Nuveen Asset Management LLC Trims Position in Ingevity Co. (NYSE:NGVT)

Nuveen Asset Management LLC lessened its stake in shares of Ingevity Co. (NYSE:NGVT – Get Rating) by 23.8% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 225,713 shares of the company’s stock after selling 70,669 shares during the quarter. Nuveen Asset Management LLC owned about 0.60% of Ingevity worth $13,685,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in NGVT. BlackRock Inc. grew its holdings in shares of Ingevity by 7.4% during the first quarter. BlackRock Inc. now owns 4,657,366 shares of the company’s stock worth $298,398,000 after purchasing an additional 322,066 shares in the last quarter. Massachusetts Financial Services Co. MA grew its holdings in shares of Ingevity by 12.7% during the third quarter. Massachusetts Financial Services Co. MA now owns 928,657 shares of the company’s stock worth $56,304,000 after purchasing an additional 104,938 shares in the last quarter. Thrivent Financial for Lutherans grew its holdings in shares of Ingevity by 12.2% during the second quarter. Thrivent Financial for Lutherans now owns 913,319 shares of the company’s stock worth $57,667,000 after purchasing an additional 98,974 shares in the last quarter. Aperture Investors LLC grew its holdings in shares of Ingevity by 23.2% during the third quarter. Aperture Investors LLC now owns 434,809 shares of the company’s stock worth $26,362,000 after purchasing an additional 82,001 shares in the last quarter. Finally, Millennium Management LLC grew its holdings in shares of Ingevity by 40.6% during the second quarter. Millennium Management LLC now owns 215,345 shares of the company’s stock worth $13,597,000 after purchasing an additional 62,198 shares in the last quarter. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Ingevity Stock Performance

Shares of NGVT stock opened at $78.78 on Wednesday. The company has a debt-to-equity ratio of 2.11, a quick ratio of 1.13 and a current ratio of 2.24. Ingevity Co. has a fifty-two week low of $56.32 and a fifty-two week high of $90.81. The stock has a 50 day moving average price of $81.89 and a two-hundred day moving average price of $73.94. The company has a market capitalization of $2.93 billion, a P/E ratio of 14.38 and a beta of 1.83.

Ingevity (NYSE:NGVT – Get Rating) last announced its quarterly earnings data on Monday, February 27th. The company reported $0.57 earnings per share for the quarter, missing the consensus estimate of $0.90 by ($0.33). Ingevity had a net margin of 12.68% and a return on equity of 34.63%. The company had revenue of $383.60 million during the quarter, compared to the consensus estimate of $395.77 million. During the same quarter in the previous year, the firm posted $0.78 EPS. The business’s revenue for the quarter was up 14.2% compared to the same quarter last year. Analysts expect that Ingevity Co. will post 6.51 earnings per share for the current year.

Analysts Set New Price Targets

NGVT has been the subject of several recent analyst reports. Wells Fargo & Company boosted their price objective on Ingevity from $76.00 to $85.00 and gave the stock an “equal weight” rating in a report on Wednesday, March 1st. Loop Capital raised Ingevity from a “hold” rating to a “buy” rating and upped their target price for the stock from $81.00 to $100.00 in a research note on Thursday, February 2nd. Finally, StockNews.com lowered Ingevity from a “buy” rating to a “hold” rating in a research note on Wednesday, March 1st. Two research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, Ingevity presently has a consensus rating of “Moderate Buy” and a consensus target price of $90.67.

Insider Activity at Ingevity

In related news, CAO Phillip John Platt sold 8,847 shares of the company’s stock in a transaction that occurred on Thursday, March 2nd. The stock was sold at an average price of $81.71, for a total transaction of $722,888.37. Following the completion of the transaction, the chief accounting officer now owns 5,534 shares in the company, valued at $452,183.14. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, CAO Phillip John Platt sold 8,847 shares of the company’s stock in a transaction that occurred on Thursday, March 2nd. The stock was sold at an average price of $81.71, for a total transaction of $722,888.37. Following the completion of the transaction, the chief accounting officer now owns 5,534 shares in the company, valued at $452,183.14. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Stuart Edward Jr. Woodcock sold 4,968 shares of the company’s stock in a transaction that occurred on Thursday, March 2nd. The shares were sold at an average price of $82.14, for a total value of $408,071.52. Following the transaction, the executive vice president now owns 26,541 shares of the company’s stock, valued at approximately $2,180,077.74. The disclosure for this sale can be found here. 0.71% of the stock is owned by corporate insiders.

Ingevity Profile

(Get Rating)

Ingevity Corp. engages in the manufacture of specialty chemicals and carbon materials. It operates through the following segments: Performance Chemicals and Performance Materials. The Performance Materials segment consists of automotive technologies and process purifications product families. Automotive technologies produces automotive carbon products used in gasoline vapor emission control systems in cars, trucks, motorcycles and boats.