Ingevity (NYSE:NGVT) Downgraded by StockNews.com to “Hold”

Ingevity (NYSE:NGVT) was downgraded by investment analysts at StockNews.com from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Monday.

Separately, BMO Capital Markets raised shares of 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 research report on Wednesday, February 26th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $55.17.

Ingevity Trading Up 2.1 %

Shares of NGVT traded up $0.88 during mid-day trading on Monday, reaching $43.26. The company had a trading volume of 151,156 shares, compared to its average volume of 255,951. Ingevity has a fifty-two week low of $30.90 and a fifty-two week high of $56.30. The firm has a fifty day simple moving average of $45.36 and a 200-day simple moving average of $42.39. The stock has a market cap of $1.57 billion, a price-to-earnings ratio of -3.65 and a beta of 1.53. The company has a current ratio of 1.87, a quick ratio of 1.04 and a debt-to-equity ratio of 6.86.

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

Institutional Investors Weigh In On Ingevity

Hedge funds have recently modified their holdings of the stock. Vestcor Inc acquired a new stake in Ingevity in the third quarter valued at approximately $796,000. Geode Capital Management LLC grew its holdings in Ingevity by 4.3% during the 3rd quarter. Geode Capital Management LLC now owns 815,661 shares of the company’s stock valued at $31,817,000 after purchasing an additional 33,973 shares in the last quarter. JPMorgan Chase & Co. increased its stake in Ingevity by 24.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 117,581 shares of the company’s stock worth $4,586,000 after buying an additional 23,460 shares during the period. Hennion & Walsh Asset Management Inc. acquired a new position in Ingevity in the 4th quarter worth $239,000. Finally, Proficio Capital Partners LLC purchased a new position in Ingevity in the 4th quarter valued at about $863,000. 91.59% of the stock is currently 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.