating for the company in a report on Friday, September 27th. Jefferies Financial Group cut shares of Ingevity from a “buy” rating to a “hold” rating and reduced their price target for the company from $129.00 to $107.00 in a report on Friday, July 19th. Wells Fargo & Co assumed coverage on shares of Ingevity in a report on Tuesday. They issued an “outperform” rating and a $100.00 price target for the company. Finally, Stifel Nicolaus reduced their price target on shares of Ingevity from $109.00 to $99.00 and set a “hold” rating for the company in a report on Wednesday, September 25th. One analyst has rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $112.63.
Ingevity (NYSE:NGVT) last announced its earnings results on Wednesday, July 24th. The company reported $1.36 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.35 by $0.01. Ingevity had a net margin of 14.03% and a return on equity of 54.67%. The business had revenue of $352.80 million during the quarter, compared to analysts’ expectations of $362.06 million. During the same quarter in the prior year, the company posted $1.12 earnings per share. The firm’s revenue was up 14.3% on a year-over-year basis. As a group, research analysts predict that Ingevity Corp will post 4.88 earnings per share for the current fiscal year.
Ingevity Corporation manufactures and sells specialty chemicals and carbon materials in the United States and internationally. The company operates through two segments, Performance Materials and Performance Chemicals. The Performance Materials segment engineers, manufactures, and sells hardwood-based and chemically activated carbon products primarily for use in gasoline vapor emission control systems in cars, trucks, motorcycles, and boats.
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