Ingevity (NYSE:NGVT) Trading Up 7% Following Strong Earnings

Ingevity Co. (NYSE:NGVT) shares traded up 7% during mid-day trading on Wednesday after the company announced better than expected quarterly earnings. The stock traded as high as $49.25 and last traded at $49.06. 36,936 shares were traded during 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 (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.66. Ingevity had a negative net margin of 38.11% and a positive return on equity of 24.46%. The firm had revenue of $298.80 million during the quarter, compared to the consensus estimate of $297.40 million.

Analyst Upgrades and Downgrades

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

Hedge Funds Weigh In On Ingevity

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. First Horizon Advisors Inc. increased its position in shares of Ingevity by 45.9% in the third quarter. First Horizon Advisors Inc. now owns 862 shares of the company’s stock worth $34,000 after purchasing an additional 271 shares during the period. KBC Group NV raised its position in shares of Ingevity by 50.8% in the 3rd quarter. KBC Group NV now owns 1,574 shares of the company’s stock valued at $61,000 after buying an additional 530 shares in the last quarter. Blue Trust Inc. lifted its holdings in shares of Ingevity by 179.6% during the 3rd quarter. Blue Trust Inc. now owns 2,505 shares of the company’s stock worth $98,000 after acquiring an additional 1,609 shares during the period. Nisa Investment Advisors LLC boosted its position in shares of Ingevity by 27.3% during the 3rd quarter. Nisa Investment Advisors LLC now owns 3,880 shares of the company’s stock worth $151,000 after acquiring an additional 831 shares in the last quarter. Finally, Empowered Funds LLC bought a new position in Ingevity in the fourth quarter valued at approximately $187,000. 91.59% of the stock is owned by institutional investors and hedge funds.

Ingevity Trading Up 5.9 %

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

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.