Ingevity (NYSE:NGVT) Rating Lowered to Hold at Wall Street Zen

Key Points

• Wall Street Zen downgraded Ingevity from Buy to Hold. Weiss Ratings also lowered its rating, and analysts overall have a Hold consensus with an average price target of $80.
• Ingevity reported quarterly EPS of $1.63, beating the $1.56 consensus estimate, while revenue of $305.1 million also topped expectations.
• The stock opened at $60.05, below its 50-day and 200-day moving averages of $70.39 and $71.24, respectively.

Ingevity (NYSE:NGVT - Get Free Report) was downgraded by research analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a report issued on Saturday, Wall Street Zen reports.

Separately, Weiss Ratings downgraded Ingevity from a "hold (c)" rating to a "hold (c-)" rating in a research note on Friday, October 23rd. Two analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $80.00.

Ingevity Stock Performance

Shares of NGVT stock opened at $60.05 on Friday. The company has a fifty day moving average price of $70.39 and a two-hundred day moving average price of $71.24. The stock has a market cap of $2.06 billion, a P/E ratio of 15.42 and a beta of 1.12. Ingevity has a one year low of $45.85 and a one year high of $79.29. The company has a debt-to-equity ratio of 22.52, a current ratio of 1.61 and a quick ratio of 1.15.

Ingevity (NYSE:NGVT - Get Free Report) last announced its quarterly earnings data on Wednesday, November 4th. The company reported $1.63 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.56 by $0.07. The company had revenue of $305.10 million for the quarter, compared to the consensus estimate of $303.91 million. Ingevity had a return on equity of 284.70% and a net margin of 4.65%. As a group, equities analysts predict that Ingevity will post 5.40 EPS for the current year.

Insider Transactions at Ingevity

In other Ingevity news, CEO David Li sold 5,000 shares of the business's stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $75.83, for a total value of $379,150.00. Following the completion of the sale, the chief executive officer owned 120,636 shares of the company's stock, valued at $9,147,827.88. The trade was a 3.98% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 15,092 shares of company stock worth $1,147,773. 0.88% of the stock is currently owned by insiders.

Institutional Trading of Ingevity

A number of institutional investors have recently modified their holdings of NGVT. Canada Pension Plan Investment Board bought a new stake in shares of Ingevity in the 2nd quarter worth $1,113,000. Illinois Municipal Retirement Fund acquired a new position in shares of Ingevity in the first quarter worth about $1,465,000. Principal Financial Group Inc. boosted its position in Ingevity by 4.0% during the first quarter. Principal Financial Group Inc. now owns 678,037 shares of the company's stock worth $48,297,000 after acquiring an additional 25,800 shares during the last quarter. The Manufacturers Life Insurance Company acquired a new stake in shares of Ingevity during the second quarter valued at about $1,305,000. Finally, Hsbc Holdings PLC purchased a new stake in shares of Ingevity in the 2nd quarter valued at approximately $1,568,000. 91.59% of the stock is currently owned by institutional investors.

Ingevity Company Profile

Ingevity Corporation NYSE: NGVT is a specialty chemicals and materials company that develops products designed to improve performance, efficiency, and sustainability across a range of industrial and consumer applications. Its offerings serve markets including automotive, transportation, agriculture, coatings, adhesives, pavement markings, and industrial manufacturing.

The company is best known for activated carbon products used in automotive vapor-emission control systems, where they help capture fuel vapors and reduce emissions.

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