Ingevity (NYSE:NGVT) Stock Price Down 4.5% – What’s Next?

Ingevity Co. (NYSE:NGVT) shares dropped 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 were traded during mid-day trading, a decline of 94% from the average daily volume of 254,960 shares. The stock had previously closed at $43.32.

Analyst Ratings Changes

NGVT has been the topic of a number of recent research reports. BMO Capital Markets raised Ingevity from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $62.00 to $65.00 in a research note on Wednesday, February 26th. StockNews.com lowered shares of Ingevity from a “buy” rating to a “hold” rating in a report on Monday. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, Ingevity has an average rating of “Moderate Buy” and a consensus price target of $55.17.

Ingevity Price Performance

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 business’s 50-day simple moving average is $45.44 and its two-hundred day simple moving average is $42.45. The firm has a market cap of $1.48 billion, a price-to-earnings ratio of -3.43 and a beta of 1.53.

Ingevity (NYSE:NGVT) last posted its quarterly earnings data on Tuesday, February 18th. The company reported $0.95 earnings per share for the quarter, topping the consensus estimate of $0.29 by $0.66. The company had revenue of $298.80 million during the quarter, compared to analysts’ expectations of $297.40 million. Ingevity had a negative net margin of 30.60% and a positive return on equity of 41.44%. As a group, research analysts expect that Ingevity Co. will post 4.45 EPS for the current fiscal year.

Institutional Investors Weigh In On Ingevity

Several institutional investors and hedge funds have recently made changes to their positions in NGVT. Maple Rock Capital Partners Inc. bought a new position in shares of Ingevity during the 4th quarter worth approximately $17,515,000. American Century Companies Inc. lifted its position in shares of Ingevity by 37.7% during the 4th quarter. American Century Companies Inc. now owns 1,457,365 shares of the company’s stock valued at $59,388,000 after acquiring an additional 398,800 shares during the period. Vision One Management Partners LP boosted its stake in Ingevity by 265.0% during the fourth quarter. Vision One Management Partners LP now owns 410,678 shares of the company’s stock worth $16,735,000 after acquiring an additional 298,157 shares in the last quarter. Royce & Associates LP grew its holdings in Ingevity by 22.4% in the fourth quarter. Royce & Associates LP now owns 1,142,598 shares of the company’s stock worth $46,561,000 after purchasing an additional 208,921 shares during the period. Finally, Harvey Partners LLC bought a new stake in Ingevity in the third quarter valued at $7,878,000. 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.