Geode Capital Management LLC Purchases 33,973 Shares of Ingevity Co. (NYSE:NGVT)

Geode Capital Management LLC increased its position in Ingevity Co. (NYSE:NGVT - Free Report) by 4.3% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 815,661 shares of the company's stock after acquiring an additional 33,973 shares during the quarter. Geode Capital Management LLC owned about 2.24% of Ingevity worth $31,817,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. First Horizon Advisors Inc. raised its stake in Ingevity by 45.9% during the 3rd quarter. First Horizon Advisors Inc. now owns 862 shares of the company's stock valued at $34,000 after purchasing an additional 271 shares during the period. Isthmus Partners LLC bought a new position in shares of Ingevity during the second quarter worth $35,000. Headlands Technologies LLC bought a new position in shares of Ingevity during the second quarter worth $46,000. KBC Group NV grew its stake in Ingevity by 50.8% during the third quarter. KBC Group NV now owns 1,574 shares of the company's stock valued at $61,000 after acquiring an additional 530 shares in the last quarter. Finally, Blue Trust Inc. increased its holdings in Ingevity by 179.6% in the 3rd quarter. Blue Trust Inc. now owns 2,505 shares of the company's stock valued at $98,000 after acquiring an additional 1,609 shares during the last quarter. Institutional investors own 91.59% of the company's stock.

Analysts Set New Price Targets

Separately, BMO Capital Markets raised their price objective on Ingevity from $40.00 to $47.00 and gave the company a "market perform" rating in a research report on Thursday, October 31st. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $52.17.

Ingevity Trading Up 0.7 %

Shares of NYSE NGVT traded up $0.29 during trading hours on Thursday, hitting $41.75. 95,633 shares of the company traded hands, compared to its average volume of 266,229. The stock has a market capitalization of $1.52 billion, a price-to-earnings ratio of -2.69 and a beta of 1.62. The company's 50 day moving average price is $43.38 and its 200 day moving average price is $41.20. Ingevity Co. has a 12 month low of $30.90 and a 12 month high of $56.29. The company has a current ratio of 1.76, a quick ratio of 1.04 and a debt-to-equity ratio of 6.52.

Ingevity (NYSE:NGVT - Get Free Report) last announced its earnings results on Tuesday, October 29th. The company reported $1.10 earnings per share for the quarter, beating the consensus estimate of $0.60 by $0.50. The business had revenue of $376.90 million for the quarter, compared to the consensus estimate of $376.95 million. Ingevity had a negative net margin of 38.11% and a positive return on equity of 24.46%. The business's revenue for the quarter was down 15.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.21 earnings per share. On average, equities research analysts anticipate that Ingevity Co. will post 2.55 earnings per share for the current fiscal year.

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.