Mackenzie Financial Corp Boosts Stake in Ingevity Corporation (NYSE:NGVT)

Mackenzie Financial Corp increased its position in Ingevity Corporation (NYSE:NGVT) by 6.6% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 16,832 shares of the company’s stock after buying an additional 1,040 shares during the period. Mackenzie Financial Corp’s holdings in Ingevity were worth $666,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in NGVT. Wealth Enhancement Advisory Services LLC raised its position in Ingevity by 4.3% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 8,007 shares of the company’s stock valued at $317,000 after purchasing an additional 333 shares during the period. GAMMA Investing LLC raised its position in Ingevity by 119.1% during the first quarter. GAMMA Investing LLC now owns 1,137 shares of the company’s stock valued at $45,000 after purchasing an additional 618 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Ingevity by 3.9% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 20,710 shares of the company’s stock valued at $844,000 after purchasing an additional 781 shares during the period. California State Teachers Retirement System raised its position in Ingevity by 3.7% during the fourth quarter. California State Teachers Retirement System now owns 33,993 shares of the company’s stock valued at $1,385,000 after purchasing an additional 1,199 shares during the period. Finally, MetLife Investment Management LLC grew its stake in shares of Ingevity by 5.8% during the fourth quarter. MetLife Investment Management LLC now owns 22,088 shares of the company’s stock valued at $900,000 after buying an additional 1,206 shares during the last quarter. 91.59% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

NGVT has been the topic of a number of analyst reports. Wall Street Zen cut Ingevity from a “strong-buy” rating to a “buy” rating in a research note on Saturday, July 26th. Wells Fargo & Company upped their target price on Ingevity from $38.00 to $48.00 and gave the company an “equal weight” rating in a research note on Monday, July 14th.

Ingevity Stock Down 1.4%

Shares of NYSE:NGVT opened at $48.88 on Thursday. Ingevity Corporation has a 52-week low of $28.49 and a 52-week high of $51.67. The stock has a market cap of $1.78 billion, a P/E ratio of -8.22 and a beta of 1.36. The business’s 50 day moving average is $44.14 and its 200 day moving average is $42.08. The company has a quick ratio of 1.08, a current ratio of 1.36 and a debt-to-equity ratio of 10.24.

Ingevity (NYSE:NGVT) last announced its quarterly earnings data on Monday, August 4th. The company reported $1.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.02 by $0.37. Ingevity had a positive return on equity of 84.92% and a negative net margin of 16.35%. The company had revenue of $365.10 million for the quarter, compared to analysts’ expectations of $378.70 million. During the same quarter in the prior year, the firm earned $1.01 earnings per share. Ingevity’s revenue was down 6.5% compared to the same quarter last year. Sell-side analysts predict that Ingevity Corporation will post 4.45 EPS for the current year.

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.