Ingevity Co. (NYSE:NGVT) Given Average Rating of “Moderate Buy” by Analysts

Shares of Ingevity Co. (NYSE:NGVT) have received an average rating of “Moderate Buy” from the six analysts that are currently covering the company, Marketbeat reports. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $51.00.

A number of analysts recently issued reports on NGVT shares. Oppenheimer dropped their price objective on Ingevity from $58.00 to $50.00 and set an “outperform” rating on the stock in a report on Thursday, August 1st. Wells Fargo & Company dropped their price objective on Ingevity from $45.00 to $40.00 and set an “equal weight” rating on the stock in a report on Monday, August 5th. BMO Capital Markets dropped their price objective on Ingevity from $42.00 to $40.00 and set a “market perform” rating on the stock in a report on Monday, September 30th. Finally, CJS Securities raised Ingevity from a “market perform” rating to an “outperform” rating and set a $58.00 price objective on the stock in a report on Wednesday, August 7th.

Ingevity Stock Down 1.2 %

NGVT stock opened at $35.32 on Wednesday. Ingevity has a 1-year low of $30.90 and a 1-year high of $56.29. The company has a current ratio of 1.92, a quick ratio of 1.07 and a debt-to-equity ratio of 4.92. The stock’s fifty day simple moving average is $36.65 and its two-hundred day simple moving average is $42.50. The stock has a market cap of $1.28 billion, a P/E ratio of -2.97 and a beta of 1.62.

Ingevity (NYSE:NGVT) last issued its quarterly earnings results 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 for the quarter, compared to analysts’ expectations of $407.58 million. During the same period in the prior year, the company earned $1.41 EPS. The firm’s quarterly revenue was down 18.9% on a year-over-year basis. Analysts expect that Ingevity will post 2.2 EPS for the current year.

Hedge Funds Weigh In On Ingevity

A number of institutional investors have recently added to or reduced their stakes in NGVT. First Horizon Advisors Inc. increased its stake in Ingevity by 809.2% in the 2nd quarter. First Horizon Advisors Inc. now owns 591 shares of the company’s stock worth $26,000 after acquiring an additional 526 shares during the last quarter. Isthmus Partners LLC bought a new position in Ingevity in the 2nd quarter worth about $35,000. Blue Trust Inc. increased its stake in Ingevity by 101.8% in the 2nd quarter. Blue Trust Inc. now owns 896 shares of the company’s stock worth $43,000 after acquiring an additional 452 shares during the last quarter. Headlands Technologies LLC bought a new position in Ingevity in the 2nd quarter worth about $46,000. Finally, nVerses Capital LLC bought a new position in shares of Ingevity during the 3rd quarter valued at about $113,000. 91.59% of the stock is currently owned by 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.