Ingevity (NYSE:NGVT) Reaches New 1-Year High – Still a Buy?

Ingevity Corporation (NYSE:NGVT) shares hit a new 52-week high on Thursday . The stock traded as high as $55.89 and last traded at $55.35, with a volume of 291794 shares trading hands. The stock had previously closed at $53.86.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on NGVT shares. Wells Fargo & Company lifted their price objective on shares of Ingevity from $38.00 to $48.00 and gave the stock an “equal weight” rating in a research note on Monday, July 14th. BMO Capital Markets lifted their price objective on shares of Ingevity from $56.00 to $62.00 and gave the stock an “outperform” rating in a research note on Thursday, August 7th. Finally, Wall Street Zen upgraded shares of Ingevity from a “buy” rating to a “strong-buy” rating in a research note on Saturday, August 9th.

Ingevity Stock Down 0.7%

The company’s 50 day moving average price is $45.78 and its 200 day moving average price is $42.39. The company has a quick ratio of 0.80, a current ratio of 1.36 and a debt-to-equity ratio of 10.24. The firm has a market capitalization of $2.00 billion, a price-to-earnings ratio of -9.19 and a beta of 1.36.

Ingevity (NYSE:NGVT) last issued its earnings results on Monday, August 4th. The company reported $1.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.02 by $0.37. Ingevity had a negative net margin of 16.35% and a positive return on equity of 84.92%. The firm had revenue of $365.10 million during the quarter, compared to analysts’ expectations of $378.70 million. During the same quarter last year, the company posted $1.01 earnings per share. The firm’s revenue was down 6.5% compared to the same quarter last year. As a group, research analysts forecast that Ingevity Corporation will post 4.45 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. GAMMA Investing LLC raised its holdings in shares of Ingevity by 119.1% during the first quarter. GAMMA Investing LLC now owns 1,137 shares of the company’s stock worth $45,000 after purchasing an additional 618 shares during the last quarter. Elevation Point Wealth Partners LLC purchased a new position in shares of Ingevity during the second quarter worth $60,000. BI Asset Management Fondsmaeglerselskab A S raised its holdings in shares of Ingevity by 21.6% during the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 1,670 shares of the company’s stock worth $66,000 after purchasing an additional 297 shares during the last quarter. EverSource Wealth Advisors LLC raised its holdings in shares of Ingevity by 51.6% during the second quarter. EverSource Wealth Advisors LLC now owns 1,616 shares of the company’s stock worth $70,000 after purchasing an additional 550 shares during the last quarter. Finally, Tower Research Capital LLC TRC raised its holdings in shares of Ingevity by 234.2% during the second quarter. Tower Research Capital LLC TRC now owns 3,776 shares of the company’s stock worth $163,000 after purchasing an additional 2,646 shares during 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.