Ingevity (NYSE:NGVT) Reaches New 1-Year Low After Analyst Downgrade

Ingevity Co. (NYSE:NGVT - Get Free Report)'s stock price hit a new 52-week low during mid-day trading on Thursday after StockNews.com downgraded the stock from a buy rating to a hold rating. The stock traded as low as $28.49 and last traded at $33.30, with a volume of 428135 shares changing hands. The stock had previously closed at $29.88.

Several other equities research analysts have also recently issued reports on NGVT. Wells Fargo & Company decreased their price target on shares of Ingevity from $45.00 to $32.00 and set an "equal weight" rating on the stock in a research note on Wednesday, April 9th. BMO Capital Markets upgraded shares of Ingevity from a "market perform" rating to an "outperform" rating and raised their target price for the stock from $62.00 to $65.00 in a research report on Wednesday, February 26th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $53.83.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of NGVT. GAMMA Investing LLC increased its position in Ingevity by 119.1% during the first 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. NBC Securities Inc. increased its holdings in shares of Ingevity by 112,655.6% during the 1st quarter. NBC Securities Inc. now owns 10,148 shares of the company's stock worth $401,000 after buying an additional 10,139 shares during the last quarter. First Hawaiian Bank raised its position in shares of Ingevity by 19.6% in the 1st quarter. First Hawaiian Bank now owns 12,832 shares of the company's stock worth $508,000 after buying an additional 2,102 shares during the period. Wellington Management Group LLP boosted its holdings in Ingevity by 5.4% in the fourth quarter. Wellington Management Group LLP now owns 2,239,970 shares of the company's stock valued at $91,279,000 after acquiring an additional 115,581 shares during the last quarter. Finally, California State Teachers Retirement System grew its position in Ingevity by 3.7% during the fourth quarter. California State Teachers Retirement System now owns 33,993 shares of the company's stock valued at $1,385,000 after acquiring an additional 1,199 shares during the period. 91.59% of the stock is currently owned by hedge funds and other institutional investors.

Ingevity Price Performance

The company has a 50 day simple moving average of $41.70 and a 200 day simple moving average of $41.99. The company has a market capitalization of $1.16 billion, a price-to-earnings ratio of -2.69 and a beta of 1.54. The company has a quick ratio of 1.04, a current ratio of 1.87 and a debt-to-equity ratio of 6.86.

Ingevity (NYSE:NGVT - Get Free Report) last posted its earnings results on Tuesday, February 18th. The company reported $0.95 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.29 by $0.66. Ingevity had a negative net margin of 30.60% and a positive return on equity of 41.44%. The firm had revenue of $298.80 million during the quarter, compared to the consensus estimate of $297.40 million. As a group, research analysts predict that Ingevity Co. will post 4.45 EPS for the current year.

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.