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 trading hands.

Analyst Ratings Changes

Several equities analysts have weighed in on NGVT shares. Wall Street Zen upgraded shares of Ingevity from a "buy" rating to a "strong-buy" rating in a research report on Friday, June 6th. Wells Fargo & Company raised their target price on Ingevity from $32.00 to $38.00 and gave the stock an "equal weight" rating in a research report on Wednesday, May 7th. One investment analyst has rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Buy" and an average price target of $52.75.

Ingevity Trading Down 0.1%

The company's 50 day simple moving average is $41.11 and its two-hundred day simple moving average is $41.28. The stock has a market cap of $1.71 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 quick ratio of 1.08 and a current ratio of 2.00.

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

Institutional Investors Weigh In On Ingevity

Several large investors have recently made changes to their positions in the company. Wellington Management Group LLP raised its position in Ingevity by 2.6% during the first quarter. Wellington Management Group LLP now owns 2,299,312 shares of the company's stock valued at $91,030,000 after acquiring an additional 59,342 shares in the last quarter. American Century Companies Inc. increased its stake in shares of Ingevity by 1.3% during the 1st quarter. American Century Companies Inc. now owns 1,476,748 shares of the company's stock worth $58,464,000 after purchasing an additional 19,383 shares during the last quarter. Segall Bryant & Hamill LLC raised its holdings in shares of Ingevity by 8.6% during the 4th quarter. Segall Bryant & Hamill LLC now owns 1,287,281 shares of the company's stock valued at $52,457,000 after purchasing an additional 101,866 shares in the last quarter. Millennium Management LLC lifted its stake in shares of Ingevity by 8.0% in the 1st quarter. Millennium Management LLC now owns 1,226,189 shares of the company's stock valued at $48,545,000 after purchasing an additional 90,958 shares during the last quarter. Finally, Royce & Associates LP boosted its holdings in Ingevity by 5.8% in the first 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 in the last quarter. 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.