Patten & Patten Inc. TN Reduces Stake in Ingevity Co. (NYSE:NGVT)

Patten & Patten Inc. TN cut its stake in Ingevity Co. (NYSE:NGVT) by 10.3% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 190,093 shares of the company’s stock after selling 21,922 shares during the period. Patten & Patten Inc. TN owned 0.52% of Ingevity worth $7,746,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Segall Bryant & Hamill LLC increased its position in shares of Ingevity by 33.5% during the third quarter. Segall Bryant & Hamill LLC now owns 1,185,415 shares of the company’s stock valued at $46,231,000 after acquiring an additional 297,135 shares in the last quarter. Royce & Associates LP lifted its position in shares of Ingevity by 22.4% during the 4th quarter. Royce & Associates LP now owns 1,142,598 shares of the company’s stock valued at $46,561,000 after buying an additional 208,921 shares in the last quarter. Harvey Partners LLC bought a new stake in shares of Ingevity during the 3rd quarter valued at $7,878,000. State Street Corp boosted its stake in shares of Ingevity by 14.7% in the third quarter. State Street Corp now owns 1,546,957 shares of the company’s stock worth $60,331,000 after acquiring an additional 198,300 shares during the period. Finally, Vision One Management Partners LP bought a new stake in shares of Ingevity during the third quarter valued at approximately $4,388,000. Hedge funds and other institutional investors own 91.59% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on NGVT shares. StockNews.com raised Ingevity from a “hold” rating to a “buy” rating in a research note on Thursday, February 20th. BMO Capital Markets upgraded 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 research report on Wednesday, February 26th. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $55.17.

Ingevity Price Performance

NYSE:NGVT opened at $43.96 on Friday. The firm has a market capitalization of $1.60 billion, a price-to-earnings ratio of -3.71 and a beta of 1.53. The company has a debt-to-equity ratio of 6.86, a current ratio of 1.87 and a quick ratio of 1.04. The business has a 50 day simple moving average of $44.76 and a 200-day simple moving average of $42.15. Ingevity Co. has a 1 year low of $30.90 and a 1 year high of $56.30.

Ingevity (NYSE:NGVT) last posted its quarterly earnings data on Tuesday, February 18th. The company reported $0.95 EPS for the quarter, topping 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 company had revenue of $298.80 million during the quarter, compared to analyst estimates of $297.40 million. Equities 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.