Ingevity (NYSE:NGVT) Sets New 12-Month High - What's Next?

Key Points

• Ingevity Corporation's stock reached a new 52-week high of $58.71, with recent trading closing at $58.56 and a volume of 240,345 shares.
• Analysts have given mixed ratings, with BMO Capital Markets increasing the price target to $62.00 and Wall Street Zen upgrading to a "strong-buy," while Wells Fargo set a target of $48.00.
• Ingevity reported earnings of $1.39 per share for the latest quarter, exceeding estimates, although its revenue of $365.1 million fell short of expectations and decreased 6.5% year-over-year.

Shares of Ingevity Corporation (NYSE:NGVT - Get Free Report) hit a new 52-week high during trading on Wednesday . The company traded as high as $58.71 and last traded at $58.56, with a volume of 240345 shares traded. The stock had previously closed at $58.38.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on NGVT. Wall Street Zen raised shares of Ingevity from a "buy" rating to a "strong-buy" rating in a research note on Saturday, August 9th. Wells Fargo & Company raised their price objective on shares of Ingevity from $38.00 to $48.00 and gave the company an "equal weight" rating in a research report on Monday, July 14th. Finally, BMO Capital Markets increased their price objective on Ingevity from $62.00 to $68.00 and gave the company an "outperform" rating in a research report on Friday. One research analyst has rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $58.00.

Ingevity Trading Up 1.4%

The stock has a market cap of $2.18 billion, a price-to-earnings ratio of -10.03 and a beta of 1.44. The business has a 50-day simple moving average of $50.19 and a two-hundred day simple moving average of $43.67. The company has a debt-to-equity ratio of 10.24, a quick ratio of 0.80 and a current ratio of 1.36.

Ingevity (NYSE:NGVT - Get Free Report) last issued its quarterly earnings results on Monday, August 4th. The company reported $1.39 EPS for the quarter, topping the consensus estimate of $1.02 by $0.37. The firm had revenue of $365.10 million for the quarter, compared to analysts' expectations of $378.70 million. Ingevity had a negative net margin of 16.35% and a positive return on equity of 84.92%. The company's revenue for the quarter was down 6.5% on a year-over-year basis. During the same period in the previous year, the firm posted $1.01 EPS. Ingevity has set its FY 2025 guidance at EPS. As a group, research analysts forecast that Ingevity Corporation will post 4.45 EPS for the current year.

Hedge Funds Weigh In On Ingevity

A number of institutional investors have recently added to or reduced their stakes in the company. Squarepoint Ops LLC acquired a new stake in Ingevity in the second quarter valued at $1,279,000. State of Wyoming bought a new stake in shares of Ingevity in the 2nd quarter valued at about $145,000. Geneos Wealth Management Inc. lifted its stake in Ingevity by 85.8% in the 2nd quarter. Geneos Wealth Management Inc. now owns 838 shares of the company's stock valued at $36,000 after purchasing an additional 387 shares during the last quarter. Public Sector Pension Investment Board grew its holdings in Ingevity by 7.9% during the second quarter. Public Sector Pension Investment Board now owns 124,346 shares of the company's stock worth $5,358,000 after purchasing an additional 9,108 shares during the period. Finally, Headlands Technologies LLC acquired a new position in Ingevity during the second quarter worth approximately $46,000. 91.59% of the stock is currently owned by institutional investors and hedge funds.

About Ingevity

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.