Wells Fargo & Company Trims Ingevity (NYSE:NGVT) Target Price to $40.00

Ingevity (NYSE:NGVT) had its price target decreased by Wells Fargo & Company from $45.00 to $40.00 in a research note published on Monday morning, Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the stock.

NGVT has been the topic of a number of other reports. Oppenheimer dropped their price objective on shares of Ingevity from $58.00 to $50.00 and set an outperform rating on the stock in a research note on Thursday, August 1st. Jefferies Financial Group upgraded Ingevity from a hold rating to a buy rating and boosted their price target for the company from $52.00 to $62.00 in a research report on Monday, April 22nd. BMO Capital Markets increased their price objective on Ingevity from $50.00 to $55.00 and gave the stock a market perform rating in a research report on Wednesday, May 8th. Finally, Loop Capital boosted their target price on Ingevity from $49.00 to $56.00 and gave the company a hold rating in a report on Tuesday, May 7th. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of Hold and an average target price of $51.33.

Ingevity Stock Up 0.3 %

Ingevity stock opened at $34.79 on Monday. The stock has a 50-day simple moving average of $44.25 and a 200-day simple moving average of $46.33. The company has a market capitalization of $1.26 billion, a P/E ratio of -11.19 and a beta of 1.66. The company has a debt-to-equity ratio of 4.92, a quick ratio of 0.98 and a current ratio of 1.92. Ingevity has a fifty-two week low of $34.37 and a fifty-two week high of $56.29.

Ingevity (NYSE:NGVT) last posted its quarterly earnings data on Wednesday, July 31st. The company reported $1.01 earnings per share for the quarter, missing the consensus estimate of $1.05 by ($0.04). The firm had revenue of $390.60 million during the quarter, compared to analyst estimates of $407.58 million. Ingevity had a negative net margin of 27.85% and a positive return on equity of 19.59%. Ingevity’s revenue was down 18.9% compared to the same quarter last year. During the same period in the previous year, the company posted $1.41 earnings per share. Equities research analysts expect that Ingevity will post 3.47 earnings per share for the current year.

Hedge Funds Weigh In On Ingevity

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Louisiana State Employees Retirement System acquired a new stake in shares of Ingevity in the 4th quarter valued at approximately $798,000. Mackenzie Financial Corp acquired a new stake in Ingevity in the fourth quarter valued at $208,000. Jennison Associates LLC boosted its position in shares of Ingevity by 1.3% during the 4th quarter. Jennison Associates LLC now owns 19,588 shares of the company’s stock worth $925,000 after purchasing an additional 249 shares in the last quarter. Wedge Capital Management L L P NC grew its stake in shares of Ingevity by 28.3% during the 4th quarter. Wedge Capital Management L L P NC now owns 137,106 shares of the company’s stock worth $6,474,000 after purchasing an additional 30,201 shares during the period. Finally, New York State Common Retirement Fund increased its holdings in shares of Ingevity by 3.2% in the 4th quarter. New York State Common Retirement Fund now owns 184,783 shares of the company’s stock valued at $8,725,000 after purchasing an additional 5,771 shares in the last quarter. Institutional investors and hedge funds own 91.59% of the company’s stock.

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.