Ingevity (NYSE:NGVT) Shares Down 14.4% – Here’s What Happened

Ingevity Corporation (NYSE:NGVT)’s share price fell 14.4% during mid-day trading on Thursday . The stock traded as low as $46.42 and last traded at $46.6360. 209,514 shares changed hands during mid-day trading, a decline of 16% from the average session volume of 249,395 shares. The stock had previously closed at $54.46.

Analyst Ratings Changes

NGVT has been the topic of a number of research analyst reports. Wells Fargo & Company upped their target price on shares of Ingevity from $38.00 to $48.00 and gave the stock an “equal weight” rating in a research note on Monday, July 14th. BMO Capital Markets increased their price objective on Ingevity from $62.00 to $68.00 and gave the stock an “outperform” rating in a research note on Friday, September 5th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Ingevity in a research report on Wednesday, October 8th. Finally, Wall Street Zen raised Ingevity from a “buy” rating to a “strong-buy” rating in a research report on Saturday, August 9th. One research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $58.00.

Ingevity Stock Up 4.7%

The business has a 50 day moving average of $55.57 and a two-hundred day moving average of $48.37. The stock has a market capitalization of $1.76 billion, a PE ratio of -8.13 and a beta of 1.45. The company has a debt-to-equity ratio of 10.24, a quick ratio of 0.80 and a current ratio of 1.36.

Ingevity (NYSE:NGVT) last issued its quarterly earnings data on Friday, March 24th. The company reported $0.78 earnings per share (EPS) for the quarter. Ingevity had a negative net margin of 16.35% and a positive return on equity of 84.92%. The firm had revenue of $336.00 million for the quarter. Analysts predict that Ingevity Corporation will post 4.45 EPS for the current year.

Institutional Trading of Ingevity

A number of institutional investors have recently made changes to their positions in the business. Wellington Management Group LLP boosted its holdings in Ingevity by 2.6% in the first quarter. Wellington Management Group LLP now owns 2,299,312 shares of the company’s stock worth $91,030,000 after acquiring an additional 59,342 shares in the last quarter. American Century Companies Inc. raised its position in shares of Ingevity by 15.6% in the 2nd quarter. American Century Companies Inc. now owns 1,707,273 shares of the company’s stock valued at $73,566,000 after purchasing an additional 230,525 shares during the last quarter. Segall Bryant & Hamill LLC boosted its stake in Ingevity by 0.3% in the 2nd quarter. Segall Bryant & Hamill LLC now owns 1,283,210 shares of the company’s stock worth $55,294,000 after purchasing an additional 3,948 shares in the last quarter. Millennium Management LLC grew its position in Ingevity by 8.0% during the 1st quarter. Millennium Management LLC now owns 1,226,189 shares of the company’s stock worth $48,545,000 after purchasing an additional 90,958 shares during the last quarter. Finally, Royce & Associates LP grew its position in Ingevity by 5.8% during the 1st quarter. Royce & Associates LP now owns 1,208,445 shares of the company’s stock worth $47,842,000 after purchasing an additional 65,847 shares during the last quarter. Institutional investors and hedge funds own 91.59% of the company’s stock.

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.