Salem Investment Counselors Inc. Lowers Position in Ingevity Co. (NYSE:NGVT)

Salem Investment Counselors Inc. decreased its position in shares of Ingevity Co. (NYSE:NGVT - Free Report) by 22.9% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 50,822 shares of the company's stock after selling 15,090 shares during the period. Salem Investment Counselors Inc. owned approximately 0.14% of Ingevity worth $2,071,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. First Horizon Advisors Inc. boosted its position in Ingevity by 45.9% during the third quarter. First Horizon Advisors Inc. now owns 862 shares of the company's stock valued at $34,000 after buying an additional 271 shares during the period. Headlands Technologies LLC purchased a new stake in Ingevity during the 2nd quarter valued at about $46,000. KBC Group NV grew its position in Ingevity by 50.8% during the 3rd quarter. KBC Group NV now owns 1,574 shares of the company's stock worth $61,000 after acquiring an additional 530 shares during the last quarter. Blue Trust Inc. increased its stake in Ingevity by 179.6% in the 3rd quarter. Blue Trust Inc. now owns 2,505 shares of the company's stock worth $98,000 after purchasing an additional 1,609 shares during the period. Finally, nVerses Capital LLC purchased a new position in Ingevity in the 3rd quarter worth approximately $113,000. Institutional investors own 91.59% of the company's stock.

Ingevity Trading Down 0.3 %

NGVT stock traded down $0.11 on Tuesday, reaching $39.57. The company's stock had a trading volume of 52,100 shares, compared to its average volume of 207,183. The firm has a market cap of $1.44 billion, a PE ratio of -2.55 and a beta of 1.65. The business has a fifty day simple moving average of $44.23 and a two-hundred day simple moving average of $40.71. Ingevity Co. has a 12-month low of $30.90 and a 12-month high of $56.29. The company has a debt-to-equity ratio of 6.52, a quick ratio of 1.04 and a current ratio of 1.76.

Ingevity (NYSE:NGVT - Get Free Report) last posted its earnings results on Tuesday, October 29th. The company reported $1.10 EPS for the quarter, topping the consensus estimate of $0.60 by $0.50. Ingevity had a negative net margin of 38.11% and a positive return on equity of 24.46%. The firm had revenue of $376.90 million during the quarter, compared to analysts' expectations of $376.95 million. During the same period last year, the company posted $1.21 EPS. The company's quarterly revenue was down 15.5% compared to the same quarter last year. As a group, research analysts forecast that Ingevity Co. will post 2.55 EPS for the current year.

Analysts Set New Price Targets

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

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.