Ingevity (NYSE:NGVT) Sees Unusually-High Trading Volume

Ingevity Co. (NYSE:NGVT) saw unusually-high trading volume on Thursday . Approximately 208,743 shares were traded during trading, a decline of 15% from the previous session’s volume of 245,155 shares.The stock last traded at $32.50 and had previously closed at $37.46.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. CJS Securities raised shares of Ingevity from a “market perform” rating to an “outperform” rating and set a $58.00 target price on the stock in a research note on Wednesday, August 7th. Oppenheimer cut their price objective on Ingevity from $58.00 to $50.00 and set an “outperform” rating on the stock in a research report on Thursday, August 1st. BMO Capital Markets lowered their target price on Ingevity from $42.00 to $40.00 and set a “market perform” rating for the company in a research note on Monday. Finally, Wells Fargo & Company dropped their target price on Ingevity from $45.00 to $40.00 and set an “equal weight” rating on the stock in a report on Monday, August 5th. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $51.00.

Ingevity Trading Down 12.4 %

The company has a market capitalization of $1.19 billion, a PE ratio of -12.05 and a beta of 1.62. The company has a current ratio of 1.92, a quick ratio of 1.07 and a debt-to-equity ratio of 4.92. The business’s 50-day simple moving average is $38.39 and its two-hundred day simple moving average is $44.12.

Ingevity (NYSE:NGVT) last issued its quarterly earnings data on Wednesday, July 31st. The company reported $1.01 earnings per share for the quarter, missing analysts’ consensus estimates of $1.05 by ($0.04). Ingevity had a negative net margin of 27.85% and a positive return on equity of 19.59%. The business had revenue of $390.60 million for the quarter, compared to analyst estimates of $407.58 million. During the same quarter last year, the business earned $1.41 EPS. Ingevity’s revenue for the quarter was down 18.9% compared to the same quarter last year. On average, analysts predict that Ingevity Co. will post 2.63 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in NGVT. SG Americas Securities LLC acquired a new stake in Ingevity during the third quarter valued at approximately $734,000. Creative Planning raised its position in shares of Ingevity by 13.4% during the 2nd quarter. Creative Planning now owns 14,072 shares of the company’s stock valued at $615,000 after acquiring an additional 1,662 shares in the last quarter. Algert Global LLC raised its position in shares of Ingevity by 38.8% during the 2nd quarter. Algert Global LLC now owns 66,603 shares of the company’s stock valued at $2,911,000 after acquiring an additional 18,613 shares in the last quarter. Mackenzie Financial Corp lifted its stake in Ingevity by 76.3% during the second quarter. Mackenzie Financial Corp now owns 7,753 shares of the company’s stock worth $339,000 after purchasing an additional 3,356 shares during the last quarter. Finally, The Manufacturers Life Insurance Company boosted its holdings in Ingevity by 4.5% in the second quarter. The Manufacturers Life Insurance Company now owns 18,831 shares of the company’s stock worth $823,000 after purchasing an additional 819 shares during the period. 91.59% of the stock is 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.