Wells Fargo & Company Trims Ingevity (NYSE:NGVT) Target Price to $55.00

Ingevity (NYSE:NGVT – Get Rating) had its price target reduced by Wells Fargo & Company from $66.00 to $55.00 in a report released on Tuesday, The Fly reports.

Other equities analysts have also recently issued research reports about the company. BMO Capital Markets decreased their price target on Ingevity from $100.00 to $80.00 in a report on Tuesday, May 9th. StockNews.com initiated coverage on Ingevity in a report on Thursday, May 18th. They issued a hold rating for the company. Finally, Loop Capital cut Ingevity from a buy rating to a hold rating and reduced their price objective for the stock from $92.00 to $64.00 in a research report on Friday, May 5th. Three analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of Hold and an average price target of $66.33.

Ingevity Trading Down 1.8 %

NYSE NGVT opened at $50.10 on Tuesday. The company has a debt-to-equity ratio of 2.07, a quick ratio of 1.27 and a current ratio of 2.57. The company has a market capitalization of $1.82 billion, a price-to-earnings ratio of 9.49 and a beta of 1.81. The company’s 50-day simple moving average is $65.74 and its two-hundred day simple moving average is $73.97. Ingevity has a one year low of $49.28 and a one year high of $90.81.

Ingevity (NYSE:NGVT – Get Rating) last released its earnings results on Wednesday, May 3rd. The company reported $1.09 EPS for the quarter, missing analysts’ consensus estimates of $1.26 by ($0.17). The company had revenue of $392.60 million during the quarter, compared to analyst estimates of $411.22 million. Ingevity had a return on equity of 30.82% and a net margin of 12.01%. The firm’s revenue for the quarter was up 2.6% on a year-over-year basis. During the same quarter last year, the business earned $1.62 earnings per share. Equities analysts forecast that Ingevity will post 5.5 EPS for the current fiscal year.

Insider Transactions at Ingevity

In other Ingevity news, SVP Richard Allen White, Jr. sold 1,439 shares of the business’s stock in a transaction that occurred on Tuesday, March 7th. The stock was sold at an average price of $81.00, for a total transaction of $116,559.00. Following the completion of the sale, the senior vice president now directly owns 6,530 shares of the company’s stock, valued at approximately $528,930. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Ingevity news, SVP Richard Allen White, Jr. sold 1,439 shares of the stock in a transaction on Tuesday, March 7th. The stock was sold at an average price of $81.00, for a total transaction of $116,559.00. Following the completion of the transaction, the senior vice president now directly owns 6,530 shares of the company’s stock, valued at $528,930. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Stuart Edward Jr. Woodcock sold 4,968 shares of the stock in a transaction on Thursday, March 2nd. The stock was sold at an average price of $82.14, for a total value of $408,071.52. Following the sale, the executive vice president now owns 26,541 shares in the company, valued at approximately $2,180,077.74. The disclosure for this sale can be found here. In the last ninety days, insiders sold 15,254 shares of company stock valued at $1,247,519. Corporate insiders own 0.79% of the company’s stock.

Institutional Investors Weigh In On Ingevity

Several institutional investors have recently made changes to their positions in the stock. Raymond James & Associates raised its position in Ingevity by 3.5% during the first quarter. Raymond James & Associates now owns 41,653 shares of the company’s stock valued at $2,669,000 after purchasing an additional 1,425 shares in the last quarter. American Century Companies Inc. raised its position in Ingevity by 29.9% during the first quarter. American Century Companies Inc. now owns 26,042 shares of the company’s stock valued at $1,668,000 after purchasing an additional 5,998 shares in the last quarter. Citigroup Inc. raised its position in Ingevity by 26.7% during the first quarter. Citigroup Inc. now owns 74,386 shares of the company’s stock valued at $4,766,000 after purchasing an additional 15,658 shares in the last quarter. PNC Financial Services Group Inc. raised its position in Ingevity by 63.9% during the first quarter. PNC Financial Services Group Inc. now owns 16,164 shares of the company’s stock valued at $1,035,000 after purchasing an additional 6,304 shares in the last quarter. Finally, Bank of Montreal Can raised its position in Ingevity by 3.8% during the first quarter. Bank of Montreal Can now owns 5,186 shares of the company’s stock valued at $338,000 after purchasing an additional 188 shares in the last quarter. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Ingevity Company Profile

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Ingevity Corp. engages in the manufacture of specialty chemicals and carbon materials. It operates through the following segments: Performance Chemicals and Performance Materials. The Performance Materials segment consists of automotive technologies and process purifications product families. Automotive technologies produces automotive carbon products used in gasoline vapor emission control systems in cars, trucks, motorcycles and boats.