StockNews.com Downgrades Ingevity (NYSE:NGVT) to Hold

StockNews.com cut shares of Ingevity (NYSE:NGVT) from a buy rating to a hold rating in a research report report published on Saturday morning.

Several other analysts have also issued reports on the company. BMO Capital Markets upgraded Ingevity from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $62.00 to $65.00 in a report on Wednesday, February 26th. Wells Fargo & Company lowered their price target on Ingevity from $45.00 to $32.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 9th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $53.83.

Ingevity Price Performance

Shares of NGVT opened at $31.74 on Friday. The company has a 50 day moving average of $41.94 and a 200-day moving average of $42.07. The company has a quick ratio of 1.04, a current ratio of 1.87 and a debt-to-equity ratio of 6.86. The stock has a market capitalization of $1.16 billion, a P/E ratio of -2.68 and a beta of 1.54. Ingevity has a twelve month low of $28.49 and a twelve month high of $56.30.

Ingevity (NYSE:NGVT) last released its earnings results on Tuesday, February 18th. The company reported $0.95 earnings per share for the quarter, beating analysts’ consensus estimates of $0.29 by $0.66. Ingevity had a negative net margin of 30.60% and a positive return on equity of 41.44%. The business had revenue of $298.80 million during the quarter, compared to the consensus estimate of $297.40 million. As a group, equities research analysts forecast that Ingevity will post 4.45 EPS for the current fiscal year.

Hedge Funds Weigh In On Ingevity

A number of hedge funds and other institutional investors have recently bought and sold shares of NGVT. KBC Group NV lifted its position in shares of Ingevity by 27.5% in the fourth quarter. KBC Group NV now owns 2,007 shares of the company’s stock valued at $82,000 after buying an additional 433 shares during the last quarter. Empowered Funds LLC acquired a new position in shares of Ingevity during the 4th quarter worth approximately $187,000. O Shaughnessy Asset Management LLC bought a new stake in Ingevity in the 4th quarter valued at $214,000. Teacher Retirement System of Texas acquired a new stake in Ingevity during the 4th quarter valued at $237,000. Finally, Hennion & Walsh Asset Management Inc. bought a new position in Ingevity during the fourth quarter worth $239,000. Institutional investors 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.