Wells Fargo & Company Cuts Ingevity (NYSE:NGVT) Price Target to $45.00

Ingevity (NYSE:NGVT) had its price objective trimmed by Wells Fargo & Company from $55.00 to $45.00 in a research note released on Thursday, Benzinga reports. The firm currently has an equal weight rating on the stock.

A number of other research firms also recently issued reports on NGVT. Oppenheimer lifted their price objective on Ingevity from $50.00 to $58.00 and gave the stock an outperform rating in a research note on Thursday, May 2nd. BMO Capital Markets boosted 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. Loop Capital boosted 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, Jefferies Financial Group raised Ingevity from a hold rating to a buy rating and boosted their target price for the company from $52.00 to $62.00 in a research report on Monday, April 22nd. Five research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of Hold and an average target price of $54.17.

Ingevity Price Performance

NGVT stock opened at $44.22 on Thursday. The company has a debt-to-equity ratio of 2.48, a quick ratio of 0.98 and a current ratio of 1.90. Ingevity has a 1-year low of $36.66 and a 1-year high of $66.18. The business has a 50 day simple moving average of $47.29 and a two-hundred day simple moving average of $46.34.

Ingevity (NYSE:NGVT) last released its quarterly earnings data on Wednesday, May 1st. The company reported $0.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.37 by $0.15. Ingevity had a positive return on equity of 18.65% and a negative net margin of 6.84%. The business had revenue of $340.10 million for the quarter, compared to the consensus estimate of $319.15 million. During the same quarter in the previous year, the company posted $1.09 EPS. The company’s revenue was down 13.4% compared to the same quarter last year. As a group, equities analysts anticipate that Ingevity will post 3.63 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Ingevity

Large investors have recently bought and sold shares of the business. TFO Wealth Partners LLC boosted its holdings in Ingevity by 40,750.0% during the 4th quarter. TFO Wealth Partners LLC now owns 817 shares of the company’s stock valued at $39,000 after acquiring an additional 815 shares during the period. GAMMA Investing LLC purchased a new position in Ingevity during the 4th quarter valued at $41,000. Principal Securities Inc. purchased a new position in Ingevity during the 4th quarter valued at $67,000. Quadrant Capital Group LLC boosted its holdings in Ingevity by 207.9% during the 4th quarter. Quadrant Capital Group LLC now owns 2,075 shares of the company’s stock valued at $98,000 after acquiring an additional 1,401 shares during the period. Finally, Everence Capital Management Inc. purchased a new stake in shares of Ingevity in the 2nd quarter worth $180,000. Hedge funds and other 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.