Ingevity (NYSE:NGVT) Sets New 12-Month Low Following Analyst Downgrade

Ingevity Co. (NYSE:NGVT) hit a new 52-week low during mid-day trading on Thursday after Wells Fargo & Company lowered their price target on the stock from $45.00 to $32.00. Wells Fargo & Company currently has an equal weight rating on the stock. Ingevity traded as low as $28.49 and last traded at $33.30, with a volume of 428135 shares traded. The stock had previously closed at $29.88.

A number of other equities analysts have also recently weighed in on NGVT. StockNews.com raised Ingevity from a “hold” rating to a “buy” rating in a research note on Friday, April 4th. BMO Capital Markets upgraded shares of Ingevity from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $62.00 to $65.00 in a report on Wednesday, February 26th. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, Ingevity presently has a consensus rating of “Moderate Buy” and a consensus price target of $53.83.

Hedge Funds Weigh In On Ingevity

A number of large investors have recently made changes to their positions in the business. Wellington Management Group LLP increased its stake in shares of Ingevity by 5.4% in the fourth quarter. Wellington Management Group LLP now owns 2,239,970 shares of the company’s stock worth $91,279,000 after acquiring an additional 115,581 shares during the last quarter. State Street Corp grew its stake in Ingevity by 14.7% in the third quarter. State Street Corp now owns 1,546,957 shares of the company’s stock valued at $60,331,000 after purchasing an additional 198,300 shares in the last quarter. American Century Companies Inc. increased its position in Ingevity by 37.7% in the 4th quarter. American Century Companies Inc. now owns 1,457,365 shares of the company’s stock worth $59,388,000 after purchasing an additional 398,800 shares during the last quarter. Segall Bryant & Hamill LLC raised its stake in shares of Ingevity by 8.6% during the 4th quarter. Segall Bryant & Hamill LLC now owns 1,287,281 shares of the company’s stock worth $52,457,000 after purchasing an additional 101,866 shares in the last quarter. Finally, Royce & Associates LP lifted its holdings in shares of Ingevity by 22.4% during the 4th quarter. Royce & Associates LP now owns 1,142,598 shares of the company’s stock valued at $46,561,000 after buying an additional 208,921 shares during the last quarter. Institutional investors and hedge funds own 91.59% of the company’s stock.

Ingevity Trading Down 6.4 %

The company has a 50 day moving average of $42.45 and a 200 day moving average of $42.16. The firm has a market cap of $1.14 billion, a P/E ratio of -2.64 and a beta of 1.54. The company has a debt-to-equity ratio of 6.86, a quick ratio of 1.04 and a current ratio of 1.87.

Ingevity (NYSE:NGVT) last posted its earnings results on Tuesday, February 18th. The company reported $0.95 EPS for the quarter, topping the consensus estimate of $0.29 by $0.66. The company had revenue of $298.80 million during the quarter, compared to the consensus estimate of $297.40 million. Ingevity had a negative net margin of 30.60% and a positive return on equity of 41.44%. Analysts predict that Ingevity Co. will post 4.45 EPS for the current fiscal 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.