Morgan Stanley decreased its holdings in Ingevity Corp (NYSE:NGVT) by 36.6% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 109,484 shares of the company’s stock after selling 63,178 shares during the period. Morgan Stanley owned 0.27% of Ingevity worth $3,854,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in NGVT. ETF Managers Group LLC boosted its stake in Ingevity by 11.3% during the first quarter. ETF Managers Group LLC now owns 2,598 shares of the company’s stock valued at $88,000 after buying an additional 264 shares during the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. boosted its stake in Ingevity by 6.0% during the first quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 3,729 shares of the company’s stock valued at $131,000 after buying an additional 212 shares during the last quarter. Advisor Group Holdings Inc. bought a new position in Ingevity during the first quarter valued at approximately $152,000. CWM Advisors LLC bought a new position in Ingevity during the first quarter valued at approximately $164,000. Finally, First Trust Advisors LP bought a new position in Ingevity during the first quarter valued at approximately $213,000. 91.10% of the stock is owned by hedge funds and other institutional investors.

A number of brokerages have issued reports on NGVT. Jefferies Financial Group restated a “hold” rating and set a $58.00 price objective on shares of Ingevity in a research report on Tuesday, August 11th. BMO Capital Markets upped their price objective on Ingevity from $79.00 to $84.00 and gave the company an “outperform” rating in a research report on Thursday, August 6th. Stifel Nicolaus upgraded Ingevity from a “hold” rating to a “buy” rating and upped their price objective for the company from $55.00 to $66.00 in a research report on Friday, July 31st. They noted that the move was a valuation call. ValuEngine downgraded Ingevity from a “hold” rating to a “sell” rating in a research report on Tuesday, August 4th. Finally, Zacks Investment Research upgraded Ingevity from a “sell” rating to a “hold” rating and set a $55.00 price target on the stock in a report on Wednesday, July 1st. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the stock. Ingevity currently has an average rating of “Hold” and a consensus target price of $69.00.

Shares of NYSE NGVT opened at $56.58 on Thursday. The business’s 50 day moving average price is $58.42 and its 200-day moving average price is $49.66. The company has a market cap of $2.34 billion, a price-to-earnings ratio of 14.04 and a beta of 2.28. Ingevity Corp has a fifty-two week low of $24.92 and a fifty-two week high of $94.67. The company has a debt-to-equity ratio of 2.50, a quick ratio of 1.90 and a current ratio of 3.09.

Ingevity (NYSE:NGVT) last issued its earnings results on Wednesday, July 29th. The company reported $0.63 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.60 by $0.03. The business had revenue of $270.60 million during the quarter, compared to analysts’ expectations of $256.30 million. Ingevity had a return on equity of 36.42% and a net margin of 13.89%. The business’s revenue for the quarter was down 23.3% compared to the same quarter last year. During the same period in the prior year, the business earned $1.36 EPS. Sell-side analysts predict that Ingevity Corp will post 3.56 earnings per share for the current year.

About Ingevity

Ingevity Corporation manufactures and sells specialty chemicals and carbon materials in the United States and internationally. 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, trucks, motorcycles, and boats.

Recommended Story: Key terms to understand channel trading

Institutional Ownership by Quarter for Ingevity (NYSE:NGVT)

Receive News & Ratings for Ingevity Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ingevity and related companies with MarketBeat.com's FREE daily email newsletter.