Ingevity (NYSE:NGVT) Stock Price Down 4.5% - What's Next?

Ingevity Co. (NYSE:NGVT - Get Free Report) was down 4.5% during mid-day trading on Thursday . The company traded as low as $41.68 and last traded at $41.37. Approximately 16,517 shares traded hands during trading, a decline of 94% from the average daily volume of 254,960 shares. The stock had previously closed at $43.32.

Analysts Set New Price Targets

A number of analysts have weighed in on NGVT shares. BMO Capital Markets upgraded Ingevity from a "market perform" rating to an "outperform" rating and upped their target price for the stock from $62.00 to $65.00 in a report on Wednesday, February 26th. StockNews.com downgraded Ingevity from a "buy" rating to a "hold" rating in a research report on Monday, March 24th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $55.17.

Ingevity Stock Up 0.0 %

The company has a current ratio of 1.87, a quick ratio of 1.04 and a debt-to-equity ratio of 6.86. The company has a market capitalization of $1.44 billion, a price-to-earnings ratio of -3.35 and a beta of 1.53. The company has a 50-day moving average of $45.16 and a 200-day moving average of $42.60.

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Ingevity (NYSE:NGVT - Get Free Report) last announced its quarterly earnings data on Tuesday, February 18th. The company reported $0.95 EPS for the quarter, beating the consensus estimate of $0.29 by $0.66. Ingevity had a negative net margin of 30.60% and a positive return on equity of 41.44%. The firm had revenue of $298.80 million during the quarter, compared to analyst estimates of $297.40 million. On average, equities analysts predict that Ingevity Co. will post 4.45 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Ingevity

Several hedge funds have recently made changes to their positions in NGVT. Intech Investment Management LLC purchased a new stake in Ingevity during the 3rd quarter valued at about $371,000. Charles Schwab Investment Management Inc. raised its position in Ingevity by 9.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 607,628 shares of the company's stock valued at $23,697,000 after acquiring an additional 50,692 shares in the last quarter. BNP Paribas Financial Markets increased its holdings in shares of Ingevity by 26.1% during the 3rd quarter. BNP Paribas Financial Markets now owns 21,528 shares of the company's stock valued at $840,000 after purchasing an additional 4,459 shares in the last quarter. Public Sector Pension Investment Board boosted its holdings in Ingevity by 3.8% during the third quarter. Public Sector Pension Investment Board now owns 77,105 shares of the company's stock worth $3,007,000 after buying an additional 2,800 shares in the last quarter. Finally, Edgestream Partners L.P. acquired a new stake in Ingevity during the third quarter valued at $288,000. 91.59% of the stock is owned by institutional investors and hedge funds.

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.