Axa S.A. Invests $408,000 in Ingevity Co. (NYSE:NGVT)

Axa S.A. bought a new stake in Ingevity Co. (NYSE:NGVT) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 9,340 shares of the company’s stock, valued at approximately $408,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Cubist Systematic Strategies LLC grew its holdings in shares of Ingevity by 488.5% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 23,369 shares of the company’s stock valued at $1,021,000 after acquiring an additional 19,398 shares in the last quarter. Point72 DIFC Ltd acquired a new position in Ingevity during the second quarter valued at approximately $251,000. Public Sector Pension Investment Board boosted its position in Ingevity by 7.6% during the second quarter. Public Sector Pension Investment Board now owns 74,305 shares of the company’s stock valued at $3,248,000 after purchasing an additional 5,233 shares during the last quarter. Thrivent Financial for Lutherans grew its stake in Ingevity by 2.7% in the second quarter. Thrivent Financial for Lutherans now owns 1,359,556 shares of the company’s stock valued at $59,427,000 after purchasing an additional 35,620 shares in the last quarter. Finally, Sei Investments Co. increased its position in shares of Ingevity by 23.9% during the 2nd quarter. Sei Investments Co. now owns 162,627 shares of the company’s stock worth $7,108,000 after purchasing an additional 31,406 shares during the last quarter. 91.59% of the stock is currently owned by institutional investors and hedge funds.

Ingevity Stock Performance

NYSE NGVT opened at $37.89 on Wednesday. Ingevity Co. has a 52-week low of $32.21 and a 52-week high of $56.29. The stock has a market cap of $1.38 billion, a PE ratio of -12.18 and a beta of 1.62. The firm has a 50-day moving average of $38.70 and a 200-day moving average of $44.22. The company has a debt-to-equity ratio of 4.92, a quick ratio of 1.07 and a current ratio of 1.92.

Ingevity (NYSE:NGVT) last issued its quarterly earnings data on Wednesday, July 31st. The company reported $1.01 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.05 by ($0.04). Ingevity had a positive return on equity of 19.59% and a negative net margin of 27.85%. The firm had revenue of $390.60 million for the quarter, compared to the consensus estimate of $407.58 million. During the same quarter in the prior year, the firm earned $1.41 EPS. The company’s revenue was down 18.9% on a year-over-year basis. On average, sell-side analysts anticipate that Ingevity Co. will post 2.63 EPS for the current year.

Analysts Set New Price Targets

Several research firms recently weighed in on NGVT. Oppenheimer decreased their target price on shares of Ingevity from $58.00 to $50.00 and set an “outperform” rating for the company in a research note on Thursday, August 1st. CJS Securities upgraded shares of Ingevity from a “market perform” rating to an “outperform” rating and set a $58.00 price objective on the stock in a research note on Wednesday, August 7th. BMO Capital Markets cut their target price on shares of Ingevity from $42.00 to $40.00 and set a “market perform” rating for the company in a research note on Monday. Finally, Wells Fargo & Company lowered their price target on Ingevity from $45.00 to $40.00 and set an “equal weight” rating on the stock in a research report on Monday, August 5th. Four analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $51.00.

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.