Ingevity (NYSE:NGVT) Reaches New 52-Week High – Still a Buy?

Shares of Ingevity Corporation (NYSE:NGVT) hit a new 52-week high during trading on Wednesday . The company traded as high as $69.80 and last traded at $66.9710, with a volume of 270492 shares traded. The stock had previously closed at $69.27.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on NGVT. BMO Capital Markets lifted their price target on shares of Ingevity from $64.00 to $70.00 and gave the company an “outperform” rating in a research note on Wednesday, December 10th. Zacks Research raised Ingevity to a “hold” rating in a research report on Tuesday, December 16th. Wells Fargo & Company upped their target price on Ingevity from $55.00 to $60.00 and gave the stock an “equal weight” rating in a report on Friday, December 19th. Weiss Ratings restated a “sell (d-)” rating on shares of Ingevity in a research note on Thursday, January 22nd. Finally, Wall Street Zen upgraded Ingevity from a “buy” rating to a “strong-buy” rating in a report on Saturday, January 3rd. One equities research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Ingevity presently has a consensus rating of “Hold” and a consensus target price of $65.00.

Ingevity Stock Performance

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 stock has a market cap of $2.41 billion, a PE ratio of -36.80 and a beta of 1.36. The business’s 50-day moving average price is $59.21 and its 200-day moving average price is $55.18.

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

Institutional Investors Weigh In On Ingevity

A number of large investors have recently modified their holdings of NGVT. Amalgamated Bank increased its holdings in shares of Ingevity by 1.7% during the third quarter. Amalgamated Bank now owns 10,593 shares of the company’s stock valued at $585,000 after acquiring an additional 180 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its position in Ingevity by 3.1% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 7,823 shares of the company’s stock worth $418,000 after purchasing an additional 238 shares during the last quarter. EverSource Wealth Advisors LLC increased its stake in Ingevity by 15.7% during the 3rd quarter. EverSource Wealth Advisors LLC now owns 1,870 shares of the company’s stock valued at $103,000 after purchasing an additional 254 shares in the last quarter. Advisory Services Network LLC raised its holdings in shares of Ingevity by 4.4% in the third quarter. Advisory Services Network LLC now owns 6,947 shares of the company’s stock worth $383,000 after buying an additional 293 shares during the last quarter. Finally, Amundi lifted its stake in shares of Ingevity by 4.8% during the third quarter. Amundi now owns 6,626 shares of the company’s stock worth $364,000 after buying an additional 302 shares during the period. 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.