Ingevity (NYSE:NGVT) Hits New 1-Year High After Analyst Upgrade

Key Points

• Ingevity's stock achieved a new 52-week high, trading at a peak of $51.90 and closing at $51.55, following a trading volume of 57,185 shares.
• Analyst ratings for Ingevity have varied, with Wells Fargo raising their target price to $48.00 and BMO Capital Markets setting a target of $62.00, while Wall Street Zen downgraded the stock from "strong-buy" to "buy."
• For the latest quarter, Ingevity reported $1.39 earnings per share, exceeding expectations, despite a 6.5% decline in revenue year-over-year.

Ingevity Corporation (NYSE:NGVT - Get Free Report) shares hit a new 52-week high during mid-day trading on Friday after Wall Street Zen upgraded the stock from a buy rating to a strong-buy rating. The stock traded as high as $51.90 and last traded at $51.55, with a volume of 57185 shares trading hands. The stock had previously closed at $50.51.

Other equities analysts also recently issued research reports about the company. BMO Capital Markets set a $62.00 price objective on Ingevity and gave the stock an "outperform" rating in a report on Thursday, August 7th. Wells Fargo & Company raised their price objective on shares of Ingevity from $38.00 to $48.00 and gave the stock an "equal weight" rating in a research note on Monday, July 14th.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of NGVT. GAMMA Investing LLC lifted its holdings in shares of Ingevity by 119.1% during the first quarter. GAMMA Investing LLC now owns 1,137 shares of the company's stock valued at $45,000 after acquiring an additional 618 shares during the period. BI Asset Management Fondsmaeglerselskab A S raised its holdings in shares of Ingevity by 21.6% in the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 1,670 shares of the company's stock valued at $66,000 after buying an additional 297 shares during the last quarter. Empowered Funds LLC raised its holdings in shares of Ingevity by 12.9% in the first quarter. Empowered Funds LLC now owns 5,181 shares of the company's stock valued at $205,000 after buying an additional 594 shares during the last quarter. Keybank National Association OH bought a new position in shares of Ingevity in the second quarter valued at about $206,000. Finally, O Shaughnessy Asset Management LLC bought a new position in shares of Ingevity in the fourth quarter valued at about $214,000. 91.59% of the stock is owned by institutional investors.

Ingevity Price Performance

The stock has a fifty day moving average of $44.73 and a 200-day moving average of $42.09. The company has a quick ratio of 0.80, a current ratio of 1.36 and a debt-to-equity ratio of 10.24. The firm has a market capitalization of $1.96 billion, a P/E ratio of -9.05 and a beta of 1.36.

Ingevity (NYSE:NGVT - Get Free Report) last issued its quarterly earnings data on Monday, August 4th. The company reported $1.39 EPS for the quarter, topping 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 negative net margin of 16.35% and a positive return on equity of 84.92%. The firm's quarterly revenue was down 6.5% on a year-over-year basis. During the same period last year, the business posted $1.01 earnings per share. Equities analysts predict that Ingevity Corporation 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.