Ingevity (NYSE:NGVT) Trading Down 4.5% – Should You Sell?

Ingevity Co. (NYSE:NGVT)’s stock price was down 4.5% during mid-day trading on Thursday . The stock traded as low as $41.68 and last traded at $41.37. Approximately 16,517 shares changed hands 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 Upgrades and Downgrades

A number of brokerages recently commented on NGVT. BMO Capital Markets upgraded Ingevity from a “market perform” rating to an “outperform” rating and upped their target price for the company from $62.00 to $65.00 in a research report on Wednesday, February 26th. StockNews.com cut shares of Ingevity from a “buy” rating to a “hold” rating in a research note on Monday, March 24th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $55.17.

Ingevity Stock Performance

The company has a market capitalization of $1.44 billion, a PE ratio of -3.35 and a beta of 1.53. The firm has a 50-day moving average of $45.16 and a two-hundred day moving average of $42.47. The company has a quick ratio of 1.04, a current ratio of 1.87 and a debt-to-equity ratio of 6.86.

Ingevity (NYSE:NGVT) last posted its earnings results on Tuesday, February 18th. The company reported $0.95 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.66. Ingevity had a negative net margin of 30.60% and a positive return on equity of 41.44%. The firm had revenue of $298.80 million during the quarter, compared to analyst estimates of $297.40 million. Research analysts anticipate that Ingevity Co. will post 4.45 EPS for the current year.

Institutional Investors Weigh In On Ingevity

Several hedge funds have recently modified their holdings of the company. KBC Group NV increased its stake in shares of Ingevity by 27.5% in the 4th quarter. KBC Group NV now owns 2,007 shares of the company’s stock valued at $82,000 after purchasing an additional 433 shares in the last quarter. Arizona State Retirement System increased its position in shares of Ingevity by 6.1% in the fourth quarter. Arizona State Retirement System now owns 10,550 shares of the company’s stock valued at $430,000 after buying an additional 611 shares in the last quarter. Johnson Investment Counsel Inc. increased its position in shares of Ingevity by 9.1% in the fourth quarter. Johnson Investment Counsel Inc. now owns 7,538 shares of the company’s stock valued at $307,000 after buying an additional 628 shares in the last quarter. Hudson Edge Investment Partners Inc. raised its stake in shares of Ingevity by 4.9% during the 4th quarter. Hudson Edge Investment Partners Inc. now owns 16,150 shares of the company’s stock worth $658,000 after buying an additional 750 shares during the period. Finally, PNC Financial Services Group Inc. lifted its position in shares of Ingevity by 6.8% during the 4th quarter. PNC Financial Services Group Inc. now owns 12,097 shares of the company’s stock valued at $493,000 after buying an additional 765 shares in the last quarter. 91.59% of the stock is owned by hedge funds and other institutional investors.

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.