Wells Fargo & Company Raises Ingevity (NYSE:NGVT) Price Target to $85.00

Ingevity (NYSE:NGVT – Get Rating) had its price objective boosted by investment analysts at Wells Fargo & Company from $76.00 to $85.00 in a research report issued on Wednesday, The Fly reports. The firm currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s target price would suggest a potential upside of 4.24% from the company’s current price.

Several other brokerages have also recently issued reports on NGVT. StockNews.com cut Ingevity from a “strong-buy” rating to a “buy” rating in a research report on Friday, January 6th. Loop Capital raised Ingevity from a “hold” rating to a “buy” rating and increased their price target for the stock from $81.00 to $100.00 in a report on Thursday, February 2nd. Two equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $90.67.

Ingevity Stock Down 2.3 %

NGVT opened at $81.54 on Wednesday. The business’s 50-day simple moving average is $81.06 and its 200-day simple moving average is $73.74. The company has a debt-to-equity ratio of 2.11, a quick ratio of 1.25 and a current ratio of 2.24. Ingevity has a one year low of $56.31 and a one year high of $90.81. The stock has a market capitalization of $3.05 billion, a P/E ratio of 14.99 and a beta of 1.83.

Ingevity (NYSE:NGVT – Get Rating) last posted its earnings results on Monday, February 27th. The company reported $0.57 EPS for the quarter, missing analysts’ consensus estimates of $0.90 by ($0.33). Ingevity had a return on equity of 34.63% and a net margin of 12.68%. The firm had revenue of $383.60 million for the quarter, compared to analyst estimates of $395.77 million. During the same quarter last year, the firm posted $0.78 EPS. The firm’s revenue for the quarter was up 14.2% on a year-over-year basis. Analysts anticipate that Ingevity will post 6.81 EPS for the current year.

Institutional Trading of Ingevity

Several hedge funds have recently modified their holdings of the business. Raymond James & Associates grew its holdings in Ingevity by 3.5% during the first quarter. Raymond James & Associates now owns 41,653 shares of the company’s stock worth $2,669,000 after acquiring an additional 1,425 shares during the period. American Century Companies Inc. grew its holdings in Ingevity by 29.9% during the first quarter. American Century Companies Inc. now owns 26,042 shares of the company’s stock worth $1,668,000 after acquiring an additional 5,998 shares during the period. Citigroup Inc. grew its holdings in Ingevity by 26.7% during the first quarter. Citigroup Inc. now owns 74,386 shares of the company’s stock worth $4,766,000 after acquiring an additional 15,658 shares during the period. PNC Financial Services Group Inc. grew its holdings in Ingevity by 63.9% during the first quarter. PNC Financial Services Group Inc. now owns 16,164 shares of the company’s stock worth $1,035,000 after acquiring an additional 6,304 shares during the period. Finally, Bank of Montreal Can grew its holdings in Ingevity by 3.8% during the first quarter. Bank of Montreal Can now owns 5,186 shares of the company’s stock worth $338,000 after acquiring an additional 188 shares during the period. 90.01% of the stock is owned by institutional investors and hedge funds.

Ingevity Company Profile

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Ingevity Corp. engages in the manufacture of specialty chemicals and carbon materials. It operates through the following segments: Performance Chemicals and Performance Materials. The Performance Materials segment consists of automotive technologies and process purifications product families. Automotive technologies produces automotive carbon products used in gasoline vapor emission control systems in cars, trucks, motorcycles and boats.