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

Ingevity Co. (NYSE:NGVT) saw unusually-high trading volume on Thursday . Approximately 208,743 shares changed hands during mid-day 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 Upgrades and Downgrades

NGVT has been the topic of several recent research reports. CJS Securities upgraded 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. 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. BMO Capital Markets decreased their price target on Ingevity from $42.00 to $40.00 and set a “market perform” rating for the company in a report on Monday. Finally, Oppenheimer dropped their price objective 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. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $51.00.

Ingevity Stock Down 12.4 %

The firm’s fifty day simple moving average is $38.39 and its 200-day simple moving average is $44.12. The company has a market cap of $1.19 billion, a PE ratio of -12.05 and a beta of 1.62. The company has a quick ratio of 1.07, a current ratio of 1.92 and a debt-to-equity ratio of 4.92.

Ingevity (NYSE:NGVT) last released its quarterly earnings results 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). The company had revenue of $390.60 million during the quarter, compared to analyst estimates of $407.58 million. Ingevity had a positive return on equity of 19.59% and a negative net margin of 27.85%. The business’s revenue was down 18.9% compared to the same quarter last year. During the same period last year, the firm earned $1.41 earnings per share. As a group, equities research analysts expect that Ingevity Co. will post 2.63 earnings per share for the current fiscal year.

Institutional Trading of Ingevity

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its holdings in shares of Ingevity by 2.0% during the 1st quarter. Vanguard Group Inc. now owns 3,818,520 shares of the company’s stock worth $182,143,000 after buying an additional 75,198 shares during the last quarter. Wellington Management Group LLP grew its position in Ingevity by 3.9% during the fourth quarter. Wellington Management Group LLP now owns 2,148,379 shares of the company’s stock valued at $101,446,000 after acquiring an additional 80,856 shares during the period. Thrivent Financial for Lutherans increased its stake in Ingevity by 2.7% during the second quarter. Thrivent Financial for Lutherans now owns 1,359,556 shares of the company’s stock worth $59,427,000 after acquiring an additional 35,620 shares during the last quarter. Victory Capital Management Inc. raised its holdings in shares of Ingevity by 1.4% in the 2nd quarter. Victory Capital Management Inc. now owns 1,028,685 shares of the company’s stock worth $44,964,000 after purchasing an additional 13,771 shares during the period. Finally, Dimensional Fund Advisors LP lifted its stake in shares of 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 purchasing an additional 88,026 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.