Ingevity (NYSE:NGVT) Reaches New 52-Week Low Following Analyst Downgrade

Ingevity Co. (NYSE:NGVT) shares hit a new 52-week low during trading on Thursday after Wells Fargo & Company lowered their price target on the stock from $45.00 to $32.00. Wells Fargo & Company currently has an equal weight rating on the stock. Ingevity traded as low as $28.49 and last traded at $33.30, with a volume of 428135 shares traded. The stock had previously closed at $29.88.

Other analysts have also recently issued research reports about the company. BMO Capital Markets upgraded 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. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $53.83.

Institutional Investors Weigh In On Ingevity

A number of institutional investors and hedge funds have recently modified their holdings of NGVT. Maple Rock Capital Partners Inc. acquired a new stake in Ingevity during the 4th quarter worth $17,515,000. American Century Companies Inc. boosted its position in shares of Ingevity by 37.7% in the 4th quarter. American Century Companies Inc. now owns 1,457,365 shares of the company’s stock worth $59,388,000 after purchasing an additional 398,800 shares during the last quarter. Vision One Management Partners LP grew its stake in shares of Ingevity by 265.0% during the fourth quarter. Vision One Management Partners LP now owns 410,678 shares of the company’s stock worth $16,735,000 after purchasing an additional 298,157 shares during the period. Royce & Associates LP increased its holdings in Ingevity by 22.4% in the fourth 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, State Street Corp lifted its stake in Ingevity by 14.7% in the third quarter. State Street Corp now owns 1,546,957 shares of the company’s stock valued at $60,331,000 after buying an additional 198,300 shares during the period. 91.59% of the stock is owned by institutional investors.

Ingevity Stock Performance

The stock has a market cap of $1.21 billion, a P/E ratio of -2.81 and a beta of 1.54. The stock has a fifty day simple moving average of $42.70 and a 200-day simple moving average of $42.23. The company has a quick ratio of 1.04, a current ratio of 1.87 and a debt-to-equity ratio of 6.86.

Ingevity (NYSE:NGVT) last released its quarterly earnings data on Tuesday, February 18th. The company reported $0.95 earnings per share for the quarter, topping the consensus estimate 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 business had revenue of $298.80 million for the quarter, compared to analyst estimates of $297.40 million. Equities analysts expect that Ingevity Co. will post 4.45 earnings per share for the current fiscal year.

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.