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

Ingevity Co. (NYSE:NGVT) shares gapped down before the market opened 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 changing hands.

Analysts Set New Price Targets

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

Ingevity Price Performance

The company has a quick ratio of 1.04, a current ratio of 1.76 and a debt-to-equity ratio of 6.52. The stock has a market cap of $1.69 billion, a P/E ratio of -2.99 and a beta of 1.62. The business’s 50-day simple moving average is $41.56 and its two-hundred day simple moving average is $41.53.

Ingevity (NYSE:NGVT) last issued its earnings results on Tuesday, October 29th. The company reported $1.10 earnings per share for the quarter, topping analysts’ consensus estimates of $0.60 by $0.50. The firm had revenue of $376.90 million during the quarter, compared to analyst estimates of $376.95 million. Ingevity had a negative net margin of 38.11% and a positive return on equity of 24.46%. The company’s quarterly revenue was down 15.5% on a year-over-year basis. During the same quarter last year, the business earned $1.21 earnings per share. Sell-side analysts expect that Ingevity Co. will post 2.55 EPS for the current year.

Hedge Funds Weigh In On Ingevity

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. First Horizon Advisors Inc. lifted its holdings in shares of Ingevity by 809.2% in the second quarter. First Horizon Advisors Inc. now owns 591 shares of the company’s stock worth $26,000 after buying an additional 526 shares in the last quarter. Blue Trust Inc. lifted its holdings in shares of Ingevity by 101.8% in the second quarter. Blue Trust Inc. now owns 896 shares of the company’s stock worth $43,000 after buying an additional 452 shares in the last quarter. Headlands Technologies LLC purchased a new stake in shares of Ingevity in the second quarter worth about $46,000. KBC Group NV lifted its holdings in shares of Ingevity by 50.8% in the third quarter. KBC Group NV now owns 1,574 shares of the company’s stock worth $61,000 after buying an additional 530 shares in the last quarter. Finally, nVerses Capital LLC purchased a new stake in shares of Ingevity in the third quarter worth about $113,000. 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.