Ingevity (NYSE:NGVT) Trading 7% Higher on Earnings Beat

Ingevity Co. (NYSE:NGVT) shares traded up 7% on Wednesday following a stronger than expected earnings report. The stock traded as high as $49.25 and last traded at $49.06. 36,936 shares traded hands during mid-day trading, a decline of 81% from the average session volume of 197,522 shares. The stock had previously closed at $45.84.

The company reported $0.95 earnings per share for the quarter, beating analysts’ consensus estimates of $0.29 by $0.66. The business had revenue of $298.80 million during the quarter, compared to the consensus estimate of $297.40 million. Ingevity had a positive return on equity of 24.46% and a negative net margin of 38.11%.

Analyst Ratings Changes

Separately, BMO Capital Markets increased their price objective on Ingevity from $40.00 to $47.00 and gave the company a “market perform” rating in a report on Thursday, October 31st. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $52.17.

Institutional Trading of Ingevity

Institutional investors have recently bought and sold shares of the company. First Horizon Advisors Inc. boosted its position in shares of Ingevity by 45.9% during the 3rd quarter. First Horizon Advisors Inc. now owns 862 shares of the company’s stock worth $34,000 after purchasing an additional 271 shares in the last quarter. KBC Group NV boosted its position in shares of Ingevity by 50.8% during the 3rd quarter. KBC Group NV now owns 1,574 shares of the company’s stock worth $61,000 after purchasing an additional 530 shares in the last quarter. Blue Trust Inc. boosted its position in shares of Ingevity by 179.6% during the 3rd quarter. Blue Trust Inc. now owns 2,505 shares of the company’s stock worth $98,000 after purchasing an additional 1,609 shares in the last quarter. Nisa Investment Advisors LLC boosted its position in shares of Ingevity by 27.3% during the 3rd quarter. Nisa Investment Advisors LLC now owns 3,880 shares of the company’s stock worth $151,000 after purchasing an additional 831 shares in the last quarter. Finally, Empowered Funds LLC bought a new position in shares of Ingevity during the 4th quarter worth about $187,000. Institutional investors own 91.59% of the company’s stock.

Ingevity Stock Up 5.5 %

The company has a market cap of $1.76 billion, a P/E ratio of -3.11 and a beta of 1.64. The stock’s 50-day moving average price is $43.33 and its 200-day moving average price is $40.98. The company has a current ratio of 1.76, a quick ratio of 1.04 and a debt-to-equity ratio of 6.52.

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.