Ingevity (NYSE:NGVT) Rating Lowered to Hold at StockNews.com

Ingevity (NYSE:NGVT) was downgraded by investment analysts at StockNews.com from a “buy” rating to a “hold” rating in a report issued on Monday.

Separately, BMO Capital Markets upgraded shares of Ingevity from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock from $62.00 to $65.00 in a research note on Wednesday, February 26th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $55.17.

Ingevity Price Performance

NGVT opened at $43.00 on Monday. The company has a current ratio of 1.87, a quick ratio of 1.04 and a debt-to-equity ratio of 6.86. The company has a market capitalization of $1.56 billion, a price-to-earnings ratio of -3.63 and a beta of 1.53. The business’s fifty day simple moving average is $45.41 and its 200-day simple moving average is $42.44. Ingevity has a 12-month low of $30.90 and a 12-month high of $56.30.

Ingevity (NYSE:NGVT) last issued its quarterly earnings data on Tuesday, February 18th. The company reported $0.95 earnings per share for the quarter, beating analysts’ consensus estimates of $0.29 by $0.66. The company had revenue of $298.80 million for the quarter, compared to the consensus estimate of $297.40 million. Ingevity had a positive return on equity of 41.44% and a negative net margin of 30.60%. On average, equities research analysts anticipate that Ingevity will post 4.45 earnings per share for the current fiscal year.

Institutional Trading of Ingevity

A number of hedge funds have recently added to or reduced their stakes in NGVT. First Horizon Advisors Inc. increased its holdings in Ingevity by 45.9% in the 3rd quarter. First Horizon Advisors Inc. now owns 862 shares of the company’s stock worth $34,000 after acquiring an additional 271 shares in the last quarter. KBC Group NV increased its stake in shares of Ingevity by 27.5% during the fourth quarter. KBC Group NV now owns 2,007 shares of the company’s stock worth $82,000 after purchasing an additional 433 shares in the last quarter. Empowered Funds LLC acquired a new position in shares of Ingevity during the 4th quarter worth about $187,000. O Shaughnessy Asset Management LLC purchased a new position in Ingevity in the 4th quarter valued at about $214,000. Finally, Teacher Retirement System of Texas acquired a new stake in Ingevity in the 4th quarter worth about $237,000. 91.59% of the stock is 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.