Ingevity (NYSE:NGVT) Trading Up 7.2%

Ingevity Co. (NYSE:NGVT)’s stock price shot up 7.2% during mid-day trading on Friday . The stock traded as high as $38.24 and last traded at $38.18. 64,870 shares changed hands during trading, a decline of 73% from the average session volume of 239,044 shares. The stock had previously closed at $35.61.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. Wells Fargo & Company reduced their target price 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. 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 target on shares of Ingevity from $58.00 to $50.00 and set an “outperform” rating for the company in a research note on Thursday, August 1st. Finally, BMO Capital Markets lowered their price objective on shares of Ingevity from $45.00 to $42.00 and set a “market perform” rating on the stock in a research report on Monday, August 5th. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $51.33.

Ingevity Stock Up 8.3 %

The company has a market cap of $1.40 billion, a PE ratio of -12.40 and a beta of 1.62. The stock’s 50 day moving average price is $39.69 and its 200-day moving average price is $44.71. 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 (NYSE:NGVT) last announced its quarterly earnings data on Wednesday, July 31st. The company reported $1.01 earnings per share (EPS) 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 company had revenue of $390.60 million for the quarter, compared to the consensus estimate of $407.58 million. During the same period last year, the business posted $1.41 earnings per share. The firm’s quarterly revenue 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 Trading of Ingevity

Several hedge funds and other institutional investors have recently bought and sold shares of NGVT. Creative Planning raised its holdings in 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 buying an additional 1,662 shares during the last quarter. Algert Global LLC increased its position in shares of Ingevity by 38.8% in the second 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 during the period. Mackenzie Financial Corp raised its stake in shares of Ingevity by 76.3% during the second quarter. Mackenzie Financial Corp now owns 7,753 shares of the company’s stock valued at $339,000 after acquiring an additional 3,356 shares during the last quarter. The Manufacturers Life Insurance Company boosted its holdings in shares of Ingevity by 4.5% during 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. Finally, Millennium Management LLC boosted its holdings in shares of Ingevity by 46.9% during the second quarter. Millennium Management LLC now owns 504,552 shares of the company’s stock worth $22,054,000 after purchasing an additional 161,014 shares during the period. Institutional investors own 91.59% of the company’s stock.

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.