Ingevity (NYSE:NGVT) Hits New 52-Week High - Time to Buy?

Key Points

• Ingevity Corporation shares reached a new 12-month high of $56.89, with the stock last trading at $55.19 and a volume of 241,607 shares.
• Several analysts have upgraded their ratings and price targets for Ingevity, with BMO Capital Markets raising its target from $56.00 to $62.00, indicating a strong outlook for the stock.
• Ingevity reported earnings of $1.39 per share for the last quarter, surpassing expectations, but revenue decreased by 6.5% year-over-year.

Ingevity Corporation (NYSE:NGVT - Get Free Report) shares hit a new 52-week high on Wednesday . The stock traded as high as $56.89 and last traded at $55.19, with a volume of 241607 shares trading hands. The stock had previously closed at $55.35.

Analysts Set New Price Targets

Several research analysts have weighed in on NGVT shares. BMO Capital Markets boosted their price target on Ingevity from $56.00 to $62.00 and gave the company an "outperform" rating in a report on Thursday, August 7th. 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 report on Monday, July 14th. Finally, Wall Street Zen upgraded 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 assigned a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $55.00.

Ingevity Stock Down 1.0%

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 has a market capitalization of $2.09 billion, a PE ratio of -9.62 and a beta of 1.36. The firm has a 50-day moving average of $46.99 and a two-hundred day moving average of $42.73.

Ingevity (NYSE:NGVT - Get Free Report) last announced its quarterly earnings results on Monday, August 4th. The company reported $1.39 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $365.10 million during the quarter, compared to the consensus estimate of $378.70 million. During the same period in the prior year, the firm earned $1.01 EPS. The firm's quarterly revenue was down 6.5% compared to the same quarter last year. Ingevity has set its FY 2025 guidance at EPS. On average, equities research analysts forecast that Ingevity Corporation will post 4.45 EPS for the current year.

Institutional Trading of Ingevity

Large investors have recently added to or reduced their stakes in the stock. PNC Financial Services Group Inc. raised its stake in Ingevity by 2.4% during the 1st quarter. PNC Financial Services Group Inc. now owns 12,389 shares of the company's stock valued at $490,000 after purchasing an additional 292 shares during the period. BI Asset Management Fondsmaeglerselskab A S raised its stake 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 valued at $66,000 after purchasing an additional 297 shares during the period. Savant Capital LLC raised its stake in Ingevity by 0.4% during the 2nd quarter. Savant Capital LLC now owns 85,335 shares of the company's stock valued at $3,677,000 after purchasing an additional 313 shares during the period. Wealth Enhancement Advisory Services LLC raised its stake in Ingevity by 4.3% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 8,007 shares of the company's stock valued at $317,000 after purchasing an additional 333 shares during the period. Finally, Inspire Investing LLC raised its stake in Ingevity by 4.1% during the 2nd quarter. Inspire Investing LLC now owns 9,038 shares of the company's stock valued at $389,000 after purchasing an additional 358 shares during the period. 91.59% of the stock is currently owned by institutional investors and hedge funds.

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.