Ingevity (NYSE:NGVT) Hits New 52-Week High – Time to Buy?

Ingevity Corporation (NYSE:NGVT) shares hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $69.80 and last traded at $66.9710, with a volume of 270492 shares traded. The stock had previously closed at $69.27.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Wells Fargo & Company increased their price target on shares of Ingevity from $60.00 to $65.00 and gave the company an “equal weight” rating in a research report on Wednesday. Wall Street Zen raised shares of Ingevity from a “buy” rating to a “strong-buy” rating in a research report on Saturday, January 3rd. BMO Capital Markets upped their price objective on shares of Ingevity from $64.00 to $70.00 and gave the company an “outperform” rating in a research report on Wednesday, December 10th. Zacks Research raised Ingevity to a “hold” rating in a research note on Tuesday, December 16th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Ingevity in a research note on Thursday, January 22nd. One equities research analyst has rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $67.50.

Ingevity Price Performance

The company has a current ratio of 1.27, a quick ratio of 0.80 and a debt-to-equity ratio of 8.39. The company has a 50 day simple moving average of $59.93 and a 200 day simple moving average of $55.33. The stock has a market cap of $2.37 billion, a P/E ratio of -36.44 and a beta of 1.36.

Ingevity (NYSE:NGVT) last announced its quarterly earnings data on Wednesday, November 5th. The company reported $1.52 EPS for the quarter, topping analysts’ consensus estimates of $1.14 by $0.38. Ingevity had a negative net margin of 5.14% and a positive return on equity of 103.69%. The business had revenue of $333.10 million for the quarter, compared to analyst estimates of $360.43 million. During the same quarter in the previous year, the firm posted $1.10 earnings per share. The firm’s revenue for the quarter was down 3.9% on a year-over-year basis. Sell-side analysts forecast that Ingevity Corporation will post 4.45 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Ingevity

A number of hedge funds have recently bought and sold shares of the business. UBS Group AG increased its holdings in Ingevity by 12.6% in the 4th quarter. UBS Group AG now owns 173,394 shares of the company’s stock valued at $10,261,000 after buying an additional 19,471 shares during the period. Assetmark Inc. bought a new stake in Ingevity in the 4th quarter valued at about $86,000. Allspring Global Investments Holdings LLC acquired a new position in Ingevity during the fourth quarter worth $8,083,000. Wedge Capital Management L L P NC raised its stake in shares of Ingevity by 3.2% in the fourth quarter. Wedge Capital Management L L P NC now owns 81,528 shares of the company’s stock worth $4,825,000 after purchasing an additional 2,522 shares during the last quarter. Finally, CWA Asset Management Group LLC purchased a new position in Ingevity during the fourth quarter worth about $1,305,000. 91.59% of the stock is owned by institutional investors.

Ingevity Company Profile

Ingevity Corporation, traded as NGVT, is a specialty chemicals and performance materials company headquartered in North Charleston, South Carolina. The company operates two primary business units: Performance Chemicals and Performance Materials. The Performance Chemicals segment produces and markets specialty chemicals derived largely from wood and other natural feedstocks, including rosin acids, tall oil fatty acids and esters, as well as specialty petroleum resins. These products serve a broad range of industries, including paper, adhesives, coatings, oilfield drilling and consumer goods.

The Performance Materials segment develops and manufactures activated carbon products and composites for applications such as automotive emissions control, industrial air and water purification, and spill containment.