Ingevity (NYSE:NGVT) Shares Gap Up to $44.44

Shares of Ingevity Co. (NYSE:NGVT) gapped up prior to trading on Monday . The stock had previously closed at $44.44, but opened at $46.00. Ingevity shares last traded at $48.64, with a volume of 88,784 shares changing hands.

Wall Street Analysts Forecast Growth

NGVT has been the topic of a number of analyst reports. Jefferies Financial Group upgraded shares of Ingevity from a “hold” rating to a “buy” rating and raised their target price for the stock from $52.00 to $62.00 in a research report on Monday. Wells Fargo & Company increased their price target on shares of Ingevity from $43.00 to $50.00 and gave the stock an “equal weight” rating in a research note on Friday, February 23rd. Five equities research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $51.40.

Ingevity Trading Up 2.2 %

The company has a current ratio of 1.81, a quick ratio of 0.96 and a debt-to-equity ratio of 2.19. The company’s 50 day moving average is $46.23 and its 200-day moving average is $43.61.

Ingevity (NYSE:NGVT) last released its quarterly earnings results on Wednesday, February 21st. The company reported $0.21 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.13) by $0.34. Ingevity had a negative net margin of 0.32% and a positive return on equity of 20.75%. The firm had revenue of $371.70 million for the quarter, compared to the consensus estimate of $336.74 million. During the same quarter in the previous year, the firm posted $0.57 EPS. The firm’s quarterly revenue was down 3.1% on a year-over-year basis. On average, equities analysts expect that Ingevity Co. will post 3.66 EPS for the current fiscal year.

Institutional Investors Weigh In On Ingevity

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. New Mexico Educational Retirement Board purchased a new stake in Ingevity during the 1st quarter worth $401,000. Salem Investment Counselors Inc. grew its holdings in Ingevity by 17.2% during the 1st quarter. Salem Investment Counselors Inc. now owns 102,398 shares of the company’s stock worth $4,884,000 after acquiring an additional 15,000 shares in the last quarter. Moody National Bank Trust Division acquired a new position in Ingevity during the 1st quarter worth $1,028,000. Quadrature Capital Ltd grew its holdings in Ingevity by 134.9% during the 4th quarter. Quadrature Capital Ltd now owns 22,227 shares of the company’s stock worth $1,050,000 after acquiring an additional 12,763 shares in the last quarter. Finally, Vanguard Group Inc. grew its holdings in Ingevity by 4.3% during the 4th quarter. Vanguard Group Inc. now owns 3,743,322 shares of the company’s stock worth $176,760,000 after acquiring an additional 153,530 shares in the last quarter. Hedge funds and other institutional investors own 91.59% of the company’s stock.

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.