Raymond James Financial Inc. Acquires New Shares in Ingevity Co. (NYSE:NGVT)

Raymond James Financial Inc. acquired a new stake in Ingevity Co. (NYSE:NGVT - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 74,051 shares of the company's stock, valued at approximately $3,018,000. Raymond James Financial Inc. owned about 0.20% of Ingevity as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. KBC Group NV raised its holdings in Ingevity by 27.5% in the 4th quarter. KBC Group NV now owns 2,007 shares of the company's stock valued at $82,000 after acquiring an additional 433 shares during the period. Arizona State Retirement System increased its stake in shares of Ingevity by 6.1% during the fourth quarter. Arizona State Retirement System now owns 10,550 shares of the company's stock worth $430,000 after purchasing an additional 611 shares during the period. Hudson Edge Investment Partners Inc. increased its stake in shares of Ingevity by 4.9% during the fourth quarter. Hudson Edge Investment Partners Inc. now owns 16,150 shares of the company's stock worth $658,000 after purchasing an additional 750 shares during the period. Handelsbanken Fonder AB lifted its holdings in Ingevity by 18.3% during the 4th quarter. Handelsbanken Fonder AB now owns 9,037 shares of the company's stock worth $368,000 after purchasing an additional 1,400 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. boosted its stake in Ingevity by 7.9% in the 4th quarter. Oppenheimer Asset Management Inc. now owns 27,770 shares of the company's stock valued at $1,132,000 after purchasing an additional 2,031 shares during the period. 91.59% of the stock is currently owned by institutional investors.

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Ingevity Price Performance

Shares of NYSE NGVT traded up $0.78 during mid-day trading on Wednesday, reaching $39.63. The company had a trading volume of 163,883 shares, compared to its average volume of 267,703. Ingevity Co. has a one year low of $30.90 and a one year high of $56.30. The business's 50-day simple moving average is $44.68 and its 200 day simple moving average is $42.61. The company has a debt-to-equity ratio of 6.86, a quick ratio of 1.04 and a current ratio of 1.87. The firm has a market cap of $1.44 billion, a price-to-earnings ratio of -3.35 and a beta of 1.52.

Ingevity (NYSE:NGVT - Get Free Report) last released its earnings results on Tuesday, February 18th. The company reported $0.95 EPS 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 firm had revenue of $298.80 million for the quarter, compared to analyst estimates of $297.40 million. On average, research analysts predict that Ingevity Co. will post 4.45 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have weighed in on NGVT. BMO Capital Markets upgraded Ingevity from a "market perform" rating to an "outperform" rating and increased their price objective for the stock from $62.00 to $65.00 in a research report on Wednesday, February 26th. StockNews.com lowered shares of Ingevity from a "buy" rating to a "hold" rating in a research report on Monday, March 24th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, Ingevity currently has a consensus rating of "Moderate Buy" and an average price target of $55.17.

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.