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

Key Points

• Ingevity has been downgraded from a "strong-buy" to a "buy" rating by Wall Street Zen amidst a mixed analyst sentiment, with four analysts currently assigning a buy rating.
• Wells Fargo raised its price target on Ingevity shares from $38 to $48, indicating a more positive outlook despite recent earnings showing a 16.5% year-over-year revenue decline.
• Ingevity has a high debt-to-equity ratio of 5.68, with 91.59% of its stock owned by institutional investors, reflecting strong investor interest.

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

Separately, Wells Fargo & Company lifted their price objective on Ingevity from $38.00 to $48.00 and gave the company 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 given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $55.25.

Ingevity Stock Down 3.3%

Shares of NGVT traded down $1.52 during mid-day trading on Friday, reaching $44.14. The company's stock had a trading volume of 195,401 shares, compared to its average volume of 185,412. Ingevity has a 12-month low of $28.49 and a 12-month high of $51.67. The stock has a market cap of $1.61 billion, a PE ratio of -4.53 and a beta of 1.38. The company has a debt-to-equity ratio of 5.68, a current ratio of 2.00 and a quick ratio of 1.08. The company's 50 day moving average is $43.88 and its 200 day moving average is $42.03.

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

Institutional Trading of Ingevity

Institutional investors and hedge funds have recently bought and sold shares of the company. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Ingevity by 311.8% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 600,380 shares of the company's stock worth $23,769,000 after buying an additional 454,579 shares in the last quarter. Maple Rock Capital Partners Inc. acquired a new stake in shares of Ingevity during the 4th quarter valued at $17,515,000. Vision One Management Partners LP lifted its position in shares of Ingevity by 265.0% during the 4th quarter. Vision One Management Partners LP now owns 410,678 shares of the company's stock valued at $16,735,000 after acquiring an additional 298,157 shares during the last quarter. Simcoe Capital Management LLC acquired a new stake in shares of Ingevity during the 1st quarter valued at $8,568,000. Finally, Brown Advisory Inc. lifted its position in shares of Ingevity by 23.6% during the 4th quarter. Brown Advisory Inc. now owns 928,220 shares of the company's stock valued at $37,825,000 after acquiring an additional 177,289 shares during the last quarter. Institutional investors and hedge funds 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.