Ingevity (NYSE:NGVT) Shares Up 7% on Earnings Beat

Ingevity Co. (NYSE:NGVT)’s share price traded up 7% during mid-day trading on Wednesday following a better than expected earnings announcement. The company traded as high as $49.25 and last traded at $49.06. 36,936 shares were traded during mid-day trading, a decline of 81% from the average session volume of 197,522 shares. The stock had previously closed at $45.84.

The company reported $0.95 earnings per share for the quarter, beating analysts’ consensus estimates of $0.29 by $0.66. The company had revenue of $298.80 million for the quarter, compared to the consensus estimate of $297.40 million. Ingevity had a negative net margin of 38.11% and a positive return on equity of 24.46%.

Analyst Upgrades and Downgrades

Separately, BMO Capital Markets upped their price target on shares of Ingevity from $40.00 to $47.00 and gave the stock a “market perform” rating in a 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 MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $52.17.

Institutional Investors Weigh In On Ingevity

Several hedge funds have recently added to or reduced their stakes in NGVT. Vision One Management Partners LP lifted its holdings in shares of Ingevity by 265.0% during the fourth quarter. Vision One Management Partners LP now owns 410,678 shares of the company’s stock worth $16,735,000 after purchasing an additional 298,157 shares during the period. ProShare Advisors LLC raised its position in Ingevity by 43.5% during the 4th quarter. ProShare Advisors LLC now owns 11,858 shares of the company’s stock worth $483,000 after purchasing an additional 3,595 shares during the last quarter. Millennium Management LLC lifted its holdings in Ingevity by 5.0% during the 4th quarter. Millennium Management LLC now owns 1,135,231 shares of the company’s stock worth $46,261,000 after buying an additional 53,807 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Ingevity by 3.9% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 20,710 shares of the company’s stock valued at $844,000 after buying an additional 781 shares during the last quarter. Finally, London Co. of Virginia raised its position in shares of Ingevity by 1.4% during the fourth quarter. London Co. of Virginia now owns 378,731 shares of the company’s stock worth $15,433,000 after acquiring an additional 5,166 shares during the last quarter. 91.59% of the stock is currently owned by institutional investors and hedge funds.

Ingevity Stock Performance

The stock has a 50 day moving average of $43.31 and a 200 day moving average of $40.89. The company has a market capitalization of $1.76 billion, a price-to-earnings ratio of -3.12 and a beta of 1.64. The company has a quick ratio of 1.04, a current ratio of 1.76 and a debt-to-equity ratio of 6.52.

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.