Ingevity (NYSE:NGVT) Hits New 12-Month High - Should You 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.

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

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. BMO Capital Markets lifted their price target on shares of Ingevity from $56.00 to $62.00 and gave the stock an "outperform" rating in a research note on Thursday, August 7th. Wall Street Zen upgraded Ingevity from a "buy" rating to a "strong-buy" rating in a research report on Saturday, August 9th. Finally, Wells Fargo & Company lifted their price target on Ingevity from $38.00 to $48.00 and gave the stock an "equal weight" rating in a research report on Monday, July 14th. One research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $55.00.

Ingevity Price Performance

The stock has a market cap of $2.01 billion, a price-to-earnings ratio of -9.28 and a beta of 1.36. The company has a 50-day moving average of $46.24 and a 200-day moving average of $42.50. 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 released its earnings results on Monday, August 4th. The company reported $1.39 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.02 by $0.37. The business had revenue of $365.10 million for the quarter, compared to analyst estimates of $378.70 million. Ingevity had a positive return on equity of 84.92% and a negative net margin of 16.35%.The company's revenue for the quarter was down 6.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.01 earnings per share. Ingevity has set its FY 2025 guidance at EPS. As a group, equities research analysts predict that Ingevity Corporation will post 4.45 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. State of Wyoming acquired a new position in Ingevity during the 2nd quarter worth approximately $145,000. Geneos Wealth Management Inc. increased its position in Ingevity by 85.8% during the 2nd quarter. Geneos Wealth Management Inc. now owns 838 shares of the company's stock worth $36,000 after purchasing an additional 387 shares during the period. Public Sector Pension Investment Board increased its position in Ingevity by 7.9% during the 2nd 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. Headlands Technologies LLC acquired a new position in Ingevity during the second quarter worth $46,000. Finally, Tower Research Capital LLC TRC grew its holdings in Ingevity by 234.2% during the second quarter. Tower Research Capital LLC TRC now owns 3,776 shares of the company's stock worth $163,000 after acquiring an additional 2,646 shares during the period. 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.

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