Ingevity (NYSE:NGVT) PT Lowered to $40.00 at Wells Fargo & Company

Ingevity (NYSE:NGVT) had its price target cut by Wells Fargo & Company from $45.00 to $40.00 in a report issued on Monday, Benzinga reports. They currently have an equal weight rating on the stock.

Several other research analysts have also recently weighed in on the stock. Oppenheimer reduced their price target on shares of Ingevity from $58.00 to $50.00 and set an outperform rating for the company in a report on Thursday, August 1st. Jefferies Financial Group upgraded Ingevity from a hold rating to a buy rating and increased their target price for the stock from $52.00 to $62.00 in a report on Monday, April 22nd. BMO Capital Markets boosted their price target on Ingevity from $50.00 to $55.00 and gave the company a market perform rating in a report on Wednesday, May 8th. Finally, Loop Capital increased their price objective on Ingevity from $49.00 to $56.00 and gave the stock a hold rating in a report on Tuesday, May 7th. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of Hold and an average price target of $51.33.

Ingevity Stock Performance

NGVT stock opened at $36.12 on Monday. Ingevity has a 1-year low of $34.37 and a 1-year high of $56.29. The company has a current ratio of 1.92, a quick ratio of 0.98 and a debt-to-equity ratio of 4.92. The firm has a market cap of $1.31 billion, a PE ratio of -11.61 and a beta of 1.66. The business’s 50-day moving average price is $44.02 and its two-hundred day moving average price is $46.25.

Ingevity (NYSE:NGVT) last released its quarterly earnings results on Wednesday, July 31st. The company reported $1.01 EPS for the quarter, missing analysts’ consensus estimates of $1.05 by ($0.04). Ingevity had a positive return on equity of 19.59% and a negative net margin of 27.85%. The business had revenue of $390.60 million for the quarter, compared to analyst estimates of $407.58 million. During the same period in the prior year, the business earned $1.41 EPS. The company’s revenue for the quarter was down 18.9% compared to the same quarter last year. As a group, research analysts forecast that Ingevity will post 3.47 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in NGVT. First Horizon Advisors Inc. grew its position in Ingevity by 809.2% in the second quarter. First Horizon Advisors Inc. now owns 591 shares of the company’s stock valued at $26,000 after purchasing an additional 526 shares in the last quarter. Isthmus Partners LLC bought a new position in Ingevity in the second quarter valued at $35,000. TFO Wealth Partners LLC grew its position in Ingevity by 40,750.0% in the fourth quarter. TFO Wealth Partners LLC now owns 817 shares of the company’s stock valued at $39,000 after purchasing an additional 815 shares in the last quarter. GAMMA Investing LLC bought a new position in Ingevity in the fourth quarter valued at $41,000. Finally, Blue Trust Inc. grew its position in Ingevity by 101.8% in the second quarter. Blue Trust Inc. now owns 896 shares of the company’s stock valued at $43,000 after purchasing an additional 452 shares in the last quarter. Institutional investors own 91.59% of the company’s stock.

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.