Ingevity (NYSE:NGVT) PT Raised to $58.00

Ingevity (NYSE:NGVT) had its price objective increased by equities research analysts at Oppenheimer from $50.00 to $58.00 in a report issued on Thursday, Benzinga reports. The firm presently has an “outperform” rating on the stock. Oppenheimer’s price target indicates a potential upside of 8.29% from the stock’s current price.

Other analysts have also recently issued reports about the company. Jefferies Financial Group upgraded Ingevity from a “hold” rating to a “buy” rating and upped their target price for the company from $52.00 to $62.00 in a report on Monday, April 22nd. Wells Fargo & Company upped their price objective on shares of Ingevity from $43.00 to $50.00 and gave the company an “equal weight” rating in a report on Friday, February 23rd. Five analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $52.50.

Ingevity Trading Down 2.3 %

Shares of NYSE NGVT traded down $1.24 during mid-day trading on Thursday, reaching $53.56. The company’s stock had a trading volume of 374,454 shares, compared to its average volume of 221,028. Ingevity has a 1-year low of $36.66 and a 1-year high of $68.11. The stock has a 50-day moving average of $46.99 and a two-hundred day moving average of $44.16. The company has a debt-to-equity ratio of 2.48, a current ratio of 1.90 and a quick ratio of 0.96.

Ingevity (NYSE:NGVT) last released its quarterly earnings data on Wednesday, May 1st. The company reported $0.52 EPS for the quarter, beating analysts’ consensus estimates of $0.37 by $0.15. The company had revenue of $340.10 million during the quarter, compared to the consensus estimate of $319.15 million. Ingevity had a negative net margin of 6.84% and a positive return on equity of 18.65%. Ingevity’s quarterly revenue was down 13.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.09 EPS. On average, research analysts forecast that Ingevity will post 3.69 EPS for the current fiscal year.

Institutional Trading of Ingevity

Institutional investors and hedge funds have recently bought and sold shares of the stock. New York State Common Retirement Fund boosted its position in shares of Ingevity by 3.2% during the 4th quarter. New York State Common Retirement Fund now owns 184,783 shares of the company’s stock worth $8,725,000 after purchasing an additional 5,771 shares during the period. Assenagon Asset Management S.A. purchased a new position in shares of Ingevity during the fourth quarter worth $2,530,000. Wedge Capital Management L L P NC grew its stake in shares of Ingevity by 28.3% in the fourth quarter. Wedge Capital Management L L P NC now owns 137,106 shares of the company’s stock valued at $6,474,000 after buying an additional 30,201 shares in the last quarter. Rice Hall James & Associates LLC lifted its stake in Ingevity by 11.5% during the 3rd quarter. Rice Hall James & Associates LLC now owns 410,033 shares of the company’s stock worth $19,522,000 after acquiring an additional 42,408 shares in the last quarter. Finally, First Hawaiian Bank boosted its holdings in Ingevity by 2.5% during the 4th quarter. First Hawaiian Bank now owns 10,160 shares of the company’s stock valued at $480,000 after acquiring an additional 250 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.