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

Ingevity Corporation (NYSE:NGVT) passed below its 200-day moving average during trading on Thursday. The stock has a 200-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 trading hands.

Analysts Set New Price Targets

A number of research analysts have commented on NGVT shares. Wall Street Zen downgraded Ingevity from a “strong-buy” rating to a “buy” rating in a report on Saturday, August 1st. Weiss Ratings lowered Ingevity from a “hold (c)” rating to a “hold (c-)” rating in a research report on Friday, October 23rd. Two equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $80.00.

Ingevity Trading Down 13.2%

The company has a quick ratio of 1.15, a current ratio of 1.61 and a debt-to-equity ratio of 22.52. The firm’s 50 day simple moving average is $70.58 and its two-hundred day simple moving average is $71.26. The stock has a market cap of $2.20 billion, a P/E ratio of 37.63 and a beta of 1.12.

Ingevity (NYSE:NGVT) last issued its earnings results on Wednesday, November 4th. The company reported $1.63 earnings per share for the quarter, topping analysts’ consensus estimates of $1.56 by $0.07. Ingevity had a net margin of 5.28% and a return on equity of 469.87%. The company had revenue of $305.10 million for the quarter, compared to analysts’ expectations of $303.91 million. As a group, equities research analysts predict that Ingevity Corporation will post 5.40 earnings per share for the current fiscal year.

Insider Activity at Ingevity

In related news, CEO David Li sold 5,000 shares of the business’s stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $75.83, for a total transaction of $379,150.00. Following the completion of the sale, the chief executive officer owned 120,636 shares of the company’s stock, valued at $9,147,827.88. This represents a 3.98% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 15,092 shares of company stock valued at $1,147,773. Insiders own 0.88% of the company’s stock.

Hedge Funds Weigh In On Ingevity

A number of large investors have recently bought and sold shares of the business. Assetmark Inc. boosted its stake in Ingevity by 9.6% in the first quarter. Assetmark Inc. now owns 1,584 shares of the company’s stock valued at $113,000 after acquiring an additional 139 shares during the period. Frazier Financial Advisors LLC bought a new position in shares of Ingevity during the second quarter valued at approximately $37,000. Nisa Investment Advisors LLC grew its holdings in shares of Ingevity by 13.5% during the third quarter. Nisa Investment Advisors LLC now owns 4,228 shares of the company’s stock valued at $299,000 after purchasing an additional 503 shares during the last quarter. Lazard Asset Management LLC raised its position in shares of Ingevity by 6.3% during the 1st quarter. Lazard Asset Management LLC now owns 9,262 shares of the company’s stock worth $660,000 after purchasing an additional 549 shares during the period. Finally, Global Retirement Partners LLC acquired a new stake in shares of Ingevity during the 2nd quarter worth approximately $45,000. Institutional investors own 91.59% of the company’s stock.

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.