Ingevity (NYSE:NGVT) Shares Gap Up on Strong Earnings

Shares of Ingevity Co. (NYSE:NGVT - Get Free Report) gapped up before the market opened on Wednesday following a stronger than expected earnings report. The stock had previously closed at $35.32, but opened at $42.40. Ingevity shares last traded at $41.60, with a volume of 171,154 shares traded.

The company reported $1.10 earnings per share for the quarter, topping the consensus estimate of $0.60 by $0.50. The business had revenue of $376.90 million during the quarter, compared to the consensus estimate of $376.95 million. Ingevity had a positive return on equity of 19.59% and a negative net margin of 27.85%. The business's revenue for the quarter was down 15.5% compared to the same quarter last year. During the same period last year, the company earned $1.21 earnings per share.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on NGVT. CJS Securities raised shares of Ingevity from a "market perform" rating to an "outperform" rating and set a $58.00 target price on the stock in a research report on Wednesday, August 7th. BMO Capital Markets reduced their price objective on Ingevity from $42.00 to $40.00 and set a "market perform" rating on the stock in a report on Monday, September 30th. Wells Fargo & Company lowered their target price on Ingevity from $45.00 to $40.00 and set an "equal weight" rating for the company in a report on Monday, August 5th. Finally, Oppenheimer cut their price target on Ingevity from $58.00 to $50.00 and set an "outperform" rating on the stock in a research note on Thursday, August 1st. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to data from MarketBeat.com, Ingevity currently has a consensus rating of "Moderate Buy" and a consensus price target of $51.00.

Hedge Funds Weigh In On Ingevity

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Mesirow Institutional Investment Management Inc. purchased a new stake in shares of Ingevity during the second quarter valued at about $11,416,000. Millennium Management LLC lifted its position in Ingevity by 46.9% during the second quarter. Millennium Management LLC now owns 504,552 shares of the company's stock valued at $22,054,000 after acquiring an additional 161,014 shares during the last quarter. Vanguard Group Inc. lifted its position in Ingevity by 4.3% during the fourth quarter. Vanguard Group Inc. now owns 3,743,322 shares of the company's stock valued at $176,760,000 after acquiring an additional 153,530 shares during the last quarter. Burney Co. boosted its stake in Ingevity by 2,449.8% in the first quarter. Burney Co. now owns 112,268 shares of the company's stock valued at $5,355,000 after acquiring an additional 107,865 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in Ingevity by 11.6% in the second quarter. Dimensional Fund Advisors LP now owns 845,912 shares of the company's stock worth $36,977,000 after purchasing an additional 88,026 shares during the last quarter. Hedge funds and other institutional investors own 91.59% of the company's stock.

Ingevity Stock Performance

The company has a quick ratio of 1.07, a current ratio of 1.92 and a debt-to-equity ratio of 4.92. The firm has a market capitalization of $1.51 billion, a price-to-earnings ratio of -3.52 and a beta of 1.62. The business has a 50-day moving average price of $36.63 and a 200-day moving average price of $42.43.

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.