Ingevity (NYSE:NGVT) Shares Gap Up to $44.44

Ingevity Co. (NYSE:NGVT - Get Free Report)'s share price gapped up before the market opened on Monday . The stock had previously closed at $44.44, but opened at $46.00. Ingevity shares last traded at $48.64, with a volume of 88,784 shares.

Analyst Upgrades and Downgrades

NGVT has been the topic of several analyst reports. Wells Fargo & Company raised their target price on Ingevity from $43.00 to $50.00 and gave the company an "equal weight" rating in a research report on Friday, February 23rd. Jefferies Financial Group upgraded Ingevity from a "hold" rating to a "buy" rating and raised their target price for the company from $52.00 to $62.00 in a research report on Monday. Five analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $51.40.

Ingevity Trading Up 7.6 %

The company has a market capitalization of $1.74 billion, a price-to-earnings ratio of -217.41 and a beta of 1.85. The firm has a 50-day moving average price of $46.20 and a 200-day moving average price of $43.57. The company has a current ratio of 1.81, a quick ratio of 0.96 and a debt-to-equity ratio of 2.19.

Ingevity (NYSE:NGVT - Get Free Report) last issued its quarterly earnings results on Wednesday, February 21st. The company reported $0.21 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.13) by $0.34. Ingevity had a positive return on equity of 20.75% and a negative net margin of 0.32%. The company had revenue of $371.70 million for the quarter, compared to analysts' expectations of $336.74 million. During the same period last year, the firm earned $0.57 EPS. The firm's revenue for the quarter was down 3.1% on a year-over-year basis. As a group, sell-side analysts predict that Ingevity Co. will post 3.65 EPS for the current year.

Institutional Investors Weigh In On Ingevity

Several large investors have recently modified their holdings of NGVT. Victory Capital Management Inc. boosted its stake in shares of Ingevity by 57.6% during the 4th quarter. Victory Capital Management Inc. now owns 1,854,554 shares of the company's stock worth $87,572,000 after acquiring an additional 677,718 shares in the last quarter. First Eagle Investment Management LLC bought a new stake in shares of Ingevity during the 3rd quarter worth $7,463,000. Vanguard Group Inc. boosted its stake in shares of Ingevity by 4.3% during the 4th quarter. Vanguard Group Inc. now owns 3,743,322 shares of the company's stock worth $176,760,000 after acquiring an additional 153,530 shares in the last quarter. Wellington Management Group LLP boosted its stake in shares of Ingevity by 3.9% during the 4th quarter. Wellington Management Group LLP now owns 2,148,379 shares of the company's stock worth $101,446,000 after acquiring an additional 80,856 shares in the last quarter. Finally, American Century Companies Inc. boosted its stake in shares of Ingevity by 14.4% during the 3rd quarter. American Century Companies Inc. now owns 494,464 shares of the company's stock worth $23,541,000 after acquiring an additional 62,418 shares in the last quarter. 91.59% of the stock is owned by institutional investors.

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.