Ingevity (NYSE:NGVT) Rating Lowered to “Hold” at StockNews.com

Ingevity (NYSE:NGVT) was downgraded by equities research analysts at StockNews.com from a “buy” rating to a “hold” rating in a note issued to investors on Saturday.

A number of other equities research analysts have also recently issued reports on the stock. BMO Capital Markets upgraded shares of Ingevity from a “market perform” rating to an “outperform” rating and upped their price target for the company from $62.00 to $65.00 in a report on Wednesday, February 26th. Wells Fargo & Company decreased their target price on Ingevity from $45.00 to $32.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 9th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, Ingevity presently has a consensus rating of “Moderate Buy” and an average target price of $53.83.

Ingevity Price Performance

Shares of NYSE:NGVT opened at $31.92 on Friday. The company has a debt-to-equity ratio of 6.86, a current ratio of 1.87 and a quick ratio of 1.04. The stock has a market capitalization of $1.16 billion, a P/E ratio of -2.70 and a beta of 1.54. The business has a 50-day moving average of $42.19 and a two-hundred day moving average of $42.13. Ingevity has a fifty-two week low of $28.49 and a fifty-two week high of $56.30.

Ingevity (NYSE:NGVT) last announced its earnings results on Tuesday, February 18th. The company reported $0.95 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.29 by $0.66. Ingevity had a positive return on equity of 41.44% and a negative net margin of 30.60%. The firm had revenue of $298.80 million during the quarter, compared to analysts’ expectations of $297.40 million. On average, equities research analysts predict that Ingevity will post 4.45 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. KBC Group NV increased its holdings in Ingevity by 27.5% in the 4th quarter. KBC Group NV now owns 2,007 shares of the company’s stock valued at $82,000 after buying an additional 433 shares during the period. Arizona State Retirement System increased its stake in Ingevity by 6.1% in the fourth quarter. Arizona State Retirement System now owns 10,550 shares of the company’s stock valued at $430,000 after acquiring an additional 611 shares during the period. Johnson Investment Counsel Inc. raised its position in Ingevity by 9.1% in the fourth quarter. Johnson Investment Counsel Inc. now owns 7,538 shares of the company’s stock worth $307,000 after purchasing an additional 628 shares in the last quarter. Hudson Edge Investment Partners Inc. lifted its stake in Ingevity by 4.9% during the fourth quarter. Hudson Edge Investment Partners Inc. now owns 16,150 shares of the company’s stock worth $658,000 after purchasing an additional 750 shares during the period. Finally, PNC Financial Services Group Inc. lifted its stake in Ingevity by 6.8% during the fourth quarter. PNC Financial Services Group Inc. now owns 12,097 shares of the company’s stock worth $493,000 after purchasing an additional 765 shares during the period. 91.59% of the stock is currently owned by institutional investors and hedge funds.

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.