Ingevity Co. (NYSE:NGVT) Receives Average Recommendation of “Moderate Buy” from Brokerages

Ingevity Co. (NYSE:NGVT) has earned a consensus rating of “Moderate Buy” from the six brokerages that are presently covering the stock, MarketBeat Ratings reports. Three research analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $51.33.

A number of research firms have weighed in on NGVT. CJS Securities raised Ingevity from a “market perform” rating to an “outperform” rating and set a $58.00 price objective for the company in a research report on Wednesday, August 7th. Oppenheimer decreased their price target on Ingevity from $58.00 to $50.00 and set an “outperform” rating for the company in a report on Thursday, August 1st. BMO Capital Markets dropped their price objective on shares of Ingevity from $45.00 to $42.00 and set a “market perform” rating on the stock in a research note on Monday, August 5th. Finally, Wells Fargo & Company cut their price objective 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.

Ingevity Stock Performance

Shares of Ingevity stock opened at $37.71 on Tuesday. The firm’s fifty day simple moving average is $39.60 and its 200-day simple moving average is $44.64. Ingevity has a 12 month low of $32.21 and a 12 month high of $56.29. The stock has a market capitalization of $1.37 billion, a price-to-earnings ratio of -12.13 and a beta of 1.62. The company has a debt-to-equity ratio of 4.92, a current ratio of 1.92 and a quick ratio of 1.07.

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

Hedge Funds Weigh In On Ingevity

A number of institutional investors and hedge funds have recently made changes to their positions in NGVT. First Horizon Advisors Inc. boosted its holdings in Ingevity by 809.2% during the second quarter. First Horizon Advisors Inc. now owns 591 shares of the company’s stock worth $26,000 after buying an additional 526 shares in the last quarter. Isthmus Partners LLC purchased a new stake in shares of Ingevity during the 2nd quarter worth approximately $35,000. TFO Wealth Partners LLC grew its holdings in shares of Ingevity by 40,750.0% in the 4th quarter. TFO Wealth Partners LLC now owns 817 shares of the company’s stock worth $39,000 after acquiring an additional 815 shares during the period. Blue Trust Inc. increased its stake 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. Finally, Headlands Technologies LLC acquired a new position in Ingevity during the second quarter worth $46,000. 91.59% of the stock is owned by institutional investors and hedge funds.

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.