Wells Fargo & Company Issues Positive Forecast for Ingevity (NYSE:NGVT) Stock Price

Ingevity (NYSE:NGVT) had its target price increased by analysts at Wells Fargo & Company from $52.00 to $55.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price objective suggests a potential upside of 10.90% from the company’s current price.

Other analysts have also recently issued research reports about the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Ingevity in a research report on Wednesday, October 8th. BMO Capital Markets raised their target price on shares of Ingevity from $62.00 to $68.00 and gave the company an “outperform” rating in a research report on Friday, September 5th. Finally, Wall Street Zen raised Ingevity from a “buy” rating to a “strong-buy” rating in a research report on Saturday, August 9th. One analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $61.50.

Ingevity Stock Up 0.1%

NYSE NGVT traded up $0.07 during mid-day trading on Wednesday, reaching $49.60. The stock had a trading volume of 31,124 shares, compared to its average volume of 253,401. The company has a fifty day moving average price of $55.21 and a 200 day moving average price of $48.84. The company has a debt-to-equity ratio of 10.24, a current ratio of 1.36 and a quick ratio of 0.80. The stock has a market cap of $1.81 billion, a PE ratio of -8.29 and a beta of 1.45. Ingevity has a 1 year low of $28.49 and a 1 year high of $60.77.

Ingevity (NYSE:NGVT) last released its quarterly earnings data on Friday, March 24th. The company reported $0.78 earnings per share for the quarter. Ingevity had a negative net margin of 16.35% and a positive return on equity of 84.92%. The firm had revenue of $336.00 million during the quarter. On average, research analysts expect that Ingevity will post 4.45 earnings per share for the current year.

Hedge Funds Weigh In On Ingevity

A number of institutional investors have recently bought and sold shares of NGVT. Oakworth Capital Inc. purchased a new stake in shares of Ingevity in the 3rd quarter valued at approximately $28,000. Geneos Wealth Management Inc. lifted its holdings in shares of Ingevity by 85.8% in the 2nd quarter. Geneos Wealth Management Inc. now owns 838 shares of the company’s stock valued at $36,000 after purchasing an additional 387 shares during the last quarter. Headlands Technologies LLC purchased a new stake in shares of Ingevity in the second quarter valued at about $46,000. Elevation Point Wealth Partners LLC purchased a new position in Ingevity in the 2nd quarter valued at $60,000. Finally, BI Asset Management Fondsmaeglerselskab A S lifted its holdings in shares of Ingevity by 21.6% in the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 1,670 shares of the company’s stock valued at $66,000 after buying an additional 297 shares during the period. 91.59% of the stock is 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.