Ingevity (NYSE:NGVT) Stock Crosses Below 50 Day Moving Average of $46.15

Ingevity Co. (NYSE:NGVT)’s stock price passed below its 50-day moving average during trading on Friday . The stock has a 50-day moving average of $46.15 and traded as low as $45.00. Ingevity shares last traded at $45.32, with a volume of 115,132 shares changing hands.

Wall Street Analyst Weigh In

Separately, Wells Fargo & Company lifted their target price on Ingevity from $43.00 to $50.00 and gave the company an “equal weight” rating in a research report on Friday, February 23rd. Five analysts have rated the stock with a hold rating, Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $48.75.

Ingevity Stock Performance

The company has a 50-day moving average of $46.15 and a 200-day moving average of $43.67. The company has a market cap of $1.64 billion, a PE ratio of -206.00 and a beta of 1.85. The company has a quick ratio of 0.96, a current ratio of 1.81 and a debt-to-equity ratio of 2.19.

Ingevity (NYSE:NGVT) last issued its quarterly earnings results on Wednesday, February 21st. The company reported $0.21 EPS for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.34. The business had revenue of $371.70 million for the quarter, compared to analyst estimates of $336.74 million. Ingevity had a positive return on equity of 20.75% and a negative net margin of 0.32%. Ingevity’s quarterly revenue was down 3.1% compared to the same quarter last year. During the same period last year, the company posted $0.57 earnings per share. As a group, analysts anticipate that Ingevity Co. will post 3.65 earnings per share for the current year.

Institutional Trading of Ingevity

A number of hedge funds have recently bought and sold shares of the business. Howe & Rusling Inc. lifted its holdings in Ingevity by 3.0% during the fourth quarter. Howe & Rusling Inc. now owns 4,363 shares of the company’s stock worth $307,000 after acquiring an additional 129 shares during the period. Bank of Montreal Can raised its stake in shares of Ingevity by 3.8% in the first quarter. Bank of Montreal Can now owns 5,186 shares of the company’s stock valued at $338,000 after buying an additional 188 shares during the period. Hsbc Holdings PLC raised its stake in shares of Ingevity by 3.9% in the second quarter. Hsbc Holdings PLC now owns 5,831 shares of the company’s stock valued at $339,000 after buying an additional 221 shares during the period. Jennison Associates LLC raised its stake in shares of Ingevity by 1.3% in the fourth quarter. Jennison Associates LLC now owns 19,588 shares of the company’s stock valued at $925,000 after buying an additional 249 shares during the period. Finally, First Hawaiian Bank raised its stake in shares of Ingevity by 2.5% in the fourth quarter. First Hawaiian Bank now owns 10,160 shares of the company’s stock valued at $480,000 after buying an additional 250 shares during the period. 91.59% of the stock is currently owned by 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.