Ingevity (NYSE:NGVT) Shares Gap Up on Strong Earnings

Shares of Ingevity Co. (NYSE:NGVT) gapped up prior to trading on Wednesday following a better than expected earnings announcement. 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.

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

Analyst Ratings Changes

NGVT has been the subject of a number of analyst reports. Oppenheimer decreased their price objective 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 objective on Ingevity from $45.00 to $40.00 and set an “equal weight” rating for the company in a research report on Monday, August 5th. BMO Capital Markets boosted their price target on shares of Ingevity from $40.00 to $47.00 and gave the stock a “market perform” rating in a research report on Thursday. Finally, CJS Securities raised Ingevity from a “market perform” rating to an “outperform” rating and set a $58.00 price target on the stock in a research report on Wednesday, August 7th. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $52.17.

Hedge Funds Weigh In On Ingevity

Hedge funds have recently modified their holdings of the business. Mesirow Institutional Investment Management Inc. acquired a new position in shares of Ingevity in the 2nd quarter valued at about $11,416,000. Millennium Management LLC increased its stake in Ingevity by 46.9% during the 2nd quarter. Millennium Management LLC now owns 504,552 shares of the company’s stock valued at $22,054,000 after purchasing an additional 161,014 shares in the last quarter. Vanguard Group Inc. raised its holdings in Ingevity by 4.3% during the fourth quarter. Vanguard Group Inc. now owns 3,743,322 shares of the company’s stock worth $176,760,000 after buying an additional 153,530 shares during the last quarter. Burney Co. increased its position in shares of Ingevity by 2,449.8% during the first quarter. Burney Co. now owns 112,268 shares of the company’s stock worth $5,355,000 after acquiring an additional 107,865 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in Ingevity by 11.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 845,912 shares of the company’s stock valued at $36,977,000 after acquiring an additional 88,026 shares in the last quarter. Institutional investors and hedge funds own 91.59% of the company’s stock.

Ingevity Price Performance

The firm has a market cap of $1.52 billion, a price-to-earnings ratio of -3.43 and a beta of 1.62. The business has a 50 day simple moving average of $36.72 and a 200-day simple moving average of $42.42. The company has a debt-to-equity ratio of 4.92, a quick ratio of 1.07 and a current ratio of 1.92.

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.