Penn Capital Management Company LLC Lowers Position in Ingevity Co. (NYSE:NGVT)

Penn Capital Management Company LLC cut its stake in shares of Ingevity Co. (NYSE:NGVT - Free Report) by 51.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 46,771 shares of the company's stock after selling 49,769 shares during the quarter. Penn Capital Management Company LLC owned 0.13% of Ingevity worth $1,906,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Barclays PLC grew its holdings in shares of Ingevity by 245.3% during the 3rd quarter. Barclays PLC now owns 66,761 shares of the company's stock worth $2,603,000 after purchasing an additional 47,429 shares during the period. Geode Capital Management LLC raised its position in Ingevity by 4.3% in the third quarter. Geode Capital Management LLC now owns 815,661 shares of the company's stock worth $31,817,000 after acquiring an additional 33,973 shares in the last quarter. Synovus Financial Corp lifted its holdings 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 purchasing an additional 2,471 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of Ingevity by 24.9% in the third quarter. JPMorgan Chase & Co. now owns 117,581 shares of the company's stock worth $4,586,000 after buying an additional 23,460 shares during the period. Finally, Moody National Bank Trust Division grew its holdings in shares of Ingevity by 12.4% during the 4th quarter. Moody National Bank Trust Division now owns 41,837 shares of the company's stock valued at $1,705,000 after acquiring an additional 4,608 shares in the last quarter. 91.59% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on NGVT. StockNews.com downgraded shares of Ingevity from a "buy" rating to a "hold" rating in a research note on Saturday, April 12th. BMO Capital Markets upgraded Ingevity from a "market perform" rating to an "outperform" rating and boosted their price target for the company from $62.00 to $65.00 in a report on Wednesday, February 26th. Finally, Wells Fargo & Company cut their price objective on shares of Ingevity from $45.00 to $32.00 and set an "equal weight" rating on the stock in a research report on Wednesday, April 9th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $52.20.

Ingevity Stock Performance

NGVT traded down $0.40 on Monday, hitting $32.48. The company's stock had a trading volume of 307,360 shares, compared to its average volume of 276,157. The company has a quick ratio of 1.04, a current ratio of 1.87 and a debt-to-equity ratio of 6.86. Ingevity Co. has a 12 month low of $28.49 and a 12 month high of $56.30. The firm has a market cap of $1.18 billion, a P/E ratio of -2.74 and a beta of 1.54. The company's 50 day simple moving average is $39.64 and its 200-day simple moving average is $41.81.

Ingevity (NYSE:NGVT - Get Free Report) last announced its quarterly earnings results on Tuesday, February 18th. The company reported $0.95 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.66. Ingevity had a negative net margin of 30.60% and a positive return on equity of 41.44%. The business had revenue of $298.80 million during the quarter, compared to analysts' expectations of $297.40 million. Analysts forecast that Ingevity Co. will post 4.45 EPS for the current year.

Ingevity Company 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.