Ingevity (NYSE:NGVT) Hits New 12-Month Low – Here’s Why

Shares of Ingevity Co. (NYSE:NGVT) hit a new 52-week low on Friday . The company traded as low as $30.89 and last traded at $30.34, with a volume of 55063 shares changing hands. The stock had previously closed at $34.67.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on NGVT shares. StockNews.com raised shares of Ingevity from a “hold” rating to a “buy” rating in a research report on Friday. BMO Capital Markets upgraded Ingevity from a “market perform” rating to an “outperform” rating and increased their price target for the company from $62.00 to $65.00 in a report on Wednesday, February 26th. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $55.17.

Ingevity Stock Down 9.5 %

The firm has a market capitalization of $1.14 billion, a PE ratio of -2.65 and a beta of 1.52. 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 firm’s 50 day moving average price is $44.11 and its two-hundred day moving average price is $42.54.

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

Hedge Funds Weigh In On Ingevity

A number of institutional investors have recently made changes to their positions in the business. KBC Group NV raised its holdings in 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 acquiring an additional 433 shares in the last quarter. Empowered Funds LLC acquired a new stake in shares of Ingevity in the 4th quarter valued at about $187,000. O Shaughnessy Asset Management LLC bought a new position in shares of Ingevity during the fourth quarter worth about $214,000. Teacher Retirement System of Texas bought a new position in shares of Ingevity during the fourth quarter worth about $237,000. Finally, Hennion & Walsh Asset Management Inc. acquired a new position in Ingevity in the fourth quarter worth about $239,000. 91.59% of the stock is owned by institutional investors and hedge funds.

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.