Salem Investment Counselors Inc. Has $4.88 Million Holdings in Ingevity Co. (NYSE:NGVT)

Salem Investment Counselors Inc. raised its position in Ingevity Co. (NYSE:NGVT) by 17.2% in the first quarter, HoldingsChannel reports. The fund owned 102,398 shares of the company’s stock after purchasing an additional 15,000 shares during the quarter. Salem Investment Counselors Inc.’s holdings in Ingevity were worth $4,884,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Janney Montgomery Scott LLC purchased a new position in Ingevity in the third quarter worth $484,000. Charles Schwab Investment Management Inc. raised its stake in shares of Ingevity by 6.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 439,066 shares of the company’s stock valued at $20,904,000 after purchasing an additional 25,550 shares during the period. Pathstone Family Office LLC grew its position in Ingevity by 22.1% during the third quarter. Pathstone Family Office LLC now owns 4,430 shares of the company’s stock worth $211,000 after buying an additional 803 shares in the last quarter. Hsbc Holdings PLC grew its position in Ingevity by 48.5% during the third quarter. Hsbc Holdings PLC now owns 8,658 shares of the company’s stock worth $412,000 after buying an additional 2,827 shares in the last quarter. Finally, Stifel Financial Corp grew its position in Ingevity by 66.9% during the third quarter. Stifel Financial Corp now owns 53,020 shares of the company’s stock worth $2,524,000 after buying an additional 21,260 shares in the last quarter. Hedge funds and other institutional investors own 91.59% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on NGVT shares. Loop Capital upped their price objective on Ingevity from $49.00 to $56.00 and gave the stock a “hold” rating in a report on Tuesday, May 7th. Jefferies Financial Group upgraded Ingevity from a “hold” rating to a “buy” rating and upped their price objective for the stock from $52.00 to $62.00 in a report on Monday, April 22nd. Oppenheimer upped their price objective on Ingevity from $50.00 to $58.00 and gave the stock an “outperform” rating in a report on Thursday, May 2nd. Finally, BMO Capital Markets increased their target price on Ingevity from $50.00 to $55.00 and gave the company a “market perform” rating in a report on Wednesday, May 8th. Five equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, Ingevity has a consensus rating of “Hold” and an average target price of $55.00.

Ingevity Trading Up 0.4 %

NGVT traded up $0.19 during midday trading on Friday, reaching $43.90. 614,887 shares of the company’s stock traded hands, compared to its average volume of 235,345. The firm has a fifty day moving average of $48.91 and a two-hundred day moving average of $46.49. The stock has a market capitalization of $1.59 billion, a price-to-earnings ratio of -14.12 and a beta of 1.72. The company has a debt-to-equity ratio of 2.48, a current ratio of 1.90 and a quick ratio of 0.98. Ingevity Co. has a 52 week low of $36.66 and a 52 week high of $66.18.

Ingevity (NYSE:NGVT) last released its quarterly earnings results on Wednesday, May 1st. The company reported $0.52 EPS for the quarter, beating analysts’ consensus estimates of $0.37 by $0.15. The business had revenue of $340.10 million during the quarter, compared to analyst estimates of $319.15 million. Ingevity had a positive return on equity of 18.65% and a negative net margin of 6.84%. Ingevity’s quarterly revenue was down 13.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.09 EPS. On average, equities analysts anticipate that Ingevity Co. will post 3.78 earnings per share for the current fiscal 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.