Ingevity (NYSE:NGVT) Shares Gap Down on Analyst Downgrade

Shares of Ingevity Co. (NYSE:NGVT) gapped down prior to trading on Monday after BMO Capital Markets lowered their price target on the stock from $42.00 to $40.00. The stock had previously closed at $40.42, but opened at $39.28. BMO Capital Markets currently has a market perform rating on the stock. Ingevity shares last traded at $39.73, with a volume of 1,849 shares trading hands.

Several other analysts have also recently issued reports on the stock. CJS Securities raised shares of Ingevity from a “market perform” rating to an “outperform” rating and set a $58.00 price target on the stock in a research report on Wednesday, August 7th. Wells Fargo & Company decreased their price target on shares of Ingevity from $45.00 to $40.00 and set an “equal weight” rating for the company in a research report on Monday, August 5th. Finally, Oppenheimer dropped their price target on shares of Ingevity from $58.00 to $50.00 and set an “outperform” rating for the company in a research note on Thursday, August 1st. Four analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, Ingevity currently has an average rating of “Hold” and a consensus target price of $51.00.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. First Horizon Advisors Inc. raised its holdings in shares of Ingevity by 809.2% in the 2nd quarter. First Horizon Advisors Inc. now owns 591 shares of the company’s stock valued at $26,000 after purchasing an additional 526 shares in the last quarter. TFO Wealth Partners LLC raised its stake in Ingevity by 40,750.0% in the fourth quarter. TFO Wealth Partners LLC now owns 817 shares of the company’s stock valued at $39,000 after buying an additional 815 shares in the last quarter. Blue Trust Inc. lifted its holdings in Ingevity by 101.8% during the 2nd quarter. Blue Trust Inc. now owns 896 shares of the company’s stock worth $43,000 after buying an additional 452 shares during the last quarter. Headlands Technologies LLC acquired a new position in shares of Ingevity during the 2nd quarter worth about $46,000. Finally, Everence Capital Management Inc. purchased a new position in shares of Ingevity in the 2nd quarter valued at about $180,000. Hedge funds and other institutional investors own 91.59% of the company’s stock.

Ingevity Stock Down 1.6 %

The firm has a 50-day moving average price of $38.83 and a two-hundred day moving average price of $44.26. The firm has a market cap of $1.45 billion, a price-to-earnings ratio of -12.85 and a beta of 1.62. The company has a debt-to-equity ratio of 4.92, a quick ratio of 1.07 and a current ratio of 1.92.

Ingevity (NYSE:NGVT) last released its quarterly earnings data on Wednesday, July 31st. The company reported $1.01 earnings per share for the quarter, missing analysts’ consensus estimates of $1.05 by ($0.04). Ingevity had a positive return on equity of 19.59% and a negative net margin of 27.85%. The company had revenue of $390.60 million for the quarter, compared to analyst estimates of $407.58 million. During the same period in the previous year, the business posted $1.41 EPS. The firm’s revenue for the quarter was down 18.9% compared to the same quarter last year. On average, sell-side analysts forecast that Ingevity Co. will post 2.63 earnings per share for the current year.

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.