Ingevity (NYSE:NGVT) Given New $40.00 Price Target 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 report released on Monday morning, Benzinga reports. The brokerage currently has an equal weight rating on the stock.

NGVT has been the subject of a number of other research reports. Jefferies Financial Group upgraded shares of Ingevity from a hold rating to a buy rating and increased their price target for the stock from $52.00 to $62.00 in a research note on Monday, April 22nd. Oppenheimer reduced their target price on shares of Ingevity from $58.00 to $50.00 and set an outperform rating for the company in a research note on Thursday, August 1st. Loop Capital raised their target price on shares of Ingevity from $49.00 to $56.00 and gave the stock a hold rating in a research note on Tuesday, May 7th. Finally, BMO Capital Markets raised their target price on shares of Ingevity from $50.00 to $55.00 and gave the stock a market perform rating in a research note on Wednesday, May 8th. Five investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of Hold and a consensus target price of $49.83.

Ingevity Stock Down 2.0 %

Shares of NYSE:NGVT traded down $0.72 during trading hours on Monday, reaching $34.69. The stock had a trading volume of 505,965 shares, compared to its average volume of 239,228. Ingevity has a 1 year low of $34.37 and a 1 year high of $56.81. The firm’s 50 day moving average is $45.02 and its 200-day moving average is $46.49. The company has a debt-to-equity ratio of 4.92, a quick ratio of 0.98 and a current ratio of 1.92. The stock has a market capitalization of $1.26 billion, a price-to-earnings ratio of -11.58 and a beta of 1.66.

Ingevity (NYSE:NGVT) last announced its quarterly earnings data 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 negative net margin of 27.85% and a positive return on equity of 19.59%. The firm had revenue of $390.60 million during the quarter, compared to analysts’ expectations of $407.58 million. During the same period in the prior year, the company posted $1.41 earnings per share. The company’s revenue for the quarter was down 18.9% on a year-over-year basis. Research analysts predict that Ingevity will post 3.47 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Ingevity

Several hedge funds have recently added to or reduced their stakes in the business. Jennison Associates LLC increased its holdings in Ingevity by 1.3% during the 4th quarter. Jennison Associates LLC now owns 19,588 shares of the company’s stock valued at $925,000 after acquiring an additional 249 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in Ingevity by 3.9% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 7,449 shares of the company’s stock valued at $326,000 after acquiring an additional 279 shares in the last quarter. Louisiana State Employees Retirement System increased its holdings in Ingevity by 1.8% during the 2nd quarter. Louisiana State Employees Retirement System now owns 17,000 shares of the company’s stock valued at $743,000 after acquiring an additional 300 shares in the last quarter. Savant Capital LLC increased its holdings in Ingevity by 0.4% during the 4th quarter. Savant Capital LLC now owns 84,327 shares of the company’s stock valued at $3,982,000 after acquiring an additional 342 shares in the last quarter. Finally, Texas Permanent School Fund Corp increased its holdings in Ingevity by 1.3% during the 1st quarter. Texas Permanent School Fund Corp now owns 29,393 shares of the company’s stock valued at $1,402,000 after acquiring an additional 388 shares in the last quarter. 91.59% of the stock is currently owned by hedge funds and other institutional investors.

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.