Franklin Resources Inc. Lowers Stock Position in Ingevity Co. (NYSE:NGVT)

Franklin Resources Inc. decreased its position in shares of Ingevity Co. (NYSE:NGVT - Free Report) by 47.9% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 16,956 shares of the company's stock after selling 15,619 shares during the quarter. Franklin Resources Inc.'s holdings in Ingevity were worth $661,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently modified their holdings of NGVT. Synovus Financial Corp increased its position in shares of Ingevity by 22.0% during the third quarter. Synovus Financial Corp now owns 13,697 shares of the company's stock valued at $534,000 after acquiring an additional 2,471 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Ingevity by 4.3% during the 3rd quarter. Geode Capital Management LLC now owns 815,661 shares of the company's stock worth $31,817,000 after purchasing an additional 33,973 shares during the period. Vestcor Inc acquired a new stake in Ingevity in the 3rd quarter valued at approximately $796,000. Barclays PLC raised its position in Ingevity by 245.3% in the third quarter. Barclays PLC now owns 66,761 shares of the company's stock valued at $2,603,000 after purchasing an additional 47,429 shares during the period. Finally, XTX Topco Ltd acquired a new position in Ingevity during the third quarter worth $260,000. Hedge funds and other institutional investors own 91.59% of the company's stock.

Ingevity Stock Performance

Shares of Ingevity stock traded up $0.60 on Tuesday, hitting $40.75. The stock had a trading volume of 226,260 shares, compared to its average volume of 265,082. The stock has a market cap of $1.48 billion, a price-to-earnings ratio of -2.62 and a beta of 1.62. 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 Co. has a 52-week low of $30.90 and a 52-week high of $56.29. The company's 50 day moving average price is $43.92 and its 200 day moving average price is $41.03.

Ingevity (NYSE:NGVT - Get Free Report) last posted its quarterly earnings data 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. Ingevity had a positive return on equity of 24.46% and a negative net margin of 38.11%. The business had revenue of $376.90 million during the quarter, compared to the consensus estimate of $376.95 million. During the same period in the prior year, the company earned $1.21 earnings per share. The company's revenue was down 15.5% compared to the same quarter last year. On average, research analysts anticipate that Ingevity Co. will post 2.55 EPS for the current year.

Wall Street Analysts Forecast Growth

Separately, BMO Capital Markets lifted their price objective on Ingevity from $40.00 to $47.00 and gave the company a "market perform" rating in a research note on Thursday, October 31st. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, Ingevity presently has an average rating of "Moderate Buy" and an average price target of $52.17.

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.