Ingevity Corporation (NYSE:NGVT) Short Interest Up 27.2% in December
by Doug Wharley · The Cerbat GemIngevity Corporation (NYSE:NGVT – Get Free Report) was the target of a large increase in short interest in 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 trading volume, of 363,860 shares, the days-to-cover ratio is currently 4.1 days. Currently, 4.1% of the shares of the stock are short sold. Currently, 4.1% of the shares of the stock are short sold. Based on an average daily trading volume, of 363,860 shares, the days-to-cover ratio is currently 4.1 days.
Institutional Trading of Ingevity
Several hedge funds and other institutional investors have recently bought and sold shares of NGVT. Oakworth Capital Inc. purchased a new position in Ingevity during the third quarter worth $28,000. Geneos Wealth Management Inc. raised its position in Ingevity by 85.8% in the 2nd quarter. Geneos Wealth Management Inc. now owns 838 shares of the company’s stock worth $36,000 after purchasing an additional 387 shares during the period. Headlands Technologies LLC bought a new stake in Ingevity in the second quarter worth about $46,000. Elevation Point Wealth Partners LLC bought a new stake in Ingevity in the second quarter worth about $60,000. Finally, CIBC Private Wealth Group LLC purchased a new position in shares of Ingevity during the third quarter valued at approximately $62,000. Hedge funds and other institutional investors own 91.59% of the company’s stock.
Analyst Upgrades and Downgrades
A number of brokerages recently weighed in on NGVT. Zacks Research upgraded shares of Ingevity to a “hold” rating in a research report on Tuesday, December 16th. Wall Street Zen downgraded shares of Ingevity from a “strong-buy” rating to a “buy” rating in a report on Saturday, December 6th. Wells Fargo & Company raised their price objective on Ingevity from $55.00 to $60.00 and gave the company an “equal weight” rating in a research report on Friday, December 19th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Ingevity in a report on Wednesday, October 8th. Finally, BMO Capital Markets boosted their target price on Ingevity from $64.00 to $70.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 10th. One research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $65.00.
Read Our Latest Analysis on NGVT
Ingevity Price Performance
Shares of Ingevity stock traded down $0.08 during trading hours on Thursday, reaching $59.22. The company’s stock had a trading volume of 283,718 shares, compared to its average volume of 336,084. The firm has a 50 day moving average price of $54.18 and a 200-day moving average price of $52.33. The company has a debt-to-equity ratio of 8.39, a current ratio of 1.27 and a quick ratio of 0.80. The stock has a market cap of $2.13 billion, a P/E ratio of -32.54 and a beta of 1.40. Ingevity has a one year low of $28.49 and a one year high of $61.77.
Ingevity (NYSE:NGVT – Get Free Report) last released its quarterly earnings results on Friday, March 24th. The company reported $0.78 EPS for the quarter. Ingevity had a positive return on equity of 103.69% and a negative net margin of 5.14%.The company had revenue of $336.00 million during the quarter. On average, analysts predict that Ingevity will post 4.45 EPS for the current year.
Ingevity Company Profile
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.