Ingevity (NYSE:NGVT) Shares Gap Up - What's Next?

Key Points

• Ingevity shares opened higher, gapping from a previous close of $60.78 to $63.01; they were last quoted at about $62.97.
• The company beat quarterly expectations, reporting EPS of $1.63 versus $1.56 expected and revenue of $305.1 million versus $303.9 million forecast.
• Analysts’ consensus rating is Hold, with a consensus price target of $80; two analysts rate the stock Buy and three rate it Hold.

Shares of Ingevity Corporation (NYSE:NGVT - Get Free Report) gapped up prior to trading on Thursday. The stock had previously closed at $60.78, but opened at $63.01. Ingevity shares last traded at $62.9650, with a volume of 2,455 shares changing hands.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on NGVT shares. Wall Street Zen cut shares of Ingevity from a "buy" rating to a "hold" rating in a research report on Saturday, November 7th. Weiss Ratings upgraded Ingevity from a "hold (c-)" rating to a "hold (c)" rating in a report on Wednesday, November 4th. Two research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $80.00.

Ingevity Stock Performance

The company has a market cap of $2.13 billion, a PE ratio of 37.09 and a beta of 1.12. The stock has a 50 day simple moving average of $69.98 and a two-hundred day simple moving average of $71.15. The company has a debt-to-equity ratio of 15.70, a current ratio of 1.48 and a quick ratio of 1.05.

Ingevity (NYSE:NGVT - Get Free Report) last announced its earnings results on Wednesday, November 4th. The company reported $1.63 earnings per share for the quarter, beating the consensus estimate of $1.56 by $0.07. Ingevity had a return on equity of 405.38% and a net margin of 5.28%. The company had revenue of $305.10 million for the quarter, compared to the consensus estimate of $303.91 million. Equities analysts predict that Ingevity Corporation will post 5.40 EPS for the current year.

Insider Buying and Selling at Ingevity

In other Ingevity news, CEO David Li sold 5,000 shares of the company's stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $75.83, for a total value of $379,150.00. Following the transaction, the chief executive officer directly owned 120,636 shares in the company, valued at approximately $9,147,827.88. This represents a 3.98% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 10,092 shares of company stock valued at $764,673 over the last ninety days. Insiders own 0.88% of the company's stock.

Hedge Funds Weigh In On Ingevity

A number of large investors have recently modified their holdings of NGVT. Canada Pension Plan Investment Board acquired a new position in Ingevity during the 2nd quarter worth approximately $1,113,000. Hsbc Holdings PLC acquired a new position in Ingevity in the 2nd quarter worth $1,568,000. The Manufacturers Life Insurance Company acquired a new position in Ingevity in the 2nd quarter worth $1,305,000. Illinois Municipal Retirement Fund purchased a new position in Ingevity in the 1st quarter valued at about $1,465,000. Finally, Principal Financial Group Inc. boosted its position in Ingevity by 4.0% in the 1st quarter. Principal Financial Group Inc. now owns 678,037 shares of the company's stock valued at $48,297,000 after buying an additional 25,800 shares during the last quarter. 91.59% of the stock is currently owned by hedge funds and other institutional investors.

About Ingevity

Ingevity is a specialty chemicals and materials company headquartered in North Charleston, South Carolina. It develops and manufactures high-performance activated carbon and specialty chemical products for industrial and consumer applications. Its activated carbon products are used in vehicle fuel-vapor emission control and other applications. The company also makes specialty chemicals and polymer materials used in areas such as pavement technologies, coatings, adhesives and elastomers. Ingevity serves customers in markets around the world.

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