Ingevity Co. (NYSE:NGVT) Receives $54.17 Consensus PT from Brokerages

Ingevity Co. (NYSE:NGVT) has earned a consensus recommendation of “Hold” from the six analysts that are presently covering the company, Marketbeat reports. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The average 1-year price target among brokers that have issued a report on the stock in the last year is $54.17.

Several analysts have recently weighed in on NGVT shares. Oppenheimer boosted their target price on Ingevity from $50.00 to $58.00 and gave the company an “outperform” rating in a report on Thursday, May 2nd. Wells Fargo & Company decreased their price objective on Ingevity from $55.00 to $45.00 and set an “equal weight” rating for the company in a report on Thursday, July 11th. Loop Capital raised their target price on shares of Ingevity from $49.00 to $56.00 and gave the stock a “hold” rating in a research report on Tuesday, May 7th. Jefferies Financial Group upgraded shares of Ingevity from a “hold” rating to a “buy” rating and upped their price target for the company from $52.00 to $62.00 in a research report on Monday, April 22nd. Finally, BMO Capital Markets increased their price target on shares of Ingevity from $50.00 to $55.00 and gave the stock a “market perform” rating in a research note on Wednesday, May 8th.

Ingevity Stock Performance

Shares of Ingevity stock opened at $46.20 on Monday. The firm has a market capitalization of $1.68 billion, a P/E ratio of -14.86 and a beta of 1.66. The company has a quick ratio of 0.98, a current ratio of 1.90 and a debt-to-equity ratio of 2.48. Ingevity has a 52 week low of $36.66 and a 52 week high of $66.18. The firm’s 50 day moving average is $45.54 and its two-hundred day moving average is $46.35.

Ingevity (NYSE:NGVT) last posted its earnings results on Wednesday, May 1st. The company reported $0.52 EPS for the quarter, beating analysts’ consensus estimates of $0.37 by $0.15. Ingevity had a negative net margin of 6.84% and a positive return on equity of 18.65%. The firm had revenue of $340.10 million for the quarter, compared to the consensus estimate of $319.15 million. During the same period last year, the firm posted $1.09 EPS. The company’s revenue was down 13.4% on a year-over-year basis. Research analysts forecast that Ingevity will post 3.63 EPS for the current fiscal year.

Hedge Funds Weigh In On Ingevity

Hedge funds and other institutional investors have recently bought and sold shares of the company. Louisiana State Employees Retirement System lifted its stake in shares of Ingevity by 1.8% in the 2nd quarter. Louisiana State Employees Retirement System now owns 17,000 shares of the company’s stock worth $743,000 after acquiring an additional 300 shares during the period. First Horizon Advisors Inc. lifted its position in Ingevity by 809.2% in the second quarter. First Horizon Advisors Inc. now owns 591 shares of the company’s stock valued at $26,000 after purchasing an additional 526 shares during the period. Blue Trust Inc. boosted its holdings in Ingevity by 101.8% in the 2nd quarter. Blue Trust Inc. now owns 896 shares of the company’s stock valued at $43,000 after purchasing an additional 452 shares in the last quarter. Wedge Capital Management L L P NC boosted its holdings in Ingevity by 4.4% in the 2nd quarter. Wedge Capital Management L L P NC now owns 143,493 shares of the company’s stock valued at $6,272,000 after purchasing an additional 6,009 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC increased its position in Ingevity by 3.9% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 7,449 shares of the company’s stock worth $326,000 after purchasing an additional 279 shares during the period. 91.59% of the stock is currently 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.