Wells Fargo & Company Cuts Ingevity (NYSE:NGVT) Price Target to $55.00

Ingevity (NYSE:NGVT – Get Rating) had its target price cut by Wells Fargo & Company from $66.00 to $55.00 in a research report report published on Tuesday morning, The Fly reports.

NGVT has been the topic of a number of other research reports. Loop Capital cut shares of Ingevity from a buy rating to a hold rating and decreased their target price for the stock from $92.00 to $64.00 in a research note on Friday, May 5th. BMO Capital Markets reduced their price objective on shares of Ingevity from $100.00 to $80.00 in a research note on Tuesday, May 9th. Finally, StockNews.com started coverage on shares of Ingevity in a research note on Thursday, May 18th. They issued a hold rating on the stock. Three analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, Ingevity presently has a consensus rating of Hold and an average price target of $66.33.

Ingevity Stock Performance

NYSE NGVT opened at $52.26 on Tuesday. The firm’s fifty day moving average price is $66.59 and its two-hundred day moving average price is $74.30. The stock has a market cap of $1.90 billion, a PE ratio of 9.90 and a beta of 1.81. Ingevity has a fifty-two week low of $49.38 and a fifty-two week high of $90.81. The company has a debt-to-equity ratio of 2.07, a quick ratio of 1.27 and a current ratio of 2.57.

Ingevity (NYSE:NGVT – Get Rating) last posted its earnings results on Wednesday, May 3rd. The company reported $1.09 earnings per share for the quarter, missing analysts’ consensus estimates of $1.26 by ($0.17). The company had revenue of $392.60 million for the quarter, compared to the consensus estimate of $411.22 million. Ingevity had a return on equity of 30.82% and a net margin of 12.01%. The business’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.62 EPS. On average, equities analysts expect that Ingevity will post 5.76 EPS for the current fiscal year.

Insider Buying and Selling at Ingevity

In other Ingevity news, CAO Phillip John Platt sold 8,847 shares of the company’s stock in a transaction on Thursday, March 2nd. The shares were sold at an average price of $81.71, for a total transaction of $722,888.37. Following the sale, the chief accounting officer now owns 5,534 shares of the company’s stock, valued at $452,183.14. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Ingevity news, CAO Phillip John Platt sold 8,847 shares of the company’s stock in a transaction on Thursday, March 2nd. The shares were sold at an average price of $81.71, for a total transaction of $722,888.37. Following the sale, the chief accounting officer now owns 5,534 shares of the company’s stock, valued at $452,183.14. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Stuart Edward Jr. Woodcock sold 4,968 shares of the company’s stock in a transaction dated Thursday, March 2nd. The shares were sold at an average price of $82.14, for a total transaction of $408,071.52. Following the transaction, the executive vice president now owns 26,541 shares in the company, valued at approximately $2,180,077.74. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 15,254 shares of company stock valued at $1,247,519. 0.79% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Ingevity

Several institutional investors have recently made changes to their positions in the stock. Victory Capital Management Inc. raised its holdings in shares of Ingevity by 6,613.6% in the 1st quarter. Victory Capital Management Inc. now owns 885,661 shares of the company’s stock worth $63,342,000 after acquiring an additional 872,469 shares during the last quarter. Norges Bank acquired a new stake in shares of Ingevity in the 4th quarter worth about $31,974,000. LSV Asset Management raised its holdings in shares of Ingevity by 40.1% in the 4th quarter. LSV Asset Management now owns 1,512,255 shares of the company’s stock worth $106,523,000 after acquiring an additional 433,173 shares during the last quarter. Wellington Management Group LLP raised its holdings in shares of Ingevity by 46.7% in the 1st quarter. Wellington Management Group LLP now owns 1,326,693 shares of the company’s stock worth $94,885,000 after acquiring an additional 422,156 shares during the last quarter. Finally, BlackRock Inc. raised its holdings in shares of Ingevity by 7.4% in the 1st quarter. BlackRock Inc. now owns 4,657,366 shares of the company’s stock worth $298,398,000 after acquiring an additional 322,066 shares during the last quarter. Institutional investors and hedge funds own 90.01% of the company’s stock.

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.