Ingevity (NYSE:NGVT) Downgraded to Buy Rating by Wall Street Zen

Ingevity (NYSE:NGVT - Get Free Report) was downgraded by stock analysts at Wall Street Zen from a "strong-buy" rating to a "buy" rating in a note issued to investors on Saturday.

Separately, Wells Fargo & Company raised their price objective on shares of Ingevity from $38.00 to $48.00 and gave the stock an "equal weight" rating in a research report on Monday, July 14th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $55.25.

Ingevity Stock Performance

Shares of Ingevity stock opened at $46.28 on Friday. The business's 50 day moving average price is $43.78 and its 200 day moving average price is $41.90. The company has a market cap of $1.69 billion, a price-to-earnings ratio of -4.75 and a beta of 1.38. The company has a debt-to-equity ratio of 5.68, a quick ratio of 1.08 and a current ratio of 2.00. Ingevity has a one year low of $28.49 and a one year high of $51.67.

Ingevity (NYSE:NGVT - Get Free Report) last issued its earnings results on Wednesday, May 7th. The company reported $0.99 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.74 by $0.25. Ingevity had a positive return on equity of 63.76% and a negative net margin of 26.20%. The business had revenue of $284.00 million during the quarter, compared to the consensus estimate of $299.13 million. During the same period last year, the company earned $0.47 EPS. The company's revenue for the quarter was down 16.5% on a year-over-year basis. On average, research analysts predict that Ingevity will post 4.45 EPS for the current year.

Institutional Investors Weigh In On Ingevity

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. GAMMA Investing LLC increased its position in shares of Ingevity by 119.1% during the 1st quarter. GAMMA Investing LLC now owns 1,137 shares of the company's stock worth $45,000 after purchasing an additional 618 shares during the last quarter. Teacher Retirement System of Texas lifted its position in Ingevity by 243.2% in the first quarter. Teacher Retirement System of Texas now owns 19,946 shares of the company's stock valued at $790,000 after buying an additional 14,134 shares during the last quarter. Deutsche Bank AG boosted its stake in Ingevity by 53.3% during the fourth quarter. Deutsche Bank AG now owns 33,936 shares of the company's stock worth $1,383,000 after buying an additional 11,801 shares during the period. Palisade Capital Management LP increased its position in shares of Ingevity by 6.8% during the first quarter. Palisade Capital Management LP now owns 511,059 shares of the company's stock valued at $20,233,000 after acquiring an additional 32,511 shares during the last quarter. Finally, Raymond James Financial Inc. purchased a new stake in shares of Ingevity in the 4th quarter valued at approximately $3,018,000. Hedge funds and other institutional investors own 91.59% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.