Ingevity (NYSE:NGVT) Share Price Crosses Below 200-Day Moving Average – Time to Sell?

Ingevity Corporation (NYSE:NGVT)’s share price passed below its two hundred day moving average during trading on Thursday. The stock has a two hundred day moving average of $71.26 and traded as low as $61.67. Ingevity shares last traded at $63.9680, with a volume of 954,374 shares changing hands.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on NGVT shares. Wall Street Zen cut shares of Ingevity from a “buy” rating to a “hold” rating in a research report on Saturday. Weiss Ratings cut Ingevity from a “hold (c)” rating to a “hold (c-)” rating in a report on Friday, October 23rd. Two investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $80.00.

Ingevity Stock Down 5.7%

The stock’s fifty day moving average is $70.39 and its 200 day moving average is $71.24. The company has a current ratio of 1.61, a quick ratio of 1.15 and a debt-to-equity ratio of 22.52. The company has a market capitalization of $2.06 billion, a P/E ratio of 35.33 and a beta of 1.12.

Ingevity (NYSE:NGVT) last announced its quarterly earnings results on Wednesday, November 4th. The company reported $1.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.56 by $0.07. Ingevity had a return on equity of 284.70% and a net margin of 4.65%. The company had revenue of $305.10 million for the quarter, compared to the consensus estimate of $303.91 million. Research analysts predict that Ingevity Corporation will post 5.40 EPS for the current fiscal year.

Insiders Place Their Bets

In other Ingevity news, CEO David Li sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $75.83, for a total transaction of $379,150.00. Following the transaction, the chief executive officer owned 120,636 shares in the company, valued at approximately $9,147,827.88. This represents a 3.98% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 15,092 shares of company stock worth $1,147,773. Insiders own 0.88% of the company’s stock.

Institutional Investors Weigh In On Ingevity

Several hedge funds have recently made changes to their positions in the company. BlackRock Inc. purchased a new position in Ingevity during the second quarter valued at $400,545,000. Rice Hall James & Associates LLC bought a new position in shares of Ingevity in the 2nd quarter worth about $26,224,000. Bank of America Corp DE purchased a new position in Ingevity during the 2nd quarter valued at about $23,628,000. Bessemer Group Inc. lifted its position in Ingevity by 465.9% during the 1st quarter. Bessemer Group Inc. now owns 314,739 shares of the company’s stock valued at $22,419,000 after acquiring an additional 259,124 shares during the period. Finally, Arrowstreet Capital Limited Partnership boosted its stake in Ingevity by 331.0% during the first quarter. Arrowstreet Capital Limited Partnership now owns 308,046 shares of the company’s stock worth $21,942,000 after acquiring an additional 236,566 shares in the last quarter. 91.59% of the stock is currently owned by institutional investors.

Ingevity Company Profile

Ingevity Corporation (NYSE: NGVT) is a specialty chemicals and materials company that develops products designed to improve performance, efficiency, and sustainability across a range of industrial and consumer applications. Its offerings serve markets including automotive, transportation, agriculture, coatings, adhesives, pavement markings, and industrial manufacturing.

The company is best known for activated carbon products used in automotive vapor-emission control systems, where they help capture fuel vapors and reduce emissions.