Wells Fargo & Company Increases Ingevity (NYSE:NGVT) Price Target to $38.00

Ingevity (NYSE:NGVT) had its price objective boosted by stock analysts at Wells Fargo & Company from $32.00 to $38.00 in a note issued to investors on Wednesday, MarketBeat reports. The firm presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s target price suggests a potential downside of 5.63% from the stock’s previous close.

Other analysts have also issued reports about the company. StockNews.com lowered Ingevity from a “buy” rating to a “hold” rating in a research note on Saturday, April 12th. BMO Capital Markets raised shares of Ingevity from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $62.00 to $65.00 in a research note on Wednesday, February 26th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $52.75.

Ingevity Price Performance

Ingevity stock opened at $40.27 on Wednesday. The stock has a market capitalization of $1.47 billion, a P/E ratio of -3.40 and a beta of 1.31. The company’s fifty day moving average price is $37.67 and its 200 day moving average price is $41.73. The company has a debt-to-equity ratio of 6.86, a quick ratio of 1.04 and a current ratio of 1.87. Ingevity has a 1 year low of $28.49 and a 1 year high of $56.28.

Ingevity (NYSE:NGVT) last announced its earnings results on Wednesday, May 7th. The company reported $0.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.74 by $0.25. Ingevity had a negative net margin of 30.60% and a positive return on equity of 41.44%. The business had revenue of $284.00 million for the quarter, compared to analyst estimates of $299.13 million. During the same quarter last year, the business earned $0.47 earnings per share. The company’s revenue for the quarter was down 16.5% compared to the same quarter last year. As a group, equities research analysts anticipate that Ingevity will post 4.45 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Ingevity

A number of institutional investors and hedge funds have recently added to or reduced their stakes in NGVT. Maple Rock Capital Partners Inc. acquired a new stake in shares of Ingevity during the 4th quarter worth approximately $17,515,000. American Century Companies Inc. increased its stake in Ingevity by 37.7% during the fourth quarter. American Century Companies Inc. now owns 1,457,365 shares of the company’s stock worth $59,388,000 after acquiring an additional 398,800 shares during the last quarter. Vision One Management Partners LP raised its position in Ingevity by 265.0% in the fourth quarter. Vision One Management Partners LP now owns 410,678 shares of the company’s stock valued at $16,735,000 after purchasing an additional 298,157 shares during the period. Royce & Associates LP lifted its stake in shares of Ingevity by 22.4% in the 4th quarter. Royce & Associates LP now owns 1,142,598 shares of the company’s stock valued at $46,561,000 after purchasing an additional 208,921 shares during the last quarter. Finally, Brown Advisory Inc. grew its holdings in shares of Ingevity by 23.6% during the 4th quarter. Brown Advisory Inc. now owns 928,220 shares of the company’s stock worth $37,825,000 after purchasing an additional 177,289 shares during the period. Institutional investors and hedge funds own 91.59% of the company’s stock.

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.