BMO Capital Markets Trims Ingevity (NYSE:NGVT) Target Price to $40.00

Ingevity (NYSE:NGVT) had its price target decreased by research analysts at BMO Capital Markets from $42.00 to $40.00 in a research note issued to investors on Monday, Benzinga reports. The firm presently has a “market perform” rating on the stock. BMO Capital Markets’ price objective would suggest a potential upside of 0.55% from the stock’s previous close.

Several other analysts have also recently weighed in on NGVT. CJS Securities raised Ingevity from a “market perform” rating to an “outperform” rating and set a $58.00 price objective for the company in a report on Wednesday, August 7th. Oppenheimer dropped 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 dropped their price objective on Ingevity from $45.00 to $40.00 and set an “equal weight” rating for the company in a report on Monday, August 5th. Four analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $51.00.

Ingevity Price Performance

NYSE NGVT traded down $0.64 on Monday, hitting $39.78. 28,141 shares of the company were exchanged, compared to its average volume of 244,318. The firm has a 50 day moving average of $38.83 and a two-hundred day moving average of $44.26. The company has a market cap of $1.45 billion, a P/E ratio of -12.85 and a beta of 1.62. The company has a current ratio of 1.92, a quick ratio of 1.07 and a debt-to-equity ratio of 4.92. Ingevity has a 1-year low of $32.21 and a 1-year high of $56.29.

Ingevity (NYSE:NGVT) last issued its quarterly earnings results on Wednesday, July 31st. The company reported $1.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.05 by ($0.04). The company had revenue of $390.60 million for the quarter, compared to analyst estimates of $407.58 million. Ingevity had a positive return on equity of 19.59% and a negative net margin of 27.85%. The firm’s quarterly revenue was down 18.9% on a year-over-year basis. During the same quarter last year, the company earned $1.41 EPS. On average, equities analysts predict that Ingevity will post 2.63 EPS for the current year.

Institutional Trading of Ingevity

A number of institutional investors and hedge funds have recently modified their holdings of NGVT. Hsbc Holdings PLC increased its stake in Ingevity by 282.1% during the 4th quarter. Hsbc Holdings PLC now owns 33,084 shares of the company’s stock worth $1,566,000 after purchasing an additional 24,426 shares in the last quarter. TFO Wealth Partners LLC boosted its holdings in shares of Ingevity by 40,750.0% in the 4th quarter. TFO Wealth Partners LLC now owns 817 shares of the company’s stock valued at $39,000 after buying an additional 815 shares during the last quarter. Campbell & CO Investment Adviser LLC acquired a new stake in shares of Ingevity in the 4th quarter valued at approximately $858,000. Hudson Edge Investment Partners Inc. boosted its holdings in shares of Ingevity by 11.4% in the 4th quarter. Hudson Edge Investment Partners Inc. now owns 11,939 shares of the company’s stock valued at $564,000 after buying an additional 1,222 shares during the last quarter. Finally, Aristides Capital LLC acquired a new stake in shares of Ingevity in the 4th quarter valued at approximately $294,000. 91.59% of the stock is 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.