Ingevity (NYSE:NGVT) Sets New 52-Week Low at $33.13

Ingevity Co. (NYSE:NGVT)’s share price reached a new 52-week low during trading on Tuesday . The stock traded as low as $33.13 and last traded at $33.34, with a volume of 25793 shares. The stock had previously closed at $33.84.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on NGVT shares. BMO Capital Markets dropped their price objective on shares of Ingevity from $45.00 to $42.00 and set a “market perform” rating on the stock in a report on Monday, August 5th. CJS Securities raised Ingevity from a “market perform” rating to an “outperform” rating and set a $58.00 price target on the stock in a report on Wednesday, August 7th. Oppenheimer decreased their price objective on Ingevity from $58.00 to $50.00 and set an “outperform” rating for the company in a report on Thursday, August 1st. Finally, Wells Fargo & Company cut their target price on Ingevity from $45.00 to $40.00 and set an “equal weight” rating on the stock in a research note on Monday, August 5th. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $51.33.

Ingevity Stock Down 2.1 %

The business’s 50 day simple moving average is $40.26 and its 200 day simple moving average is $45.03. The company has a market capitalization of $1.20 billion, a PE ratio of -10.88 and a beta of 1.62. The company has a quick ratio of 1.07, a current ratio of 1.92 and a debt-to-equity ratio of 4.92.

Ingevity (NYSE:NGVT) last posted 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 firm had revenue of $390.60 million for the quarter, compared to analysts’ expectations of $407.58 million. During the same quarter in the previous year, the firm posted $1.41 earnings per share. The company’s revenue for the quarter was down 18.9% on a year-over-year basis. As a group, analysts forecast that Ingevity Co. will post 2.63 EPS for the current year.

Hedge Funds Weigh In On Ingevity

Institutional investors and hedge funds have recently modified their holdings of the stock. Wealth Enhancement Advisory Services LLC raised its position in Ingevity by 3.9% during the second 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 raised its position in Ingevity by 1.8% during the second 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. Texas Permanent School Fund Corp raised its position in Ingevity by 1.3% during the first 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. Blue Trust Inc. raised its position in Ingevity by 101.8% during the second quarter. Blue Trust Inc. now owns 896 shares of the company’s stock valued at $43,000 after acquiring an additional 452 shares in the last quarter. Finally, Catalytic Wealth RIA LLC raised its position in Ingevity by 10.4% during the first quarter. Catalytic Wealth RIA LLC now owns 5,040 shares of the company’s stock valued at $240,000 after acquiring an additional 474 shares in the last quarter. 91.59% of the stock is currently owned by hedge funds and other institutional investors.

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.