Southernsun Asset Management LLC Decreases Stake in Ingevity Co. (NYSE:NGVT)

Southernsun Asset Management LLC trimmed its position in shares of Ingevity Co. (NYSE:NGVT - Free Report) by 7.9% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 673,319 shares of the company's stock after selling 57,675 shares during the quarter. Ingevity accounts for approximately 3.1% of Southernsun Asset Management LLC's investment portfolio, making the stock its 17th biggest position. Southernsun Asset Management LLC owned 1.85% of Ingevity worth $26,259,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the company. First Horizon Advisors Inc. boosted its position in Ingevity by 809.2% in the 2nd quarter. First Horizon Advisors Inc. now owns 591 shares of the company's stock valued at $26,000 after buying an additional 526 shares during the period. Blue Trust Inc. grew its stake in Ingevity by 101.8% during the 2nd quarter. Blue Trust Inc. now owns 896 shares of the company's stock worth $43,000 after purchasing an additional 452 shares in the last quarter. Headlands Technologies LLC purchased a new stake in Ingevity during the 2nd quarter worth about $46,000. KBC Group NV raised its position in Ingevity by 50.8% in the 3rd quarter. KBC Group NV now owns 1,574 shares of the company's stock valued at $61,000 after purchasing an additional 530 shares in the last quarter. Finally, nVerses Capital LLC purchased a new position in shares of Ingevity in the 3rd quarter valued at about $113,000. 91.59% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Separately, BMO Capital Markets boosted their price target 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 issued a buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $52.17.

Ingevity Stock Performance

Shares of NGVT traded up $0.66 during mid-day trading on Friday, hitting $46.68. 69,707 shares of the company's stock were exchanged, compared to its average volume of 264,958. The firm has a market capitalization of $1.70 billion, a P/E ratio of -2.96 and a beta of 1.62. Ingevity Co. has a fifty-two week low of $30.90 and a fifty-two week high of $56.29. The business's 50 day moving average is $41.11 and its two-hundred day moving average is $41.70. 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 (NYSE:NGVT - Get Free Report) last released its earnings results on Tuesday, October 29th. The company reported $1.10 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $376.95 million. During the same quarter in the previous year, the company posted $1.21 earnings per share. The company's revenue for the quarter was down 15.5% compared to the same quarter last year. On average, equities analysts expect that Ingevity Co. will post 2.55 earnings per share for the current year.

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.