BMO Capital Markets Lowers Ingevity (NYSE:NGVT) Price Target to $42.00

Ingevity (NYSE:NGVT) had its target price cut by BMO Capital Markets from $45.00 to $42.00 in a research note issued to investors on Monday, Benzinga reports. They currently have a market perform rating on the stock.

A number of other equities research analysts also recently commented on NGVT. Jefferies Financial Group raised Ingevity from a hold rating to a buy rating and lifted their price objective for the company from $52.00 to $62.00 in a research report on Monday, April 22nd. Loop Capital raised their target price on shares of Ingevity from $49.00 to $56.00 and gave the stock a hold rating in a research report on Tuesday, May 7th. Oppenheimer dropped their price target on shares of Ingevity from $58.00 to $50.00 and set an outperform rating for the company in a research report on Thursday, August 1st. Finally, Wells Fargo & Company lowered their price objective on shares of Ingevity from $45.00 to $40.00 and set an equal weight rating for the company in a research note on Monday. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of Hold and a consensus target price of $51.33.

Ingevity Stock Performance

Shares of NYSE NGVT opened at $34.79 on Monday. The company has a 50-day simple moving average of $44.25 and a 200-day simple moving average of $46.33. The company has a debt-to-equity ratio of 4.92, a current ratio of 1.92 and a quick ratio of 0.98. The company has a market cap of $1.26 billion, a PE ratio of -11.19 and a beta of 1.66. Ingevity has a 12 month low of $34.37 and a 12 month high of $56.29.

Ingevity (NYSE:NGVT) last announced its earnings results on Wednesday, July 31st. The company reported $1.01 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.05 by ($0.04). The firm had revenue of $390.60 million for the quarter, compared to analyst estimates of $407.58 million. Ingevity had a positive return on equity of 19.59% and a negative net margin of 27.85%. The firm’s revenue was down 18.9% compared to the same quarter last year. During the same quarter last year, the business posted $1.41 EPS. On average, equities analysts anticipate that Ingevity will post 3.47 earnings per share for the current year.

Institutional Trading of Ingevity

Institutional investors have recently added to or reduced their stakes in the business. American Century Companies Inc. lifted its stake in shares of Ingevity by 7.6% during the second quarter. American Century Companies Inc. now owns 765,588 shares of the company’s stock worth $33,464,000 after purchasing an additional 53,839 shares in the last quarter. ClariVest Asset Management LLC purchased a new stake in shares of Ingevity during the 2nd quarter valued at about $3,550,000. Headlands Technologies LLC acquired a new position in Ingevity during the 2nd quarter worth approximately $46,000. Chesapeake Capital Corp IL acquired a new position in Ingevity during the 2nd quarter worth approximately $278,000. Finally, Choreo LLC purchased a new position in Ingevity in the 2nd quarter worth approximately $474,000. 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.