Ingevity (NYSE:NGVT) Sets New 1-Year High - Should You Buy?

Key Points

• Ingevity Corporation's shares reached a new 52-week high, trading as high as $55.89 before settling at $55.35 on a volume of nearly 292,000 shares.
• Analysts have raised their price targets for Ingevity, with BMO Capital Markets setting a new target of $62.00, signaling increased optimism about the company's performance.
• Ingevity reported quarterly earnings of $1.39 per share, beating estimates, but faced a decline in revenue, which was down 6.5% year-over-year.

Ingevity Corporation (NYSE:NGVT - Get Free Report) hit a new 52-week high on Thursday . The company traded as high as $55.89 and last traded at $55.35, with a volume of 291794 shares. The stock had previously closed at $53.86.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on NGVT shares. Wall Street Zen upgraded Ingevity from a "buy" rating to a "strong-buy" rating in a report on Saturday, August 9th. BMO Capital Markets upped 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, August 7th. Finally, Wells Fargo & Company lifted their target price on Ingevity from $38.00 to $48.00 and gave the company an "equal weight" rating in a research report on Monday, July 14th.

Ingevity Price Performance

The stock has a market cap of $2.01 billion, a PE ratio of -9.28 and a beta of 1.36. The company has a debt-to-equity ratio of 10.24, a quick ratio of 0.80 and a current ratio of 1.36. The business has a 50 day moving average price of $45.78 and a two-hundred day moving average price of $42.34.

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

Institutional Investors Weigh In On Ingevity

Several large investors have recently modified their holdings of the stock. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted 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 worth $23,769,000 after acquiring an additional 454,579 shares during the period. Maple Rock Capital Partners Inc. purchased a new position in Ingevity during the 4th quarter valued at about $17,515,000. Simcoe Capital Management LLC lifted its holdings in shares of Ingevity by 188.8% in the second quarter. Simcoe Capital Management LLC now owns 624,935 shares of the company's stock worth $26,928,000 after buying an additional 408,508 shares in the last quarter. Vision One Management Partners LP boosted its position 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 acquiring an additional 298,157 shares during the period. Finally, American Century Companies Inc. grew its stake in Ingevity by 15.6% during the second quarter. American Century Companies Inc. now owns 1,707,273 shares of the company's stock valued at $73,566,000 after acquiring an additional 230,525 shares in the last quarter. Hedge funds and other institutional investors own 91.59% of the company's stock.

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.