Ingevity (NYSE:NGVT) Shares Gap Down - Here's Why

Ingevity Corporation (NYSE:NGVT - Get Free Report)'s stock price gapped down prior to trading on Tuesday . The stock had previously closed at $43.09, but opened at $41.42. Ingevity shares last traded at $43.64, with a volume of 13,217 shares traded.

Wall Street Analysts Forecast Growth

NGVT has been the topic of a number of analyst reports. Wells Fargo & Company increased their price objective on Ingevity from $32.00 to $38.00 and gave the company an "equal weight" rating in a report on Wednesday, May 7th. Wall Street Zen upgraded shares of Ingevity from a "buy" rating to a "strong-buy" rating in a report on Friday, June 6th. One equities research analyst has rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus target price of $52.75.

Ingevity Trading Up 5.2%

The business has a 50 day simple moving average of $40.53 and a 200-day simple moving average of $41.22. The stock has a market capitalization of $1.70 billion, a price-to-earnings ratio of -4.80 and a beta of 1.38. The company has a debt-to-equity ratio of 5.68, a current ratio of 2.00 and a quick ratio of 1.08.

Ingevity (NYSE:NGVT - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The company reported $0.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.74 by $0.25. The business had revenue of $284.00 million during the quarter, compared to analyst estimates of $299.13 million. Ingevity had a positive return on equity of 63.76% and a negative net margin of 26.20%. Ingevity's quarterly revenue was down 16.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.47 EPS. As a group, equities analysts expect that Ingevity Corporation will post 4.45 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. GAMMA Investing LLC lifted its position in shares of Ingevity by 119.1% in the first quarter. GAMMA Investing LLC now owns 1,137 shares of the company's stock valued at $45,000 after buying an additional 618 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S lifted its stake in shares of Ingevity by 21.6% during the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 1,670 shares of the company's stock worth $66,000 after buying an additional 297 shares during the last quarter. Empowered Funds LLC boosted its holdings in shares of Ingevity by 12.9% during the 1st quarter. Empowered Funds LLC now owns 5,181 shares of the company's stock worth $205,000 after buying an additional 594 shares during the period. O Shaughnessy Asset Management LLC acquired a new position in Ingevity in the 4th quarter valued at about $214,000. Finally, Teacher Retirement System of Texas acquired a new position in Ingevity in the 4th quarter valued at about $237,000. 91.59% of the stock is currently owned by institutional investors.

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.