Principal Financial Group Inc. Has $13.62 Million Stake in Ingevity Co. (NYSE:NGVT)

Principal Financial Group Inc. boosted its position in Ingevity Co. (NYSE:NGVT) by 11.0% during the first quarter, HoldingsChannel.com reports. The fund owned 180,262 shares of the company’s stock after buying an additional 17,795 shares during the quarter. Principal Financial Group Inc.’s holdings in Ingevity were worth $13,615,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. RWM Asset Management LLC bought a new position in Ingevity in the fourth quarter valued at approximately $50,000. Denali Advisors LLC bought a new position in Ingevity in the first quarter valued at approximately $113,000. Kovack Advisors Inc. bought a new position in Ingevity in the first quarter valued at approximately $200,000. Moody National Bank Trust Division bought a new position in Ingevity in the fourth quarter valued at approximately $220,000. Finally, CIBC Asset Management Inc bought a new position in Ingevity in the fourth quarter valued at approximately $225,000. 90.60% of the stock is currently owned by institutional investors and hedge funds.

NYSE NGVT opened at $82.96 on Friday. The business’s fifty day moving average is $80.21. The company has a market capitalization of $3.32 billion, a PE ratio of 18.00 and a beta of 2.20. Ingevity Co. has a fifty-two week low of $46.50 and a fifty-two week high of $89.55. The company has a current ratio of 2.86, a quick ratio of 1.95 and a debt-to-equity ratio of 1.91.

Ingevity (NYSE:NGVT) last issued its quarterly earnings data on Wednesday, April 28th. The company reported $1.27 earnings per share for the quarter, topping the consensus estimate of $1.03 by $0.24. Ingevity had a net margin of 15.19% and a return on equity of 33.94%. The company had revenue of $320.30 million for the quarter, compared to analysts’ expectations of $293.05 million. During the same quarter in the previous year, the firm posted $1.12 earnings per share. Ingevity’s revenue for the quarter was up 11.1% on a year-over-year basis. As a group, analysts expect that Ingevity Co. will post 5.32 EPS for the current year.

In related news, EVP Stuart Edward Jr. Woodcock sold 5,178 shares of the business’s stock in a transaction on Friday, May 7th. The shares were sold at an average price of $85.76, for a total value of $444,065.28. Following the sale, the executive vice president now owns 30,516 shares of the company’s stock, valued at $2,617,052.16. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 0.56% of the company’s stock.

A number of research analysts recently issued reports on NGVT shares. BMO Capital Markets lifted their price objective on shares of Ingevity from $100.00 to $110.00 and gave the company an “outperform” rating in a research note on Tuesday, May 4th. Loop Capital boosted their target price on shares of Ingevity from $71.00 to $85.00 and gave the stock a “hold” rating in a research note on Thursday, May 27th. Oppenheimer boosted their target price on shares of Ingevity from $75.00 to $85.00 and gave the stock an “outperform” rating in a research note on Thursday, February 11th. Finally, TheStreet raised shares of Ingevity from a “c+” rating to a “b” rating in a research note on Thursday, May 27th. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Ingevity currently has a consensus rating of “Buy” and a consensus target price of $76.50.

About Ingevity

Ingevity Corporation manufactures and sells specialty chemicals and activated carbon materials in North America, the Asia-Pacific, Europe, the Middle East, Africa, and South America. The company operates through two segments, Performance Materials and Performance Chemicals. The Performance Materials segment engineers, manufactures, and sells hardwood-based and chemically activated carbon products primarily for use in gasoline vapor emission control systems in cars, motorcycles, trucks, and boats.

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Institutional Ownership by Quarter for Ingevity (NYSE:NGVT)

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