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

Ingevity (NYSE:NGVT) had its price target lowered by Wells Fargo & Company from $45.00 to $40.00 in a research note issued to investors on Monday, Benzinga reports. The brokerage currently has an equal weight rating on the stock.

Several other brokerages also recently weighed in on NGVT. Oppenheimer dropped their price objective on Ingevity from $58.00 to $50.00 and set an outperform rating for the company in a research 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 company from $52.00 to $62.00 in a research report on Monday, April 22nd. Loop Capital increased their target price on Ingevity from $49.00 to $56.00 and gave the company a hold rating in a research report on Tuesday, May 7th. Finally, BMO Capital Markets increased their target price on Ingevity from $50.00 to $55.00 and gave the company a market perform rating in a research report on Wednesday, May 8th. Five research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, Ingevity has an average rating of Hold and an average target price of $49.83.

Ingevity Price Performance

Shares of NGVT traded down $0.72 during trading hours on Monday, hitting $34.69. 505,965 shares of the company were exchanged, compared to its average volume of 239,228. The company has a quick ratio of 0.98, a current ratio of 1.92 and a debt-to-equity ratio of 4.92. Ingevity has a fifty-two week low of $34.37 and a fifty-two week high of $56.81. The company has a market cap of $1.26 billion, a price-to-earnings ratio of -11.58 and a beta of 1.66. The firm’s fifty day moving average is $45.02 and its 200 day moving average is $46.49.

Ingevity (NYSE:NGVT) last announced its quarterly earnings data on Wednesday, July 31st. The company reported $1.01 earnings per share for the quarter, missing the consensus estimate 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 the consensus estimate of $407.58 million. During the same quarter in the prior year, the company earned $1.41 earnings per share. Ingevity’s quarterly revenue was down 18.9% compared to the same quarter last year. On average, equities analysts anticipate that Ingevity will post 3.47 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Ingevity

Institutional investors and hedge funds have recently made changes to their positions in the stock. First Horizon Advisors Inc. increased its stake in shares of 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 buying an additional 526 shares during the period. Isthmus Partners LLC acquired a new stake in shares of Ingevity in the second quarter valued at about $35,000. TFO Wealth Partners LLC increased its stake in shares of 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 buying an additional 815 shares during the period. GAMMA Investing LLC acquired a new stake in shares of Ingevity in the fourth quarter valued at about $41,000. Finally, Blue Trust Inc. increased its stake in shares of 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 buying an additional 452 shares during the period. Institutional investors and hedge funds own 91.59% of the company’s stock.

Ingevity Company Profile

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.