Ingevity (NYSE:NGVT) Shares Down 3.5%

Ingevity Co. (NYSE:NGVT)’s share price traded down 3.5% on Tuesday . The stock traded as low as $43.32 and last traded at $43.35. 16,240 shares traded hands during mid-day trading, a decline of 93% from the average session volume of 233,333 shares. The stock had previously closed at $44.94.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the company. BMO Capital Markets lifted their price target on Ingevity from $50.00 to $55.00 and gave the company a “market perform” rating in a research note on Wednesday, May 8th. Loop Capital lifted their price objective on Ingevity from $49.00 to $56.00 and gave the stock a “hold” rating in a report on Tuesday, May 7th. Jefferies Financial Group upgraded Ingevity from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $52.00 to $62.00 in a report on Monday, April 22nd. Finally, Oppenheimer lifted their price objective on Ingevity from $50.00 to $58.00 and gave the stock an “outperform” rating in a report on Thursday, May 2nd. Five analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, Ingevity presently has a consensus rating of “Hold” and a consensus target price of $55.00.

Ingevity Stock Performance

The company has a fifty day moving average price of $48.90 and a two-hundred day moving average price of $46.57. The company has a current ratio of 1.90, a quick ratio of 0.98 and a debt-to-equity ratio of 2.48.

Ingevity (NYSE:NGVT) last issued its earnings results on Wednesday, May 1st. The company reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.15. The business had revenue of $340.10 million for the quarter, compared to analysts’ expectations of $319.15 million. Ingevity had a positive return on equity of 18.65% and a negative net margin of 6.84%. The business’s revenue for the quarter was down 13.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.09 EPS. As a group, analysts expect that Ingevity Co. will post 3.63 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Burney Co. boosted its holdings in shares of Ingevity by 2,449.8% during the 1st quarter. Burney Co. now owns 112,268 shares of the company’s stock worth $5,355,000 after purchasing an additional 107,865 shares during the last quarter. Swedbank AB acquired a new position in Ingevity in the first quarter valued at approximately $3,372,000. EMC Capital Management lifted its holdings in Ingevity by 107.5% in the first quarter. EMC Capital Management now owns 4,814 shares of the company’s stock valued at $230,000 after acquiring an additional 2,494 shares during the last quarter. Comerica Bank lifted its holdings in Ingevity by 1.6% in the first quarter. Comerica Bank now owns 70,275 shares of the company’s stock valued at $3,352,000 after acquiring an additional 1,086 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its holdings in Ingevity by 18.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 31,218 shares of the company’s stock valued at $1,490,000 after acquiring an additional 4,820 shares during the last quarter. 91.59% of the stock is currently owned by institutional investors and hedge funds.

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.