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

Ingevity Co. (NYSE:NGVT)’s share price gapped up prior to trading on Wednesday following a stronger than expected earnings report. 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 trading hands.

The company reported $1.10 earnings per share (EPS) for the quarter, beating the consensus estimate 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 business had revenue of $376.90 million during the quarter, compared to analyst estimates of $376.95 million. During the same period in the prior year, the business posted $1.21 earnings per share. The company’s revenue was down 15.5% on a year-over-year basis.

Analyst Upgrades and Downgrades

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

Institutional Investors Weigh In On Ingevity

A number of hedge funds have recently made changes to their positions in the stock. First Horizon Advisors Inc. lifted its position in Ingevity by 809.2% during the 2nd quarter. First Horizon Advisors Inc. now owns 591 shares of the company’s stock worth $26,000 after acquiring an additional 526 shares during the period. Isthmus Partners LLC acquired a new position in Ingevity in the second quarter valued at approximately $35,000. Blue Trust Inc. boosted its position in Ingevity by 101.8% in the 2nd quarter. Blue Trust Inc. now owns 896 shares of the company’s stock worth $43,000 after purchasing an additional 452 shares in the last quarter. Headlands Technologies LLC acquired a new stake in shares of Ingevity during the 2nd quarter worth approximately $46,000. Finally, nVerses Capital LLC purchased a new position in shares of Ingevity during the 3rd quarter valued at approximately $113,000. 91.59% of the stock is currently owned by hedge funds and other institutional investors.

Ingevity Price Performance

The stock’s fifty day moving average is $36.63 and its 200-day moving average is $42.43. The stock has a market capitalization of $1.52 billion, a PE ratio of -2.97 and a beta of 1.62. The company has a debt-to-equity ratio of 4.92, a current ratio of 1.92 and a quick ratio of 1.07.

About Ingevity

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.