Ingevity (NYSE:NGVT) Sets New 52-Week 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.

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

A number of other analysts also recently commented on the stock. BMO Capital Markets boosted their price objective on shares of Ingevity from $56.00 to $62.00 and gave the stock an "outperform" rating in a report on Thursday. Wells Fargo & Company boosted their price objective on shares of Ingevity from $38.00 to $48.00 and gave the stock an "equal weight" rating in a report on Monday, July 14th.

Institutional Trading of Ingevity

Several institutional investors and hedge funds have recently modified their holdings of NGVT. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Ingevity by 311.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 600,380 shares of the company's stock valued at $23,769,000 after purchasing an additional 454,579 shares in the last quarter. Maple Rock Capital Partners Inc. purchased a new stake in shares of Ingevity in the fourth quarter valued at about $17,515,000. Vision One Management Partners LP lifted its holdings in shares of Ingevity by 265.0% in the fourth quarter. Vision One Management Partners LP now owns 410,678 shares of the company's stock valued at $16,735,000 after purchasing an additional 298,157 shares in the last quarter. Simcoe Capital Management LLC purchased a new stake in shares of Ingevity in the first quarter valued at about $8,568,000. Finally, Brown Advisory Inc. lifted its holdings in shares of Ingevity by 23.6% in the fourth quarter. Brown Advisory Inc. now owns 928,220 shares of the company's stock valued at $37,825,000 after purchasing an additional 177,289 shares in the last quarter. Hedge funds and other institutional investors own 91.59% of the company's stock.

Ingevity Stock Up 1.6%

The company has a market cap of $1.87 billion, a PE ratio of -8.63 and a beta of 1.36. 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's fifty day simple moving average is $44.49 and its 200-day simple moving average is $42.05.

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. The company had revenue of $365.10 million for the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.01 earnings per share. As a group, equities research analysts expect that Ingevity Corporation will post 4.45 earnings per share for the current fiscal year.

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.