CastleKnight Management LP Trims Stock Position in Ingevity Corporation $NGVT

CastleKnight Management LP cut its stake in Ingevity Corporation (NYSE:NGVT) by 25.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 74,443 shares of the company’s stock after selling 25,300 shares during the period. CastleKnight Management LP owned about 0.21% of Ingevity worth $4,406,000 as of its most recent SEC filing.

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

Insider Buying and Selling

In other Ingevity news, SVP Terrance M. Dyer sold 496 shares of the company’s stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $68.49, for a total value of $33,971.04. Following the sale, the senior vice president owned 7,202 shares of the company’s stock, valued at $493,264.98. This represents a 6.44% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.88% of the company’s stock.

Ingevity Stock Up 0.1%

NGVT stock opened at $71.82 on Thursday. 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 52 week low of $39.74 and a 52 week high of $79.29. The company’s 50-day moving average price is $71.45 and its 200 day moving average price is $67.61. The company has a current ratio of 1.42, a quick ratio of 0.92 and a debt-to-equity ratio of 27.83.

Ingevity (NYSE:NGVT) last released its quarterly earnings data on Wednesday, May 6th. The company reported $1.15 EPS for the quarter, topping analysts’ consensus estimates of $0.84 by $0.31. The firm 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%. The firm’s revenue was up 4.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.01 earnings per share. Ingevity has set its FY 2026 guidance at 4.700-5.200 EPS. On average, research analysts expect that Ingevity Corporation will post 5.05 earnings per share for the current fiscal year.

Analyst Ratings Changes

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

About Ingevity

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.