Wells Fargo & Company Lowers Ingevity (NYSE:NGVT) Price Target to $32.00

Ingevity (NYSE:NGVT - Get Free Report) had its price target cut by analysts at Wells Fargo & Company from $45.00 to $32.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has an "equal weight" rating on the stock. Wells Fargo & Company's price target would suggest a potential upside of 0.82% from the company's previous close.

A number of other research firms also recently commented on NGVT. BMO Capital Markets raised Ingevity from a "market perform" rating to an "outperform" rating and increased their target price for the stock from $62.00 to $65.00 in a report on Wednesday, February 26th. StockNews.com raised shares of Ingevity from a "hold" rating to a "buy" rating in a research note on Friday, April 4th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Ingevity presently has a consensus rating of "Moderate Buy" and an average target price of $53.83.

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Ingevity Stock Down 0.7 %

Shares of NGVT traded down $0.22 during midday trading on Wednesday, reaching $31.74. 182,189 shares of the company were exchanged, compared to its average volume of 273,905. The stock has a 50-day moving average price of $42.19 and a 200-day moving average price of $42.13. The company has a market cap of $1.16 billion, a price-to-earnings ratio of -2.68 and a beta of 1.54. The company has a current ratio of 1.87, a quick ratio of 1.04 and a debt-to-equity ratio of 6.86. Ingevity has a 1-year low of $28.49 and a 1-year high of $56.30.

Ingevity (NYSE:NGVT - Get Free Report) last issued its quarterly earnings data on Tuesday, February 18th. The company reported $0.95 EPS for the quarter, topping analysts' consensus estimates of $0.29 by $0.66. Ingevity had a negative net margin of 30.60% and a positive return on equity of 41.44%. The firm had revenue of $298.80 million for the quarter, compared to analyst estimates of $297.40 million. Research analysts expect that Ingevity will post 4.45 earnings per share for the current year.

Hedge Funds Weigh In On Ingevity

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

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.