Ingevity (NYSE:NGVT) Reaches New 52-Week High – Still a Buy?

Shares of Ingevity Corporation (NYSE:NGVT) reached a new 52-week high on Monday . The stock traded as high as $62.73 and last traded at $62.3960, with a volume of 30012 shares traded. The stock had previously closed at $60.09.

Analyst Ratings Changes

NGVT has been the topic of several research reports. Zacks Research upgraded shares of Ingevity to a “hold” rating in a research note on Tuesday, December 16th. Wall Street Zen raised shares of Ingevity from a “buy” rating to a “strong-buy” rating in a report on Saturday. BMO Capital Markets boosted their price target on Ingevity from $64.00 to $70.00 and gave the company an “outperform” rating in a research note on Wednesday, December 10th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Ingevity in a report on Wednesday, October 8th. Finally, Wells Fargo & Company raised their price target on Ingevity from $55.00 to $60.00 and gave the stock an “equal weight” rating in a research report on Friday, December 19th. One analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $65.00.

Ingevity Stock Up 1.4%

The company has a quick ratio of 0.80, a current ratio of 1.27 and a debt-to-equity ratio of 8.39. The firm has a 50 day moving average of $54.30 and a two-hundred day moving average of $52.66. The firm has a market capitalization of $2.19 billion, a price-to-earnings ratio of -33.45 and a beta of 1.36.

Ingevity (NYSE:NGVT) last posted its earnings results on Friday, March 24th. The company reported $0.78 EPS for the quarter. Ingevity had a negative net margin of 5.14% and a positive return on equity of 103.69%. The firm had revenue of $336.00 million during the quarter. As a group, sell-side analysts anticipate that Ingevity Corporation will post 4.45 EPS for the current fiscal year.

Institutional Investors Weigh In On Ingevity

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Ingevity by 311.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 600,380 shares of the company’s stock valued at $23,769,000 after purchasing an additional 454,579 shares during the last quarter. Simcoe Capital Management LLC lifted its holdings in shares of Ingevity by 188.8% during the second quarter. Simcoe Capital Management LLC now owns 624,935 shares of the company’s stock worth $26,928,000 after purchasing an additional 408,508 shares during the period. Boston Partners bought a new stake in shares of Ingevity in the third quarter worth $14,171,000. American Century Companies Inc. grew its stake in shares of Ingevity by 15.6% in the second quarter. American Century Companies Inc. now owns 1,707,273 shares of the company’s stock worth $73,566,000 after purchasing an additional 230,525 shares during the last quarter. Finally, Harvey Partners LLC raised its position in Ingevity by 59.6% during the 2nd quarter. Harvey Partners LLC now owns 572,047 shares of the company’s stock worth $24,650,000 after purchasing an additional 213,547 shares during the last quarter. Institutional investors own 91.59% of the company’s stock.

About Ingevity

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.