Ingevity (NYSE:NGVT) Stock Crosses Below Two Hundred Day Moving Average - Should You Sell?

Key Points

• Ingevity shares fell below their 200-day moving average, trading as low as $61.67 versus the $71.26 average and last changing hands at $63.97.
• Analysts have a consensus Hold rating, with an average price target of $80; two analysts rate the stock Buy and three rate it Hold.
• Latest quarterly results beat expectations: earnings were $1.63 per share versus $1.56 forecast, while revenue was $305.1 million versus $303.9 million expected.

Shares of Ingevity Corporation (NYSE:NGVT - Get Free Report) passed below its two hundred day moving average during trading on Thursday. The stock has a two hundred day moving average of $71.26 and traded as low as $61.67. Ingevity shares last traded at $63.9680, with a volume of 954,374 shares changing hands.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on NGVT shares. Wall Street Zen lowered shares of Ingevity from a "strong-buy" rating to a "buy" rating in a research report on Saturday, August 1st. Weiss Ratings downgraded shares of Ingevity from a "hold (c)" rating to a "hold (c-)" rating in a research note on Friday, October 23rd. Two analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $80.00.

Ingevity Price Performance

The company has a debt-to-equity ratio of 22.52, a current ratio of 1.61 and a quick ratio of 1.15. The company has a market cap of $2.20 billion, a PE ratio of 37.63 and a beta of 1.12. The company has a 50-day moving average price of $70.58 and a two-hundred day moving average price of $71.26.

Ingevity (NYSE:NGVT - Get Free Report) last announced its earnings results on Wednesday, November 4th. The company reported $1.63 EPS for the quarter, beating the consensus estimate of $1.56 by $0.07. The business had revenue of $305.10 million for the quarter, compared to the consensus estimate of $303.91 million. Ingevity had a return on equity of 469.87% and a net margin of 5.28%. Sell-side analysts expect that Ingevity Corporation will post 5.40 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO David Li sold 5,000 shares of the business's stock in a transaction on Monday, August 17th. The shares were sold at an average price of $75.83, for a total transaction of $379,150.00. Following the transaction, the chief executive officer directly owned 120,636 shares of the company's stock, valued at approximately $9,147,827.88. The trade was a 3.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 15,092 shares of company stock worth $1,147,773 in the last 90 days. Company insiders own 0.88% of the company's stock.

Institutional Investors Weigh In On Ingevity

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Maryland State Retirement & Pension System grew its holdings in Ingevity by 53.1% during the 3rd quarter. Maryland State Retirement & Pension System now owns 7,723 shares of the company's stock worth $546,000 after acquiring an additional 2,679 shares in the last quarter. Paragon Advisors LLC acquired a new stake in shares of Ingevity in the 3rd quarter valued at about $249,000. Ethic Inc. raised its stake in shares of Ingevity by 48.1% in the 3rd quarter. Ethic Inc. now owns 6,584 shares of the company's stock valued at $466,000 after purchasing an additional 2,137 shares in the last quarter. Parallel Advisors LLC raised its stake in shares of Ingevity by 316.2% in the 3rd quarter. Parallel Advisors LLC now owns 4,466 shares of the company's stock valued at $316,000 after purchasing an additional 3,393 shares in the last quarter. Finally, Vise Technologies Inc. bought a new position in shares of Ingevity during the third quarter worth about $278,000. Hedge funds and other institutional investors own 91.59% of the company's stock.

About Ingevity

Ingevity Corporation NYSE: NGVT is a specialty chemicals and materials company that develops products designed to improve performance, efficiency, and sustainability across a range of industrial and consumer applications. Its offerings serve markets including automotive, transportation, agriculture, coatings, adhesives, pavement markings, and industrial manufacturing.

The company is best known for activated carbon products used in automotive vapor-emission control systems, where they help capture fuel vapors and reduce emissions.

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