Ingevity (NYSE:NGVT) Given New $40.00 Price Target at BMO Capital Markets

Ingevity (NYSE:NGVT) had its price objective lowered by BMO Capital Markets from $42.00 to $40.00 in a research note issued on Monday, Benzinga reports. The brokerage presently has a “market perform” rating on the stock. BMO Capital Markets’ price target would indicate a potential upside of 5.57% from the company’s current price.

NGVT has been the topic of a number of other reports. Oppenheimer decreased their price objective on Ingevity from $58.00 to $50.00 and set an “outperform” rating on the stock in a research report on Thursday, August 1st. Wells Fargo & Company decreased their price objective on Ingevity from $45.00 to $40.00 and set an “equal weight” rating on the stock in a research report on Monday, August 5th. Finally, CJS Securities upgraded Ingevity from a “market perform” rating to an “outperform” rating and set a $58.00 price objective on the stock in a research report on Wednesday, August 7th. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $51.00.

Ingevity Trading Down 2.8 %

NGVT stock opened at $37.89 on Monday. The business has a fifty day moving average price of $38.70 and a 200 day moving average price of $44.22. Ingevity has a fifty-two week low of $32.21 and a fifty-two week high of $56.29. The stock has a market capitalization of $1.38 billion, a price-to-earnings ratio of -12.20 and a beta of 1.62. The company has a debt-to-equity ratio of 4.92, a current ratio of 1.92 and a quick ratio of 1.07.

Ingevity (NYSE:NGVT) last released its quarterly earnings results on Wednesday, July 31st. The company reported $1.01 earnings per share for the quarter, missing analysts’ consensus estimates of $1.05 by ($0.04). Ingevity had a negative net margin of 27.85% and a positive return on equity of 19.59%. The business had revenue of $390.60 million for the quarter, compared to analyst estimates of $407.58 million. During the same period in the prior year, the business earned $1.41 earnings per share. The company’s revenue for the quarter was down 18.9% on a year-over-year basis. Analysts expect that Ingevity will post 2.63 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Wellington Management Group LLP boosted its position in shares of Ingevity by 3.9% in the 4th quarter. Wellington Management Group LLP now owns 2,148,379 shares of the company’s stock worth $101,446,000 after purchasing an additional 80,856 shares during the last quarter. UniSuper Management Pty Ltd bought a new position in shares of Ingevity in the 1st quarter worth $522,000. Vanguard Group Inc. boosted its position in shares of Ingevity by 4.3% in the 4th quarter. Vanguard Group Inc. now owns 3,743,322 shares of the company’s stock worth $176,760,000 after purchasing an additional 153,530 shares during the last quarter. Swedbank AB bought a new position in shares of Ingevity in the 1st quarter worth $3,372,000. Finally, Hsbc Holdings PLC boosted its position in shares of Ingevity by 282.1% in the 4th quarter. Hsbc Holdings PLC now owns 33,084 shares of the company’s stock worth $1,566,000 after purchasing an additional 24,426 shares during the last quarter. 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.