Ingevity (NGVT) – Research Analysts’ Recent Ratings Changes

Ingevity (NYSE: NGVT) recently received a number of ratings updates from brokerages and research firms:

• 8/7/2024 – Ingevity was upgraded by analysts at CJS Securities from a “market perform” rating to an “outperform” rating. They now have a $58.00 price target on the stock.
• 8/5/2024 – Ingevity had its price target lowered by analysts at BMO Capital Markets from $45.00 to $42.00. They now have a “market perform” rating on the stock.
• 8/5/2024 – Ingevity had its price target lowered by analysts at Wells Fargo & Company from $45.00 to $40.00. They now have an “equal weight” rating on the stock.
• 8/1/2024 – Ingevity had its price target lowered by analysts at Oppenheimer Holdings Inc. from $58.00 to $50.00. They now have an “outperform” rating on the stock.
• 7/11/2024 – Ingevity had its price target lowered by analysts at Wells Fargo & Company from $55.00 to $45.00. They now have an “equal weight” rating on the stock.

Ingevity Stock Performance

Shares of NGVT traded down $0.47 during midday trading on Tuesday, reaching $36.30. 139,188 shares of the stock were exchanged, compared to its average volume of 240,626. The stock’s 50 day simple moving average is $42.27 and its 200 day simple moving average is $45.84. The company has a market cap of $1.32 billion, a P/E ratio of -11.67 and a beta of 1.66. Ingevity Co. has a twelve month low of $33.49 and a twelve month high of $56.29. The company has a quick ratio of 0.98, a current ratio of 1.92 and a debt-to-equity ratio of 4.92.

Ingevity (NYSE:NGVT) last issued 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). Ingevity had a positive return on equity of 19.59% and a negative net margin of 27.85%. The business had revenue of $390.60 million during the quarter, compared to analyst estimates of $407.58 million. During the same quarter last year, the firm earned $1.41 EPS. Ingevity’s revenue for the quarter was down 18.9% compared to the same quarter last year. On average, sell-side analysts expect that Ingevity Co. will post 3.47 earnings per share for the current year.

Institutional Trading of Ingevity

Institutional investors have recently modified their holdings of the stock. Creative Planning increased its stake in Ingevity by 13.4% in the second quarter. Creative Planning now owns 14,072 shares of the company’s stock valued at $615,000 after acquiring an additional 1,662 shares during the last quarter. Algert Global LLC lifted its position in shares of Ingevity by 38.8% during the 2nd quarter. Algert Global LLC now owns 66,603 shares of the company’s stock worth $2,911,000 after buying an additional 18,613 shares during the last quarter. Mackenzie Financial Corp boosted its stake in Ingevity by 76.3% in the second quarter. Mackenzie Financial Corp now owns 7,753 shares of the company’s stock valued at $339,000 after buying an additional 3,356 shares in the last quarter. The Manufacturers Life Insurance Company raised its stake in Ingevity by 4.5% during the second quarter. The Manufacturers Life Insurance Company now owns 18,831 shares of the company’s stock worth $823,000 after acquiring an additional 819 shares in the last quarter. Finally, Millennium Management LLC lifted its holdings in shares of Ingevity by 46.9% in the second quarter. Millennium Management LLC now owns 504,552 shares of the company’s stock worth $22,054,000 after acquiring an additional 161,014 shares during the last quarter. 91.59% of the stock is currently owned by institutional investors.

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.