Corebridge Financial Inc. Trims Stake in Ingevity Corporation $NGVT

Corebridge Financial Inc. reduced its stake in shares of Ingevity Corporation (NYSE:NGVT) by 1.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 19,016 shares of the company’s stock after selling 372 shares during the quarter. Corebridge Financial Inc. owned 0.05% of Ingevity worth $753,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the stock. Synovus Financial Corp raised its position in Ingevity by 27.2% during the first quarter. Synovus Financial Corp now owns 17,537 shares of the company’s stock valued at $694,000 after acquiring an additional 3,751 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S grew its holdings in Ingevity by 21.6% in the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 1,670 shares of the company’s stock valued at $66,000 after purchasing an additional 297 shares during the period. Wellington Management Group LLP grew its holdings in Ingevity by 2.6% in the first quarter. Wellington Management Group LLP now owns 2,299,312 shares of the company’s stock valued at $91,030,000 after purchasing an additional 59,342 shares during the period. American Century Companies Inc. grew its holdings in Ingevity by 1.3% in the first quarter. American Century Companies Inc. now owns 1,476,748 shares of the company’s stock valued at $58,464,000 after purchasing an additional 19,383 shares during the period. Finally, Sei Investments Co. grew its holdings in Ingevity by 0.7% in the first quarter. Sei Investments Co. now owns 237,424 shares of the company’s stock valued at $9,664,000 after purchasing an additional 1,570 shares during the period. 91.59% of the stock is currently owned by hedge funds and other institutional investors.

Ingevity Stock Performance

Shares of NYSE:NGVT opened at $59.69 on Friday. The company has a debt-to-equity ratio of 10.24, a current ratio of 1.36 and a quick ratio of 0.80. The business’s 50 day moving average price is $50.19 and its 200-day moving average price is $43.64. The firm has a market capitalization of $2.18 billion, a PE ratio of -10.03 and a beta of 1.44. Ingevity Corporation has a 1 year low of $28.49 and a 1 year high of $59.95.

Ingevity (NYSE:NGVT) last issued its quarterly earnings results on Monday, August 4th. The company reported $1.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.02 by $0.37. The firm had revenue of $365.10 million for the quarter, compared to analyst estimates of $378.70 million. Ingevity had a positive return on equity of 84.92% and a negative net margin of 16.35%.The business’s revenue was down 6.5% on a year-over-year basis. During the same period in the previous year, the company posted $1.01 earnings per share. Ingevity has set its FY 2025 guidance at EPS. As a group, equities research analysts expect that Ingevity Corporation will post 4.45 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have commented on NGVT. Wall Street Zen raised Ingevity from a “buy” rating to a “strong-buy” rating in a report on Saturday, August 9th. Wells Fargo & Company raised their price objective on Ingevity from $38.00 to $48.00 and gave the company an “equal weight” rating in a report on Monday, July 14th. Finally, BMO Capital Markets raised their price objective on Ingevity from $62.00 to $68.00 and gave the company an “outperform” rating in a report on Friday. One equities research analyst has rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $58.00.

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.