Ingevity (NYSE:NGVT) Trading 8.7% Higher – Still a Buy?

Ingevity Corporation (NYSE:NGVT) rose 8.7% during trading on Tuesday . The stock traded as high as $58.76 and last traded at $58.68. Approximately 124,933 shares were traded during trading, a decline of 51% from the average daily volume of 256,049 shares. The stock had previously closed at $53.98.

Analysts Set New Price Targets

A number of equities research analysts have commented on NGVT shares. Wall Street Zen downgraded shares of Ingevity from a “strong-buy” rating to a “buy” rating in a research report on Saturday. Weiss Ratings restated a “sell (d-)” rating on shares of Ingevity in a research note on Wednesday, October 8th. Wells Fargo & Company upped their price objective on Ingevity from $52.00 to $55.00 and gave the stock an “equal weight” rating in a research report on Wednesday, November 12th. Finally, BMO Capital Markets raised their target price on Ingevity from $62.00 to $68.00 and gave the stock an “outperform” rating in a research report on Friday, September 5th. One analyst has rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $61.50.

Ingevity Stock Up 5.2%

The firm has a 50-day moving average price of $52.77 and a two-hundred day moving average price of $50.40. The company has a market capitalization of $2.04 billion, a P/E ratio of -31.21 and a beta of 1.40. The company has a quick ratio of 0.80, a current ratio of 1.27 and a debt-to-equity ratio of 8.39.

Ingevity (NYSE:NGVT) last posted its quarterly earnings results on Friday, March 24th. The company reported $0.78 earnings per share (EPS) for the quarter. The company had revenue of $336.00 million for the quarter. Ingevity had a negative net margin of 5.14% and a positive return on equity of 103.69%. Equities research analysts anticipate that Ingevity Corporation will post 4.45 EPS for the current fiscal year.

Institutional Trading of Ingevity

Several institutional investors have recently modified their holdings of NGVT. Oakworth Capital Inc. bought a new position in Ingevity during the 3rd quarter valued at about $28,000. Geneos Wealth Management Inc. increased its holdings in shares of Ingevity by 85.8% during the second quarter. Geneos Wealth Management Inc. now owns 838 shares of the company’s stock worth $36,000 after buying an additional 387 shares in the last quarter. Headlands Technologies LLC bought a new position in shares of Ingevity in the second quarter valued at approximately $46,000. CIBC Private Wealth Group LLC acquired a new position in shares of Ingevity in the 3rd quarter worth approximately $62,000. Finally, Elevation Point Wealth Partners LLC bought a new stake in Ingevity during the 2nd quarter worth approximately $60,000. Institutional investors and hedge funds own 91.59% of the company’s stock.

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.