Allianz Asset Management GmbH Acquires New Shares in Ingevity Corporation $NGVT

Allianz Asset Management GmbH bought a new position in Ingevity Corporation (NYSE:NGVT) in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 30,268 shares of the company’s stock, valued at approximately $1,670,000. Allianz Asset Management GmbH owned about 0.08% of Ingevity as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also bought and sold shares of NGVT. Atlantic Union Bankshares Corp purchased a new stake in shares of Ingevity during the 3rd quarter valued at about $110,000. State of Wyoming lifted its position in Ingevity by 64.8% during the third quarter. State of Wyoming now owns 5,539 shares of the company’s stock valued at $306,000 after purchasing an additional 2,178 shares during the period. Oakworth Capital Inc. bought a new position in Ingevity during the third quarter valued at approximately $28,000. AlphaQuest LLC boosted its holdings in Ingevity by 34,716.7% in the third quarter. AlphaQuest LLC now owns 6,267 shares of the company’s stock worth $346,000 after purchasing an additional 6,249 shares during the last quarter. Finally, New York State Common Retirement Fund boosted its holdings in Ingevity by 8.4% in the third quarter. New York State Common Retirement Fund now owns 190,998 shares of the company’s stock worth $10,541,000 after purchasing an additional 14,751 shares during the last quarter. Institutional investors own 91.59% of the company’s stock.

Ingevity Trading Up 0.4%

Shares of NGVT stock opened at $75.18 on Friday. The company has a debt-to-equity ratio of 8.39, a quick ratio of 0.80 and a current ratio of 1.27. The stock has a fifty day simple moving average of $63.86 and a two-hundred day simple moving average of $57.08. The firm has a market capitalization of $2.70 billion, a PE ratio of -41.31 and a beta of 1.34. Ingevity Corporation has a 52-week low of $28.49 and a 52-week high of $77.46.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. Zacks Research upgraded shares of Ingevity to a “hold” rating in a research note on Tuesday, December 16th. BMO Capital Markets lifted their price objective on Ingevity from $64.00 to $70.00 and gave the stock an “outperform” rating in a report on Wednesday, December 10th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Ingevity in a research report on Thursday, January 22nd. Wells Fargo & Company raised their target price on Ingevity from $60.00 to $65.00 and gave the stock an “equal weight” rating in a research report on Wednesday, January 28th. Finally, Wall Street Zen upgraded Ingevity from a “buy” rating to a “strong-buy” rating in a research note on Saturday, January 3rd. One investment analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $67.50.

About Ingevity

Ingevity Corporation, traded as NGVT, is a specialty chemicals and performance materials company headquartered in North Charleston, South Carolina. The company operates two primary business units: Performance Chemicals and Performance Materials. The Performance Chemicals segment produces and markets specialty chemicals derived largely from wood and other natural feedstocks, including rosin acids, tall oil fatty acids and esters, as well as specialty petroleum resins. These products serve a broad range of industries, including paper, adhesives, coatings, oilfield drilling and consumer goods.

The Performance Materials segment develops and manufactures activated carbon products and composites for applications such as automotive emissions control, industrial air and water purification, and spill containment.