Ingevity (NYSE:NGVT) Hits New 12-Month High Following Better-Than-Expected Earnings

Ingevity Corporation (NYSE:NGVT)’s share price hit a new 52-week high on Wednesday following a better than expected earnings announcement. The company traded as high as $79.22 and last traded at $78.80, with a volume of 14174 shares trading hands. The stock had previously closed at $77.10.

The company reported $1.15 EPS for the quarter, topping the consensus estimate of $0.84 by $0.31. The company had revenue of $258.00 million for the quarter, compared to analyst estimates of $254.73 million. Ingevity had a negative net margin of 10.55% and a positive return on equity of 176.88%. The business’s revenue was up 4.1% on a year-over-year basis. During the same period in the previous year, the firm earned $1.01 EPS. Ingevity has set its FY 2026 guidance at 4.700-5.200 EPS.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. Wells Fargo & Company boosted their target price on shares of Ingevity from $65.00 to $75.00 and gave the stock an “equal weight” rating in a research report on Friday, February 27th. BMO Capital Markets restated an “outperform” rating and set a $83.00 target price on shares of Ingevity in a research report on Monday, March 2nd. Jefferies Financial Group restated a “buy” rating and set a $82.00 target price on shares of Ingevity in a research report on Thursday, February 26th. Wall Street Zen lowered shares of Ingevity from a “buy” rating to a “hold” rating in a research report on Saturday, April 4th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Ingevity in a research report on Tuesday, April 21st. Two equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Ingevity currently has an average rating of “Hold” and a consensus target price of $80.00.

Institutional Investors Weigh In On Ingevity

Several institutional investors and hedge funds have recently made changes to their positions in NGVT. Allianz Asset Management GmbH acquired a new position in Ingevity in the 3rd quarter valued at about $1,670,000. CWA Asset Management Group LLC acquired a new position in Ingevity in the 4th quarter valued at about $1,305,000. Harvey Partners LLC raised its stake in Ingevity by 5.1% in the 3rd quarter. Harvey Partners LLC now owns 601,000 shares of the company’s stock valued at $33,169,000 after purchasing an additional 28,953 shares during the last quarter. Alpha Wave Global LP acquired a new position in Ingevity in the 3rd quarter valued at about $8,395,000. Finally, Allspring Global Investments Holdings LLC acquired a new position in Ingevity in the 4th quarter valued at about $8,083,000. 91.59% of the stock is currently owned by hedge funds and other institutional investors.

Ingevity Stock Up 2.2%

The firm’s 50 day moving average is $71.20 and its two-hundred day moving average is $64.15. The stock has a market cap of $2.67 billion, a price-to-earnings ratio of -21.33 and a beta of 1.24. The company has a current ratio of 1.33, a quick ratio of 0.79 and a debt-to-equity ratio of 39.10.

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.