Ingevity (NYSE:NGVT) Shares Gap Up - Still a Buy?

Ingevity Co. (NYSE:NGVT - Get Free Report)'s stock price gapped up before the market opened on Thursday . The stock had previously closed at $41.87, but opened at $43.35. Ingevity shares last traded at $44.54, with a volume of 23,560 shares.

Wall Street Analyst Weigh In

Separately, BMO Capital Markets upped their price objective on Ingevity from $40.00 to $47.00 and gave the company a "market perform" rating in a research note on Thursday, October 31st. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, Ingevity presently has an average rating of "Moderate Buy" and an average target price of $52.17.

Ingevity Stock Up 1.3 %

The company has a debt-to-equity ratio of 6.52, a quick ratio of 1.04 and a current ratio of 1.76. The company has a market cap of $1.71 billion, a P/E ratio of -3.03 and a beta of 1.65. The firm's 50 day moving average price is $44.06 and its two-hundred day moving average price is $40.73.

Ingevity (NYSE:NGVT - Get Free Report) last released its quarterly earnings data on Tuesday, October 29th. The company reported $1.10 earnings per share for the quarter, topping the consensus estimate of $0.60 by $0.50. The firm had revenue of $376.90 million for the quarter, compared to the consensus estimate of $376.95 million. Ingevity had a negative net margin of 38.11% and a positive return on equity of 24.46%. The business's revenue was down 15.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.21 earnings per share. Equities research analysts anticipate that Ingevity Co. will post 2.55 EPS for the current fiscal year.

Institutional Trading of Ingevity

Hedge funds and other institutional investors have recently modified their holdings of the business. Vestcor Inc bought a new position in Ingevity in the 3rd quarter valued at $796,000. Geode Capital Management LLC raised its stake in shares of Ingevity by 4.3% during the third quarter. Geode Capital Management LLC now owns 815,661 shares of the company's stock valued at $31,817,000 after acquiring an additional 33,973 shares during the last quarter. Barclays PLC boosted its holdings in shares of Ingevity by 245.3% during the third quarter. Barclays PLC now owns 66,761 shares of the company's stock worth $2,603,000 after purchasing an additional 47,429 shares during the period. Jade Capital Advisors LLC bought a new stake in shares of Ingevity in the third quarter worth about $1,170,000. Finally, Thrivent Financial for Lutherans raised its position in Ingevity by 2.7% during the 2nd quarter. Thrivent Financial for Lutherans now owns 1,359,556 shares of the company's stock valued at $59,427,000 after purchasing an additional 35,620 shares during the last quarter. 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.