KLP Kapitalforvaltning AS Makes New Investment in Ingevity Co. (NYSE:NGVT)

KLP Kapitalforvaltning AS bought a new position in shares of Ingevity Co. (NYSE:NGVT - Free Report) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 119,800 shares of the company's stock, valued at approximately $4,882,000. KLP Kapitalforvaltning AS owned approximately 0.33% of Ingevity as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. First Horizon Advisors Inc. raised its position in Ingevity by 45.9% in 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 in the last quarter. KBC Group NV raised its holdings in Ingevity by 27.5% in the fourth quarter. KBC Group NV now owns 2,007 shares of the company's stock valued at $82,000 after acquiring an additional 433 shares in the last quarter. Empowered Funds LLC purchased a new position in Ingevity in the fourth quarter worth approximately $187,000. Teacher Retirement System of Texas acquired a new position in Ingevity during the 4th quarter worth approximately $237,000. Finally, Hennion & Walsh Asset Management Inc. acquired a new stake in shares of Ingevity in the 4th quarter valued at $239,000. Hedge funds and other institutional investors own 91.59% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. BMO Capital Markets raised Ingevity from a "market perform" rating to an "outperform" rating and increased their target price for the company from $62.00 to $65.00 in a report on Wednesday, February 26th. StockNews.com lowered Ingevity from a "buy" rating to a "hold" rating in a research report on Monday, March 24th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $55.17.

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Ingevity Stock Performance

Shares of NGVT stock traded down $0.10 during mid-day trading on Friday, hitting $39.62. 273,717 shares of the stock were exchanged, compared to its average volume of 267,334. The stock's fifty day simple moving average is $45.16 and its two-hundred day simple moving average is $42.54. The company has a debt-to-equity ratio of 6.86, a quick ratio of 1.04 and a current ratio of 1.87. Ingevity Co. has a 12-month low of $30.90 and a 12-month high of $56.30. The stock has a market capitalization of $1.44 billion, a price-to-earnings ratio of -3.35 and a beta of 1.53.

Ingevity (NYSE:NGVT - Get Free Report) last released its quarterly earnings results on Tuesday, February 18th. The company reported $0.95 EPS for the quarter, topping the consensus estimate of $0.29 by $0.66. The company had revenue of $298.80 million for the quarter, compared to analyst estimates of $297.40 million. Ingevity had a positive return on equity of 41.44% and a negative net margin of 30.60%. On average, analysts forecast that Ingevity Co. 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.