Ingevity (NYSE:NGVT) Shares Up 7.2%

Ingevity Co. (NYSE:NGVT) shares shot up 7.2% during trading on Friday . The stock traded as high as $38.24 and last traded at $38.18. 64,870 shares traded hands during trading, a decline of 73% from the average session volume of 239,044 shares. The stock had previously closed at $35.61.

Wall Street Analysts Forecast Growth

Several research firms have commented on NGVT. CJS Securities upgraded Ingevity from a “market perform” rating to an “outperform” rating and set a $58.00 price objective on the stock in a report on Wednesday, August 7th. BMO Capital Markets dropped their target price on Ingevity from $45.00 to $42.00 and set a “market perform” rating on the stock in a research report on Monday, August 5th. Oppenheimer dropped their target price on Ingevity from $58.00 to $50.00 and set an “outperform” rating on the stock in a research report on Thursday, August 1st. Finally, Wells Fargo & Company dropped their target price on Ingevity from $45.00 to $40.00 and set an “equal weight” rating on the stock in a research report on Monday, August 5th. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $51.33.

Ingevity Price Performance

The company has a current ratio of 1.92, a quick ratio of 1.07 and a debt-to-equity ratio of 4.92. The stock has a market cap of $1.40 billion, a price-to-earnings ratio of -11.46 and a beta of 1.62. The stock has a 50-day moving average price of $39.74 and a two-hundred day moving average price of $44.78.

Ingevity (NYSE:NGVT) last issued its quarterly earnings results on Wednesday, July 31st. The company reported $1.01 EPS for the quarter, missing analysts’ consensus estimates of $1.05 by ($0.04). Ingevity had a positive return on equity of 19.59% and a negative net margin of 27.85%. The firm had revenue of $390.60 million for the quarter, compared to analyst estimates of $407.58 million. During the same period in the prior year, the firm posted $1.41 EPS. The business’s revenue was down 18.9% compared to the same quarter last year. As a group, equities research analysts forecast that Ingevity Co. will post 2.63 EPS for the current year.

Institutional Trading of Ingevity

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Wellington Management Group LLP lifted its position in 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 during the period. UniSuper Management Pty Ltd purchased a new position in shares of Ingevity during the 1st quarter valued at about $522,000. Vanguard Group Inc. raised 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 valued at $176,760,000 after buying an additional 153,530 shares during the last quarter. Swedbank AB purchased a new position in shares of Ingevity during the 1st quarter valued at about $3,372,000. Finally, Brown Advisory Inc. raised its stake in shares of Ingevity by 7.0% during the 4th quarter. Brown Advisory Inc. now owns 793,942 shares of the company’s stock valued at $37,490,000 after buying an additional 52,187 shares during the last quarter. Institutional investors and hedge funds 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.