Short Interest in Ingevity Corporation (NYSE:NGVT) Decreases By 23.2%

Key Points

• Ingevity Corporation experienced a significant decline in short interest, down 23.2% to 744,400 shares as of August 31st, representing 2.1% of the company's total shares sold short.
• The company's stock rose 2.0% to $57.39, with a market capitalization of $2.09 billion and a P/E ratio of -9.65.
• Ingevity reported a quarterly EPS of $1.39, beating estimates, but its revenue of $365.10 million was below analyst expectations.

Ingevity Corporation (NYSE:NGVT - Get Free Report) saw a large drop in short interest in August. As of August 31st, there was short interest totaling 744,400 shares, a drop of 23.2% from the August 15th total of 969,800 shares. Based on an average daily trading volume, of 261,900 shares, the days-to-cover ratio is currently 2.8 days. Approximately 2.1% of the shares of the company are short sold. Approximately 2.1% of the shares of the company are short sold. Based on an average daily trading volume, of 261,900 shares, the days-to-cover ratio is currently 2.8 days.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. Wall Street Zen upgraded Ingevity from a "buy" rating to a "strong-buy" rating in a report on Saturday, August 9th. BMO Capital Markets lifted their price objective on Ingevity from $62.00 to $68.00 and gave the stock an "outperform" rating in a report on Friday, September 5th. Finally, Wells Fargo & Company boosted their price target on Ingevity from $38.00 to $48.00 and gave the company an "equal weight" rating in a research note on Monday, July 14th. One analyst has rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat.com, Ingevity has an average rating of "Moderate Buy" and a consensus price target of $58.00.

Institutional Trading of Ingevity

Several institutional investors and hedge funds have recently made changes to their positions in NGVT. Wellington Management Group LLP grew its position in shares of Ingevity by 2.6% during the 1st quarter. Wellington Management Group LLP now owns 2,299,312 shares of the company's stock worth $91,030,000 after buying an additional 59,342 shares in the last quarter. American Century Companies Inc. boosted its position in Ingevity by 15.6% during the second quarter. American Century Companies Inc. now owns 1,707,273 shares of the company's stock valued at $73,566,000 after purchasing an additional 230,525 shares in the last quarter. Segall Bryant & Hamill LLC boosted its position in Ingevity by 0.3% during the second quarter. Segall Bryant & Hamill LLC now owns 1,283,210 shares of the company's stock valued at $55,294,000 after purchasing an additional 3,948 shares in the last quarter. Millennium Management LLC boosted its position in Ingevity by 8.0% during the first quarter. Millennium Management LLC now owns 1,226,189 shares of the company's stock valued at $48,545,000 after purchasing an additional 90,958 shares in the last quarter. Finally, Royce & Associates LP boosted its position in Ingevity by 5.8% during the first quarter. Royce & Associates LP now owns 1,208,445 shares of the company's stock valued at $47,842,000 after purchasing an additional 65,847 shares in the last quarter. 91.59% of the stock is currently owned by institutional investors.

Ingevity Trading Down 2.6%

Shares of NYSE:NGVT traded down $1.51 on Friday, hitting $56.33. 716,763 shares of the company's stock were exchanged, compared to its average volume of 232,953. Ingevity has a 12 month low of $28.49 and a 12 month high of $60.77. The stock has a market capitalization of $2.05 billion, a price-to-earnings ratio of -9.47 and a beta of 1.44. The business's 50 day simple moving average is $52.51 and its two-hundred day simple moving average is $44.42. The company has a debt-to-equity ratio of 10.24, a current ratio of 1.36 and a quick ratio of 0.80.

Ingevity (NYSE:NGVT - Get Free Report) last released its earnings results on Monday, August 4th. The company reported $1.39 earnings per share for the quarter, topping the consensus estimate of $1.02 by $0.37. Ingevity had a positive return on equity of 84.92% and a negative net margin of 16.35%.The business had revenue of $365.10 million during the quarter, compared to the consensus estimate of $378.70 million. During the same period last year, the company earned $1.01 earnings per share. The business's revenue for the quarter was down 6.5% compared to the same quarter last year. Ingevity has set its FY 2025 guidance at EPS. Analysts anticipate that Ingevity will post 4.45 EPS for the current fiscal year.

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.