Ingevity (NYSE:NGVT) Shares Gap Up – Time to Buy?

Ingevity Corporation (NYSE:NGVT)’s stock price gapped up before the market opened on Thursday . The stock had previously closed at $72.17, but opened at $77.46. Ingevity shares last traded at $70.9790, with a volume of 52,536 shares.

Wall Street Analyst Weigh In

NGVT has been the topic of a number of recent research reports. Zacks Research raised shares of Ingevity to a “hold” rating in a report on Tuesday, December 16th. Wells Fargo & Company raised their price target on Ingevity from $60.00 to $65.00 and gave the stock an “equal weight” rating in a report on Wednesday, January 28th. Wall Street Zen raised Ingevity from a “buy” rating to a “strong-buy” rating in a research report on Saturday, January 3rd. Weiss Ratings reissued a “sell (d-)” rating on shares of Ingevity in a report on Thursday, January 22nd. Finally, BMO Capital Markets lifted their price objective on shares of Ingevity from $64.00 to $70.00 and gave the company an “outperform” rating in a research report on Wednesday, December 10th. One analyst has rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $67.50.

Ingevity Trading Up 2.8%

The company has a current ratio of 1.27, a quick ratio of 0.80 and a debt-to-equity ratio of 8.39. The company has a market capitalization of $2.62 billion, a price-to-earnings ratio of -39.98 and a beta of 1.34. The firm has a 50-day moving average price of $62.10 and a 200-day moving average price of $56.31.

Ingevity (NYSE:NGVT) last posted its quarterly earnings data on Wednesday, November 5th. The company reported $1.52 earnings per share for the quarter, beating the consensus estimate of $1.14 by $0.38. The company had revenue of $333.10 million during the quarter, compared to analyst estimates of $360.43 million. Ingevity had a negative net margin of 5.14% and a positive return on equity of 103.69%. The business’s revenue for the quarter was down 3.9% on a year-over-year basis. During the same quarter last year, the firm posted $1.10 EPS. As a group, sell-side analysts predict that Ingevity Corporation will post 4.45 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Global Retirement Partners LLC acquired a new stake in shares of Ingevity during the 4th quarter valued at about $27,000. Oakworth Capital Inc. bought a new stake in Ingevity in the third quarter worth approximately $28,000. Geneos Wealth Management Inc. grew its position in Ingevity by 85.8% in the second quarter. Geneos Wealth Management Inc. now owns 838 shares of the company’s stock worth $36,000 after acquiring an additional 387 shares in the last quarter. Headlands Technologies LLC acquired a new position in shares of Ingevity during the 2nd quarter worth $46,000. Finally, Elevation Point Wealth Partners LLC bought a new position in shares of Ingevity during the 2nd quarter valued at $60,000. Hedge funds and other institutional investors own 91.59% of the company’s stock.

Ingevity Company Profile

Ingevity Corporation, traded as NGVT, is a specialty chemicals and performance materials company headquartered in North Charleston, South Carolina. The company operates two primary business units: Performance Chemicals and Performance Materials. The Performance Chemicals segment produces and markets specialty chemicals derived largely from wood and other natural feedstocks, including rosin acids, tall oil fatty acids and esters, as well as specialty petroleum resins. These products serve a broad range of industries, including paper, adhesives, coatings, oilfield drilling and consumer goods.

The Performance Materials segment develops and manufactures activated carbon products and composites for applications such as automotive emissions control, industrial air and water purification, and spill containment.