Patten & Patten Inc. TN Has $9.11 Million Stock Position in Ingevity Corporation $NGVT

Patten & Patten Inc. TN lessened its holdings in Ingevity Corporation (NYSE:NGVT) by 4.3% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 165,051 shares of the company’s stock after selling 7,434 shares during the quarter. Patten & Patten Inc. TN’s holdings in Ingevity were worth $9,109,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of NGVT. American Century Companies Inc. raised its stake in Ingevity by 15.6% in the 2nd quarter. American Century Companies Inc. now owns 1,707,273 shares of the company’s stock worth $73,566,000 after purchasing an additional 230,525 shares in the last quarter. Segall Bryant & Hamill LLC increased its holdings in shares of Ingevity by 0.3% during the second quarter. Segall Bryant & Hamill LLC now owns 1,283,210 shares of the company’s stock worth $55,294,000 after purchasing an additional 3,948 shares during the period. Maple Rock Capital Partners Inc. raised its position in shares of Ingevity by 21.7% in the second quarter. Maple Rock Capital Partners Inc. now owns 653,516 shares of the company’s stock valued at $28,160,000 after buying an additional 116,700 shares in the last quarter. Simcoe Capital Management LLC boosted its stake in shares of Ingevity by 188.8% in the second quarter. Simcoe Capital Management LLC now owns 624,935 shares of the company’s stock valued at $26,928,000 after buying an additional 408,508 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Ingevity by 311.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 600,380 shares of the company’s stock valued at $23,769,000 after buying an additional 454,579 shares during the period. 91.59% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

NGVT has been the topic of a number of recent research reports. Wells Fargo & Company raised their price objective on Ingevity from $55.00 to $60.00 and gave the stock an “equal weight” rating in a research note on Friday, December 19th. Zacks Research raised Ingevity to a “hold” rating in a research note on Tuesday, December 16th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Ingevity in a research report on Thursday. Wall Street Zen raised shares of Ingevity from a “buy” rating to a “strong-buy” rating in a report on Saturday, January 3rd. Finally, BMO Capital Markets boosted their target price on shares of Ingevity from $64.00 to $70.00 and gave the company an “outperform” rating in a research report on Wednesday, December 10th. One analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $65.00.

Ingevity Stock Performance

Ingevity stock opened at $69.35 on Friday. The company has a quick ratio of 0.80, a current ratio of 1.27 and a debt-to-equity ratio of 8.39. The stock has a market cap of $2.49 billion, a PE ratio of -38.10 and a beta of 1.36. Ingevity Corporation has a 12-month low of $28.49 and a 12-month high of $69.59. The business’s 50-day moving average price is $58.39 and its two-hundred day moving average price is $54.84.

Ingevity (NYSE:NGVT) last posted its quarterly earnings results on Wednesday, November 5th. The company reported $1.52 earnings per share for the quarter, beating analysts’ consensus estimates of $1.14 by $0.38. The company had revenue of $333.10 million for the quarter, compared to the consensus estimate of $360.43 million. Ingevity had a negative net margin of 5.14% and a positive return on equity of 103.69%. The firm’s quarterly revenue was down 3.9% compared to the same quarter last year. During the same period last year, the company posted $1.10 EPS. As a group, analysts expect that Ingevity Corporation will post 4.45 earnings per share for the current fiscal year.

Ingevity 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.