Ingevity (NYSE:NGVT) Price Target Raised to $58.00

Ingevity (NYSE:NGVT) had its target price raised by Oppenheimer from $50.00 to $58.00 in a report released on Thursday morning, Benzinga reports. Oppenheimer currently has an outperform rating on the stock.

Several other research firms have also commented on NGVT. Wells Fargo & Company increased their price objective on shares of Ingevity from $43.00 to $50.00 and gave the company an equal weight rating in a research note on Friday, February 23rd. Jefferies Financial Group upgraded Ingevity from a hold rating to a buy rating and lifted their price target for the stock from $52.00 to $62.00 in a report on Monday, April 22nd. Five research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of Hold and a consensus target price of $52.50.

Ingevity Price Performance

NGVT stock opened at $53.56 on Thursday. The company has a debt-to-equity ratio of 2.48, a quick ratio of 0.98 and a current ratio of 1.90. The business has a 50-day simple moving average of $46.99 and a two-hundred day simple moving average of $44.19. The company has a market capitalization of $1.95 billion, a P/E ratio of -17.22 and a beta of 1.79. Ingevity has a 52-week low of $36.66 and a 52-week high of $68.11.

Ingevity (NYSE:NGVT) last released its quarterly earnings results on Wednesday, May 1st. The company reported $0.52 EPS for the quarter, beating analysts’ consensus estimates of $0.37 by $0.15. Ingevity had a positive return on equity of 18.65% and a negative net margin of 6.84%. The business had revenue of $340.10 million during the quarter, compared to analyst estimates of $319.15 million. During the same period in the prior year, the firm posted $1.09 EPS. Ingevity’s quarterly revenue was down 13.4% compared to the same quarter last year. Research analysts expect that Ingevity will post 3.78 EPS for the current fiscal year.

Institutional Investors Weigh In On Ingevity

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NGVT. Jennison Associates LLC lifted its holdings in Ingevity by 8.3% during the 1st quarter. Jennison Associates LLC now owns 21,211 shares of the company’s stock worth $1,012,000 after purchasing an additional 1,623 shares in the last quarter. Capstone Investment Advisors LLC purchased a new position in shares of Ingevity during the 1st quarter valued at $211,000. BNP Paribas Financial Markets raised its position in shares of Ingevity by 11.7% in the first quarter. BNP Paribas Financial Markets now owns 33,270 shares of the company’s stock worth $1,587,000 after buying an additional 3,498 shares in the last quarter. Sequoia Financial Advisors LLC bought a new stake in Ingevity during the first quarter valued at $835,000. Finally, New Mexico Educational Retirement Board purchased a new position in Ingevity during the first quarter worth about $401,000. 91.59% of the stock is currently owned by 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.