BlackRock Inc. Sells 291,620 Shares of Ingevity Co. (NYSE:NGVT)

BlackRock Inc. lessened its stake in shares of Ingevity Co. (NYSE:NGVT – Get Rating) by 6.1% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 4,496,352 shares of the company’s stock after selling 291,620 shares during the period. BlackRock Inc. owned 12.03% of Ingevity worth $272,613,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in NGVT. Massachusetts Financial Services Co. MA lifted its holdings in shares of Ingevity by 12.7% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 928,657 shares of the company’s stock valued at $56,304,000 after acquiring an additional 104,938 shares during the last quarter. Thrivent Financial for Lutherans boosted its holdings in shares of Ingevity by 12.2% in the 2nd 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 during the period. Aperture Investors LLC increased its position in shares of Ingevity by 23.2% during the 3rd quarter. Aperture Investors LLC now owns 434,809 shares of the company’s stock valued at $26,362,000 after purchasing an additional 82,001 shares during the last quarter. Cubist Systematic Strategies LLC raised its holdings in Ingevity by 160.9% during the 3rd quarter. Cubist Systematic Strategies LLC now owns 119,450 shares of the company’s stock valued at $7,242,000 after buying an additional 73,668 shares during the period. Finally, Millennium Management LLC lifted its position in Ingevity by 40.6% in the second quarter. Millennium Management LLC now owns 215,345 shares of the company’s stock worth $13,597,000 after buying an additional 62,198 shares during the last quarter. Institutional investors own 90.01% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. Wells Fargo & Company boosted their price objective on shares of Ingevity from $76.00 to $85.00 and gave the company an “equal weight” rating in a research report on Wednesday, March 1st. Loop Capital raised shares of Ingevity from a “hold” rating to a “buy” rating and raised their price objective for the stock from $81.00 to $100.00 in a research note on Thursday, February 2nd. Finally, StockNews.com cut 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 company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $90.67.

Ingevity Trading Down 5.4 %

Shares of NGVT opened at $71.42 on Monday. The firm has a market capitalization of $2.65 billion, a price-to-earnings ratio of 13.03 and a beta of 1.83. The company has a debt-to-equity ratio of 2.11, a current ratio of 2.24 and a quick ratio of 1.13. Ingevity Co. has a 1-year low of $58.44 and a 1-year high of $90.81. The company has a 50-day moving average of $82.16 and a 200 day moving average of $73.99.

Ingevity (NYSE:NGVT – Get Rating) last announced its quarterly earnings results on Monday, February 27th. The company reported $0.57 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.90 by ($0.33). The firm had revenue of $383.60 million during the quarter, compared to analysts’ expectations of $395.77 million. Ingevity had a net margin of 12.68% and a return on equity of 34.63%. The firm’s revenue for the quarter was up 14.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.78 EPS. On average, research analysts expect that Ingevity Co. will post 6.44 EPS for the current year.

Insider Activity

In other Ingevity news, CAO Phillip John Platt sold 8,847 shares of the stock in a transaction dated Thursday, March 2nd. The shares were sold at an average price of $81.71, for a total transaction of $722,888.37. Following the transaction, the chief accounting officer now directly owns 5,534 shares in the company, valued at approximately $452,183.14. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, EVP Stuart Edward Jr. Woodcock sold 4,968 shares of Ingevity stock in a transaction that occurred on Thursday, March 2nd. The shares were sold at an average price of $82.14, for a total transaction of $408,071.52. Following the transaction, the executive vice president now directly owns 26,541 shares of the company’s stock, valued at $2,180,077.74. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO Phillip John Platt sold 8,847 shares of Ingevity stock in a transaction that occurred on Thursday, March 2nd. The shares were sold at an average price of $81.71, for a total transaction of $722,888.37. Following the transaction, the chief accounting officer now directly owns 5,534 shares in the company, valued at $452,183.14. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 15,254 shares of company stock worth $1,247,519. Company insiders own 0.71% of the company’s stock.

Ingevity Profile

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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.