Victory Capital Management Inc. Buys 677,718 Shares of Ingevity Co. (NYSE:NGVT)

Victory Capital Management Inc. lifted its stake in shares of Ingevity Co. (NYSE:NGVT) by 57.6% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 1,854,554 shares of the company’s stock after acquiring an additional 677,718 shares during the period. Victory Capital Management Inc. owned approximately 5.12% of Ingevity worth $87,572,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in NGVT. New York State Common Retirement Fund lifted its stake in Ingevity by 3.2% during the fourth quarter. New York State Common Retirement Fund now owns 184,783 shares of the company’s stock worth $8,725,000 after purchasing an additional 5,771 shares during the last quarter. Assenagon Asset Management S.A. bought a new position in Ingevity during the fourth quarter valued at approximately $2,530,000. Wedge Capital Management L L P NC raised its stake in shares of Ingevity by 28.3% during the fourth quarter. Wedge Capital Management L L P NC now owns 137,106 shares of the company’s stock worth $6,474,000 after acquiring an additional 30,201 shares in the last quarter. Rice Hall James & Associates LLC lifted its holdings in shares of Ingevity by 11.5% in the 3rd quarter. Rice Hall James & Associates LLC now owns 410,033 shares of the company’s stock worth $19,522,000 after acquiring an additional 42,408 shares during the last quarter. Finally, First Hawaiian Bank boosted its stake in shares of Ingevity by 2.5% in the 4th quarter. First Hawaiian Bank now owns 10,160 shares of the company’s stock valued at $480,000 after purchasing an additional 250 shares in the last quarter. 91.59% of the stock is currently owned by hedge funds and other institutional investors.

Ingevity Stock Performance

Shares of NYSE:NGVT opened at $53.56 on Friday. Ingevity Co. has a 1 year low of $36.66 and a 1 year high of $68.11. The company has a debt-to-equity ratio of 2.48, a quick ratio of 0.96 and a current ratio of 1.90. The stock’s 50-day moving average is $46.99 and its 200 day moving average is $44.16.

Ingevity (NYSE:NGVT) last posted its earnings results on Wednesday, May 1st. The company reported $0.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.15. Ingevity had a positive return on equity of 18.65% and a negative net margin of 6.84%. The firm had revenue of $340.10 million for the quarter, compared to analysts’ expectations of $319.15 million. During the same period in the previous year, the firm earned $1.09 earnings per share. The business’s revenue was down 13.4% compared to the same quarter last year. On average, analysts anticipate that Ingevity Co. will post 3.69 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts recently commented on NGVT shares. Oppenheimer lifted their target price on shares of Ingevity from $50.00 to $58.00 and gave the stock an “outperform” rating in a research report on Thursday. Jefferies Financial Group raised Ingevity from a “hold” rating to a “buy” rating and boosted their target price for the company from $52.00 to $62.00 in a research note on Monday, April 22nd. Finally, Wells Fargo & Company raised their price target on Ingevity from $43.00 to $50.00 and gave the stock an “equal weight” rating in a research report on Friday, February 23rd. Five research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, Ingevity presently has an average rating of “Hold” and a consensus price target of $52.50.

Ingevity 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.