Walnut Level Capital LLC Invests $1.63 Million in Ingevity Co. (NYSE:NGVT)

Walnut Level Capital LLC acquired a new position in shares of Ingevity Co. (NYSE:NGVT) in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 40,000 shares of the company’s stock, valued at approximately $1,630,000. Ingevity comprises 0.6% of Walnut Level Capital LLC’s investment portfolio, making the stock its 25th biggest position.

A number of other hedge funds have also recently made changes to their positions in NGVT. First Horizon Advisors Inc. lifted its stake in shares of Ingevity by 45.9% during the 3rd quarter. First Horizon Advisors Inc. now owns 862 shares of the company’s stock worth $34,000 after purchasing an additional 271 shares during the last quarter. KBC Group NV lifted its stake in shares of Ingevity by 50.8% during the 3rd quarter. KBC Group NV now owns 1,574 shares of the company’s stock worth $61,000 after purchasing an additional 530 shares during the last quarter. Empowered Funds LLC purchased a new stake in shares of Ingevity during the 4th quarter worth $187,000. Teacher Retirement System of Texas purchased a new stake in shares of Ingevity during the 4th quarter worth $237,000. Finally, Hennion & Walsh Asset Management Inc. purchased a new stake in shares of Ingevity during the 4th quarter worth $239,000. 91.59% of the stock is currently owned by hedge funds and other institutional investors.

Ingevity Price Performance

Shares of NYSE NGVT opened at $42.26 on Monday. The company has a debt-to-equity ratio of 6.86, a quick ratio of 1.04 and a current ratio of 1.87. The company has a market cap of $1.54 billion, a PE ratio of -3.57 and a beta of 1.53. The business has a 50-day simple moving average of $45.28 and a two-hundred day simple moving average of $42.34. Ingevity Co. has a fifty-two week low of $30.90 and a fifty-two week high of $56.30.

Ingevity (NYSE:NGVT) last issued its quarterly earnings results on Tuesday, February 18th. The company reported $0.95 earnings per share for the quarter, topping the consensus estimate of $0.29 by $0.66. Ingevity had a positive return on equity of 41.44% and a negative net margin of 30.60%. The business had revenue of $298.80 million during the quarter, compared to the consensus estimate of $297.40 million. As a group, equities analysts expect that Ingevity Co. will post 4.45 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. BMO Capital Markets upgraded Ingevity from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $62.00 to $65.00 in a research note on Wednesday, February 26th. StockNews.com upgraded Ingevity from a “hold” rating to a “buy” rating in a research note on Thursday, February 20th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $55.17.

Ingevity Company Profile

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.