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

Key Points

• Ingevity Corporation's stock reached a new 52-week high of $60.77 during mid-day trading, reflecting increased investor interest with a trading volume of 244,493 shares.
• Analysts have offered revised price targets, with Wells Fargo increasing its target from $38.00 to $48.00 and BMO Capital raising its target from $62.00 to $68.00, indicating strong market confidence.
• Ingevity reported earnings of $1.39 EPS for the last quarter, exceeding expectations, although its revenue of $365.10 million fell short of analyst forecasts.

Shares of Ingevity Corporation (NYSE:NGVT - Get Free Report) hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $60.77 and last traded at $60.74, with a volume of 244493 shares changing hands. The stock had previously closed at $59.77.

Analysts Set New Price Targets

NGVT has been the topic of a number of recent research reports. Wells Fargo & Company raised their price objective on shares of Ingevity from $38.00 to $48.00 and gave the company an "equal weight" rating in a research note on Monday, July 14th. BMO Capital Markets raised their price objective on shares of Ingevity from $62.00 to $68.00 and gave the company an "outperform" rating in a research note on Friday. Finally, Wall Street Zen raised shares of Ingevity from a "buy" rating to a "strong-buy" rating in a research note on Saturday, August 9th. One research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, Ingevity currently has a consensus rating of "Moderate Buy" and an average price target of $58.00.

Ingevity Stock Up 1.6%

The company has a market cap of $2.22 billion, a price-to-earnings ratio of -10.21 and a beta of 1.44. 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's fifty day moving average price is $50.54 and its 200-day moving average price is $43.72.

Ingevity (NYSE:NGVT - Get Free Report) last posted its quarterly earnings data on Monday, August 4th. The company reported $1.39 EPS for the quarter, beating the consensus estimate of $1.02 by $0.37. The business had revenue of $365.10 million for the quarter, compared to analysts' expectations 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 revenue was down 6.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.01 EPS. Ingevity has set its FY 2025 guidance at EPS. Sell-side analysts predict that Ingevity Corporation will post 4.45 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Wellington Management Group LLP increased its stake in shares of Ingevity by 2.6% during the 1st quarter. Wellington Management Group LLP now owns 2,299,312 shares of the company's stock worth $91,030,000 after purchasing an additional 59,342 shares during the last quarter. American Century Companies Inc. increased its stake in shares of Ingevity by 15.6% during the 2nd quarter. American Century Companies Inc. now owns 1,707,273 shares of the company's stock worth $73,566,000 after purchasing an additional 230,525 shares during the last quarter. Segall Bryant & Hamill LLC increased its stake in shares of Ingevity by 0.3% during the 2nd quarter. Segall Bryant & Hamill LLC now owns 1,283,210 shares of the company's stock worth $55,294,000 after purchasing an additional 3,948 shares during the last quarter. Millennium Management LLC increased its stake in shares of Ingevity by 8.0% during the 1st quarter. Millennium Management LLC now owns 1,226,189 shares of the company's stock worth $48,545,000 after purchasing an additional 90,958 shares during the last quarter. Finally, Royce & Associates LP increased its stake in shares of Ingevity by 5.8% during the 1st quarter. Royce & Associates LP now owns 1,208,445 shares of the company's stock worth $47,842,000 after purchasing an additional 65,847 shares during the last quarter. 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.

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