Ingevity (NYSE:NGVT) Sets New 12-Month High – What’s Next?

Ingevity Corporation (NYSE:NGVT) reached a new 52-week high during trading on Monday . The company traded as high as $62.73 and last traded at $62.3960, with a volume of 30012 shares trading hands. The stock had previously closed at $60.09.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on NGVT. Wall Street Zen upgraded Ingevity from a “buy” rating to a “strong-buy” rating in a research report on Saturday. Weiss Ratings reissued a “sell (d-)” rating on shares of Ingevity in a research note on Wednesday, October 8th. BMO Capital Markets raised their target price on Ingevity from $64.00 to $70.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 10th. Zacks Research upgraded Ingevity to a “hold” rating in a report on Tuesday, December 16th. Finally, Wells Fargo & Company increased their price target on Ingevity from $55.00 to $60.00 and gave the stock an “equal weight” rating in a report on Friday, December 19th. One equities research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $65.00.

Ingevity Price Performance

The business has a 50-day moving average of $54.30 and a 200 day moving average of $52.66. 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 firm has a market capitalization of $2.19 billion, a P/E ratio of -33.45 and a beta of 1.36.

Ingevity (NYSE:NGVT) last announced its quarterly earnings data on Friday, March 24th. The company reported $0.78 EPS for the quarter. Ingevity had a positive return on equity of 103.69% and a negative net margin of 5.14%.The firm had revenue of $336.00 million during the quarter. On average, sell-side analysts predict that Ingevity Corporation will post 4.45 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Range Financial Group LLC acquired a new position in Ingevity during the 2nd quarter valued at about $1,326,000. Teacher Retirement System of Texas lifted its holdings in shares of Ingevity by 82.1% in the second quarter. Teacher Retirement System of Texas now owns 36,312 shares of the company’s stock valued at $1,565,000 after purchasing an additional 16,366 shares in the last quarter. Squarepoint Ops LLC bought a new stake in Ingevity during the second quarter worth $1,279,000. Brandywine Global Investment Management LLC bought a new stake in Ingevity during the second quarter worth $2,767,000. Finally, American Century Companies Inc. raised its position in Ingevity by 15.6% in the 2nd quarter. American Century Companies Inc. now owns 1,707,273 shares of the company’s stock valued at $73,566,000 after buying an additional 230,525 shares during the last quarter. Institutional investors and hedge funds own 91.59% of the company’s stock.

About Ingevity

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.