Ingevity (NYSE:NGVT) Shares Gap Up – Time to Buy?

Ingevity Co. (NYSE:NGVT)’s stock price gapped up prior to trading on Thursday . The stock had previously closed at $41.87, but opened at $43.35. Ingevity shares last traded at $44.54, with a volume of 23,560 shares traded.

Analyst Upgrades and Downgrades

Separately, BMO Capital Markets lifted their target price on shares of Ingevity from $40.00 to $47.00 and gave the company a “market perform” rating in a research note on Thursday, October 31st. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $52.17.

Ingevity Price Performance

The company has a current ratio of 1.76, a quick ratio of 1.04 and a debt-to-equity ratio of 6.52. The firm has a 50 day moving average of $44.05 and a two-hundred day moving average of $40.69. The company has a market cap of $1.61 billion, a PE ratio of -2.86 and a beta of 1.65.

Ingevity (NYSE:NGVT) last announced its quarterly earnings results on Tuesday, October 29th. The company reported $1.10 earnings per share for the quarter, beating the consensus estimate of $0.60 by $0.50. Ingevity had a negative net margin of 38.11% and a positive return on equity of 24.46%. The company had revenue of $376.90 million during the quarter, compared to the consensus estimate of $376.95 million. During the same quarter last year, the firm earned $1.21 earnings per share. The firm’s quarterly revenue was down 15.5% compared to the same quarter last year. Research analysts predict that Ingevity Co. will post 2.55 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Hennion & Walsh Asset Management Inc. bought a new position in shares of Ingevity during the fourth quarter worth $239,000. Moody National Bank Trust Division lifted its stake in Ingevity by 12.4% in the fourth quarter. Moody National Bank Trust Division now owns 41,837 shares of the company’s stock worth $1,705,000 after purchasing an additional 4,608 shares during the last quarter. JPMorgan Chase & Co. grew its stake in shares of Ingevity by 24.9% during the third quarter. JPMorgan Chase & Co. now owns 117,581 shares of the company’s stock valued at $4,586,000 after buying an additional 23,460 shares during the last quarter. Synovus Financial Corp raised its holdings in shares of Ingevity by 22.0% in the third quarter. Synovus Financial Corp now owns 13,697 shares of the company’s stock worth $534,000 after buying an additional 2,471 shares during the period. Finally, Geode Capital Management LLC lifted its stake in shares of Ingevity by 4.3% during the 3rd quarter. Geode Capital Management LLC now owns 815,661 shares of the company’s stock worth $31,817,000 after acquiring an additional 33,973 shares during the last quarter. 91.59% of the stock is currently owned by institutional investors.

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.