Ingevity (NYSE:NGVT) Shares Gap Up After Earnings Beat

by · The Markets Daily

Ingevity Co. (NYSE:NGVT – Get Free Report)’s share price gapped up before the market opened on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $35.32, but opened at $42.40. Ingevity shares last traded at $41.60, with a volume of 171,154 shares changing hands.

The company reported $1.10 earnings per share for the quarter, topping analysts’ consensus estimates of $0.60 by $0.50. The firm had revenue of $376.90 million for the quarter, compared to the consensus estimate of $376.95 million. Ingevity had a positive return on equity of 19.59% and a negative net margin of 27.85%. The business’s revenue was down 15.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.21 earnings per share.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on NGVT. Oppenheimer cut their target price on Ingevity from $58.00 to $50.00 and set an “outperform” rating for the company in a research note on Thursday, August 1st. Wells Fargo & Company reduced their price target on shares of Ingevity from $45.00 to $40.00 and set an “equal weight” rating on the stock in a research note on Monday, August 5th. CJS Securities upgraded shares of Ingevity from a “market perform” rating to an “outperform” rating and set a $58.00 price objective for the company in a research report on Wednesday, August 7th. Finally, BMO Capital Markets decreased their target price on shares of Ingevity from $42.00 to $40.00 and set a “market perform” rating on the stock in a research note on Monday, September 30th. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, Ingevity presently has an average rating of “Moderate Buy” and a consensus price target of $51.00.

Check Out Our Latest Report on Ingevity

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the business. First Horizon Advisors Inc. grew its position in shares of Ingevity by 809.2% during the 2nd quarter. First Horizon Advisors Inc. now owns 591 shares of the company’s stock valued at $26,000 after purchasing an additional 526 shares in the last quarter. Isthmus Partners LLC purchased a new stake in shares of Ingevity in the 2nd quarter valued at about $35,000. Blue Trust Inc. boosted its position in shares of Ingevity by 101.8% during the 2nd quarter. Blue Trust Inc. now owns 896 shares of the company’s stock valued at $43,000 after acquiring an additional 452 shares during the last quarter. Headlands Technologies LLC purchased a new position in shares of Ingevity during the second quarter worth about $46,000. Finally, nVerses Capital LLC bought a new position in shares of Ingevity in the third quarter worth approximately $113,000. 91.59% of the stock is owned by institutional investors.

Ingevity Price Performance

The business’s 50 day moving average is $36.63 and its two-hundred day moving average is $42.43. The company has a debt-to-equity ratio of 4.92, a current ratio of 1.92 and a quick ratio of 1.07. The firm has a market capitalization of $1.52 billion, a PE ratio of -2.97 and a beta of 1.62.

About Ingevity

(Get Free Report)

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.

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