CastleKnight Management LP Trims Stake in Ingevity Corporation $NGVT

CastleKnight Management LP lowered its position in shares of Ingevity Corporation (NYSE:NGVT) by 25.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 74,443 shares of the company’s stock after selling 25,300 shares during the quarter. CastleKnight Management LP’s holdings in Ingevity were worth $4,406,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. CWA Asset Management Group LLC acquired a new stake in Ingevity during the fourth quarter worth approximately $1,305,000. Harvey Partners LLC boosted its position in Ingevity by 5.1% during the third quarter. Harvey Partners LLC now owns 601,000 shares of the company’s stock worth $33,169,000 after acquiring an additional 28,953 shares during the last quarter. Alpha Wave Global LP acquired a new stake in Ingevity during the third quarter worth approximately $8,395,000. Allspring Global Investments Holdings LLC acquired a new stake in Ingevity during the fourth quarter worth approximately $8,083,000. Finally, Simcoe Capital Management LLC boosted its position in Ingevity by 49.4% during the third quarter. Simcoe Capital Management LLC now owns 933,455 shares of the company’s stock worth $51,517,000 after acquiring an additional 308,520 shares during the last quarter. Institutional investors and hedge funds own 91.59% of the company’s stock.

Insider Activity at Ingevity

In other news, SVP Terrance M. Dyer sold 496 shares of the firm’s stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $68.49, for a total value of $33,971.04. Following the transaction, the senior vice president owned 7,202 shares of the company’s stock, valued at approximately $493,264.98. This trade represents a 6.44% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 0.88% of the company’s stock.

Ingevity Stock Performance

NYSE:NGVT opened at $71.82 on Thursday. The company has a quick ratio of 0.92, a current ratio of 1.42 and a debt-to-equity ratio of 27.83. The company has a market cap of $2.50 billion, a P/E ratio of -20.23 and a beta of 1.18. Ingevity Corporation has a fifty-two week low of $39.74 and a fifty-two week high of $79.29. The firm’s 50 day moving average is $71.45 and its two-hundred day moving average is $67.61.

Ingevity (NYSE:NGVT) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $1.15 earnings per share for the quarter, topping analysts’ consensus estimates of $0.84 by $0.31. The company had revenue of $258.00 million for the quarter, compared to the consensus estimate of $254.73 million. Ingevity had a negative net margin of 10.55% and a positive return on equity of 207.82%. Ingevity’s revenue was up 4.1% on a year-over-year basis. During the same quarter last year, the firm posted $1.01 earnings per share. Ingevity has set its FY 2026 guidance at 4.700-5.200 EPS. Analysts expect that Ingevity Corporation will post 5.05 EPS for the current year.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Ingevity in a research report on Tuesday, April 21st. BMO Capital Markets restated an “outperform” rating and set a $83.00 target price on shares of Ingevity in a research report on Monday, March 2nd. Jefferies Financial Group restated a “buy” rating and set a $82.00 target price on shares of Ingevity in a research report on Thursday, February 26th. Wells Fargo & Company increased their price target on shares of Ingevity from $65.00 to $75.00 and gave the stock an “equal weight” rating in a research note on Friday, February 27th. Finally, Wall Street Zen downgraded shares of Ingevity from a “strong-buy” rating to a “buy” rating in a research note on Saturday, June 13th. Two research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $80.00.

Ingevity Company Profile

Ingevity Corporation, traded as NGVT, is a specialty chemicals and performance materials company headquartered in North Charleston, South Carolina. The company operates two primary business units: Performance Chemicals and Performance Materials. The Performance Chemicals segment produces and markets specialty chemicals derived largely from wood and other natural feedstocks, including rosin acids, tall oil fatty acids and esters, as well as specialty petroleum resins. These products serve a broad range of industries, including paper, adhesives, coatings, oilfield drilling and consumer goods.

The Performance Materials segment develops and manufactures activated carbon products and composites for applications such as automotive emissions control, industrial air and water purification, and spill containment.