Ingevity (NYSE:NGVT) Shares Gap Down – Time to Sell?

Ingevity Co. (NYSE:NGVT) gapped down prior to trading on Monday . The stock had previously closed at $47.11, but opened at $45.09. Ingevity shares last traded at $48.16, with a volume of 20,335 shares traded.

Wall Street Analyst Weigh In

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

Ingevity Stock Down 0.4 %

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 stock’s 50-day moving average is $41.56 and its 200-day moving average is $41.53. The company has a market cap of $1.69 billion, a price-to-earnings ratio of -2.99 and a beta of 1.62.

Ingevity (NYSE:NGVT) last released its earnings results on Tuesday, October 29th. The company reported $1.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $376.95 million. During the same quarter in the previous year, the company earned $1.21 EPS. Ingevity’s quarterly revenue was down 15.5% compared to the same quarter last year. On average, analysts anticipate that Ingevity Co. will post 2.55 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of NGVT. Wealth Enhancement Advisory Services LLC raised its holdings in Ingevity by 3.9% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 7,449 shares of the company’s stock worth $326,000 after buying an additional 279 shares during the last quarter. Wedge Capital Management L L P NC grew its stake in shares of Ingevity by 4.4% in the 2nd quarter. Wedge Capital Management L L P NC now owns 143,493 shares of the company’s stock worth $6,272,000 after acquiring an additional 6,009 shares in the last quarter. Blue Trust Inc. grew its stake in shares of Ingevity by 101.8% in the 2nd quarter. Blue Trust Inc. now owns 896 shares of the company’s stock worth $43,000 after acquiring an additional 452 shares in the last quarter. First Horizon Advisors Inc. grew its stake in shares of Ingevity by 809.2% in the 2nd quarter. First Horizon Advisors Inc. now owns 591 shares of the company’s stock worth $26,000 after acquiring an additional 526 shares in the last quarter. Finally, Louisiana State Employees Retirement System grew its stake in shares of Ingevity by 1.8% in the 2nd quarter. Louisiana State Employees Retirement System now owns 17,000 shares of the company’s stock worth $743,000 after acquiring an additional 300 shares in the last quarter. Institutional investors and hedge funds 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.