Ingevity Corporation (NYSE:NGVT) Short Interest Up 27.2% in December

Ingevity Corporation (NYSE:NGVT) was the target of a significant increase in short interest in the month of December. As of December 15th, there was short interest totaling 1,476,017 shares, an increase of 27.2% from the November 30th total of 1,160,021 shares. Based on an average daily volume of 363,860 shares, the short-interest ratio is presently 4.1 days. Currently, 4.1% of the shares of the company are sold short. Currently, 4.1% of the shares of the company are sold short. Based on an average daily volume of 363,860 shares, the short-interest ratio is presently 4.1 days.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. CIBC Private Wealth Group LLC bought a new position in shares of Ingevity in the third quarter worth $62,000. CIBC Bancorp USA Inc. purchased a new position in Ingevity during the third quarter worth about $215,000. Advisory Services Network LLC increased its stake in Ingevity by 4.4% in the 3rd quarter. Advisory Services Network LLC now owns 6,947 shares of the company’s stock worth $383,000 after acquiring an additional 293 shares during the last quarter. Vision One Management Partners LP increased its stake in Ingevity by 0.9% in the 3rd quarter. Vision One Management Partners LP now owns 457,817 shares of the company’s stock worth $25,267,000 after acquiring an additional 3,907 shares during the last quarter. Finally, Numerai GP LLC raised its holdings in shares of Ingevity by 44.5% in the 3rd quarter. Numerai GP LLC now owns 14,083 shares of the company’s stock valued at $777,000 after acquiring an additional 4,338 shares in the last quarter. 91.59% of the stock is owned by institutional investors.

Ingevity Stock Down 0.2%

Shares of NYSE NGVT opened at $59.34 on Wednesday. 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 company has a market cap of $2.13 billion, a P/E ratio of -32.60 and a beta of 1.40. Ingevity has a 52 week low of $28.49 and a 52 week high of $61.77. The business has a 50-day simple moving average of $54.12 and a two-hundred day simple moving average of $52.28.

Ingevity (NYSE:NGVT) last announced its quarterly earnings results on Friday, March 24th. The company reported $0.78 earnings per share (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 for the quarter. Research analysts anticipate that Ingevity will post 4.45 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on NGVT. Wells Fargo & Company boosted their target price on Ingevity from $55.00 to $60.00 and gave the company an “equal weight” rating in a research note on Friday, December 19th. BMO Capital Markets boosted their price objective on Ingevity from $64.00 to $70.00 and gave the company an “outperform” rating in a research note on Wednesday, December 10th. Wall Street Zen downgraded shares of Ingevity from a “strong-buy” rating to a “buy” rating in a report on Saturday, December 6th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Ingevity in a research note on Wednesday, October 8th. Finally, Zacks Research raised shares of Ingevity to a “hold” rating in a research report on Tuesday, December 16th. One analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $65.00.

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.