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

Salem Investment Counselors Inc. reduced its position in shares of Ingevity Co. (NYSE:NGVT) by 22.9% in the fourth quarter, Holdings Channel reports. The firm owned 50,822 shares of the company’s stock after selling 15,090 shares during the period. Salem Investment Counselors Inc.’s holdings in Ingevity were worth $2,071,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in NGVT. Amalgamated Bank increased its stake in Ingevity by 2.4% in the 3rd quarter. Amalgamated Bank now owns 10,667 shares of the company’s stock worth $416,000 after acquiring an additional 246 shares during the last quarter. First Horizon Advisors Inc. raised its stake in Ingevity by 45.9% in the third quarter. First Horizon Advisors Inc. now owns 862 shares of the company’s stock valued at $34,000 after purchasing an additional 271 shares in the last quarter. Oppenheimer Asset Management Inc. lifted its position in Ingevity by 1.2% during the third quarter. Oppenheimer Asset Management Inc. now owns 25,739 shares of the company’s stock valued at $1,004,000 after purchasing an additional 313 shares during the last quarter. KBC Group NV grew its stake in Ingevity by 50.8% in the 3rd quarter. KBC Group NV now owns 1,574 shares of the company’s stock worth $61,000 after buying an additional 530 shares in the last quarter. Finally, Inspire Investing LLC grew its stake in Ingevity by 8.0% in the 2nd quarter. Inspire Investing LLC now owns 8,013 shares of the company’s stock worth $350,000 after buying an additional 596 shares in the last quarter. Hedge funds and other institutional investors own 91.59% of the company’s stock.

Ingevity Price Performance

Shares of Ingevity stock opened at $39.68 on Tuesday. The stock has a market capitalization of $1.44 billion, a price-to-earnings ratio of -2.56 and a beta of 1.65. The company has a fifty day moving average of $44.23 and a 200-day moving average of $40.71. Ingevity Co. has a 52-week low of $30.90 and a 52-week 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) last announced its quarterly earnings data 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 firm had revenue of $376.90 million for the quarter, compared to analysts’ expectations of $376.95 million. During the same period last year, the firm earned $1.21 earnings per share. The company’s revenue for the quarter was down 15.5% compared to the same quarter last year. Equities research analysts expect that Ingevity Co. will post 2.55 EPS for the current year.

Analyst Upgrades and Downgrades

Separately, BMO Capital Markets lifted their price objective 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 investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price 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.