Ingevity (NYSE:NGVT) PT Lowered to $50.00

Ingevity (NYSE:NGVT) had its price objective decreased by Oppenheimer from $58.00 to $50.00 in a report issued on Thursday, Benzinga reports. Oppenheimer currently has an outperform rating on the stock.

A number of other equities analysts have also weighed in on the stock. Jefferies Financial Group raised shares of Ingevity from a hold rating to a buy rating and upped their target price for the stock from $52.00 to $62.00 in a research note on Monday, April 22nd. BMO Capital Markets upped 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. Wells Fargo & Company reduced their target price on shares of Ingevity from $55.00 to $45.00 and set an equal weight rating for the company in a research note on Thursday, July 11th. Finally, Loop Capital boosted their price target on shares of Ingevity from $49.00 to $56.00 and gave the stock a hold rating in a research report on Tuesday, May 7th. Five equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, Ingevity presently has a consensus rating of Hold and an average price target of $49.83.

Ingevity Stock Down 14.1 %

Shares of NGVT stock traded down $5.79 during trading on Thursday, hitting $35.41. 981,580 shares of the company were exchanged, compared to its average volume of 237,437. 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 firm has a market capitalization of $1.29 billion, a price-to-earnings ratio of -11.47 and a beta of 1.66. The business’s 50-day simple moving average is $45.02 and its 200 day simple moving average is $46.49. Ingevity has a twelve month low of $34.37 and a twelve month high of $56.81.

Ingevity (NYSE:NGVT) last issued its earnings results on Wednesday, July 31st. The company reported $1.01 EPS for the quarter, missing the consensus estimate 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 analyst estimates of $407.58 million. During the same quarter in the prior year, the firm posted $1.41 EPS. The firm’s revenue for the quarter was down 18.9% on a year-over-year basis. As a group, analysts forecast that Ingevity will post 3.47 EPS for the current fiscal year.

Hedge Funds Weigh In On Ingevity

A number of hedge funds have recently bought and sold shares of NGVT. Assenagon Asset Management S.A. acquired a new stake in Ingevity in the fourth quarter worth $2,530,000. Louisiana State Employees Retirement System acquired a new position in shares of Ingevity during the fourth quarter valued at about $798,000. Mackenzie Financial Corp purchased a new position in Ingevity during the fourth quarter worth about $208,000. Jennison Associates LLC boosted its holdings in Ingevity by 1.3% during the fourth quarter. Jennison Associates LLC now owns 19,588 shares of the company’s stock worth $925,000 after purchasing an additional 249 shares during the last quarter. Finally, Wedge Capital Management L L P NC boosted its holdings in Ingevity by 28.3% during the fourth quarter. Wedge Capital Management L L P NC now owns 137,106 shares of the company’s stock worth $6,474,000 after purchasing an additional 30,201 shares during the last quarter. 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.