Ingevity (NYSE:NGVT) Sets New 1-Year High - Here's What Happened

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.

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

Analyst Upgrades and Downgrades

NGVT has been the topic of several recent research reports. BMO Capital Markets upped their price target on shares of Ingevity from $62.00 to $68.00 and gave the company an "outperform" rating in a report on Friday. Wells Fargo & Company upped their price target on shares of Ingevity from $38.00 to $48.00 and gave the company an "equal weight" rating in a report on Monday, July 14th. Finally, Wall Street Zen raised shares of Ingevity from a "buy" rating to a "strong-buy" rating in a report on Saturday, August 9th. One research analyst has rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $58.00.

Ingevity Stock Performance

The company has a current ratio of 1.36, a quick ratio of 0.80 and a debt-to-equity ratio of 10.24. The firm's 50-day moving average is $50.19 and its two-hundred day moving average is $43.62. The stock has a market cap of $2.17 billion, a price-to-earnings ratio of -9.99 and a beta of 1.44.

Ingevity (NYSE:NGVT - Get Free Report) last released its quarterly 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 negative net margin of 16.35% and a positive return on equity of 84.92%. The firm had revenue of $365.10 million during the quarter, compared to the consensus estimate of $378.70 million. During the same quarter in the prior year, the firm earned $1.01 EPS. The company's revenue for the quarter was down 6.5% on a year-over-year basis. Ingevity has set its FY 2025 guidance at EPS. As a group, sell-side analysts expect that Ingevity Corporation will post 4.45 earnings per share for the current year.

Institutional Trading of Ingevity

Hedge funds have recently made changes to their positions in the company. PNC Financial Services Group Inc. boosted its position in shares of Ingevity by 2.4% during the 1st quarter. PNC Financial Services Group Inc. now owns 12,389 shares of the company's stock worth $490,000 after purchasing an additional 292 shares during the period. BI Asset Management Fondsmaeglerselskab A S lifted its holdings in Ingevity by 21.6% during the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 1,670 shares of the company's stock worth $66,000 after buying an additional 297 shares in the last quarter. Savant Capital LLC lifted its holdings in Ingevity by 0.4% during the 2nd quarter. Savant Capital LLC now owns 85,335 shares of the company's stock worth $3,677,000 after buying an additional 313 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its holdings in Ingevity by 4.3% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 8,007 shares of the company's stock worth $317,000 after buying an additional 333 shares in the last quarter. Finally, Inspire Investing LLC lifted its holdings in Ingevity by 4.1% during the 2nd quarter. Inspire Investing LLC now owns 9,038 shares of the company's stock worth $389,000 after buying an additional 358 shares in the last quarter. Hedge funds and other institutional investors own 91.59% of the company's stock.

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.