Ingevity (NYSE:NGVT) Shares Gap Up – What’s Next?

Ingevity Co. (NYSE:NGVT) gapped up before the market opened on Thursday . The stock had previously closed at $41.87, but opened at $43.35. Ingevity shares last traded at $44.54, with a volume of 23,560 shares trading hands.

Analyst Upgrades and Downgrades

Separately, BMO Capital Markets lifted their price objective on Ingevity from $40.00 to $47.00 and gave the stock a “market perform” rating in a report on Thursday, October 31st. Three analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $52.17.

Ingevity Price Performance

The company has a debt-to-equity ratio of 6.52, a current ratio of 1.76 and a quick ratio of 1.04. The firm has a market capitalization of $1.61 billion, a PE ratio of -2.86 and a beta of 1.65. The business’s 50 day moving average is $44.05 and its two-hundred day moving average is $40.69.

Ingevity (NYSE:NGVT) last posted its quarterly earnings data on Tuesday, October 29th. The company reported $1.10 earnings per share for the quarter, beating the consensus estimate of $0.60 by $0.50. Ingevity had a negative net margin of 38.11% and a positive return on equity of 24.46%. The firm had revenue of $376.90 million for the quarter, compared to analysts’ expectations of $376.95 million. During the same quarter last year, the company posted $1.21 EPS. The business’s quarterly revenue was down 15.5% on a year-over-year basis. As a group, research analysts anticipate that Ingevity Co. will post 2.55 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of NGVT. First Horizon Advisors Inc. boosted its stake in shares of Ingevity by 45.9% in the 3rd quarter. First Horizon Advisors Inc. now owns 862 shares of the company’s stock valued at $34,000 after purchasing an additional 271 shares in the last quarter. Headlands Technologies LLC bought a new stake in shares of Ingevity in the 2nd quarter valued at about $46,000. KBC Group NV grew its position in Ingevity by 50.8% during the 3rd quarter. KBC Group NV now owns 1,574 shares of the company’s stock worth $61,000 after acquiring an additional 530 shares during the last quarter. Blue Trust Inc. increased its stake in Ingevity by 179.6% in the 3rd quarter. Blue Trust Inc. now owns 2,505 shares of the company’s stock worth $98,000 after purchasing an additional 1,609 shares during the period. Finally, nVerses Capital LLC bought a new stake in Ingevity in the third quarter valued at approximately $113,000. 91.59% of the stock is currently 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.