Ingevity (NYSE:NGVT) Stock Price Down 14.4% – Here’s What Happened

Ingevity Corporation (NYSE:NGVT)’s share price dropped 14.4% on Thursday . The company traded as low as $46.42 and last traded at $46.6360. Approximately 209,514 shares changed hands during mid-day trading, a decline of 16% from the average daily volume of 249,395 shares. The stock had previously closed at $54.46.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on NGVT. Weiss Ratings restated a “sell (d-)” rating on shares of Ingevity in a research note on Wednesday, October 8th. BMO Capital Markets increased their price objective on shares of Ingevity from $62.00 to $68.00 and gave the company an “outperform” rating in a research note on Friday, September 5th. Wall Street Zen upgraded shares of Ingevity from a “buy” rating to a “strong-buy” rating in a research note on Saturday, August 9th. Finally, Wells Fargo & Company increased their price objective on shares of Ingevity from $38.00 to $48.00 and gave the company an “equal weight” rating in a research note on Monday, July 14th. One research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $58.00.

Ingevity Trading Down 14.8%

The company’s fifty day moving average price is $56.00 and its two-hundred day moving average price is $48.26. The company has a current ratio of 1.36, a quick ratio of 0.80 and a debt-to-equity ratio of 10.24. The firm has a market cap of $1.69 billion, a P/E ratio of -7.84 and a beta of 1.45.

Ingevity (NYSE:NGVT) last issued its quarterly earnings data on Friday, March 24th. The company reported $0.78 EPS for the quarter. Ingevity had a negative net margin of 16.35% and a positive return on equity of 84.92%. The firm had revenue of $336.00 million for the quarter. As a group, sell-side analysts predict that Ingevity Corporation will post 4.45 EPS for the current fiscal year.

Institutional Investors Weigh In On Ingevity

Hedge funds have recently added to or reduced their stakes in the stock. Oakworth Capital Inc. bought a new stake in Ingevity during the 3rd quarter worth about $28,000. Geneos Wealth Management Inc. grew its holdings in Ingevity by 85.8% during the 2nd quarter. Geneos Wealth Management Inc. now owns 838 shares of the company’s stock worth $36,000 after acquiring an additional 387 shares during the last quarter. GAMMA Investing LLC grew its holdings in Ingevity by 119.1% during the 1st quarter. GAMMA Investing LLC now owns 1,137 shares of the company’s stock worth $45,000 after acquiring an additional 618 shares during the last quarter. Headlands Technologies LLC bought a new stake in Ingevity during the 2nd quarter worth about $46,000. Finally, Elevation Point Wealth Partners LLC bought a new stake in Ingevity during the 2nd quarter worth about $60,000. 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.