Wells Fargo & Company Forecasts Strong Price Appreciation for Ingevity (NYSE:NGVT) Stock

Ingevity (NYSE:NGVT - Get Free Report) had its target price boosted by equities research analysts at Wells Fargo & Company from $32.00 to $38.00 in a report issued on Wednesday, MarketBeat.com reports. The brokerage currently has an "equal weight" rating on the stock. Wells Fargo & Company's target price indicates a potential downside of 10.80% from the stock's previous close.

NGVT has been the topic of a number of other reports. StockNews.com cut shares of Ingevity from a "buy" rating to a "hold" rating in a report on Saturday, April 12th. BMO Capital Markets upgraded shares of Ingevity from a "market perform" rating to an "outperform" rating and upped their target price for the stock from $62.00 to $65.00 in a research note on Wednesday, February 26th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, Ingevity currently has an average rating of "Moderate Buy" and an average target price of $52.75.

Ingevity Trading Up 5.3%

Shares of Ingevity stock traded up $2.13 during trading on Wednesday, hitting $42.60. The stock had a trading volume of 116,807 shares, compared to its average volume of 278,247. Ingevity has a 12 month low of $28.49 and a 12 month high of $56.28. The company has a debt-to-equity ratio of 6.86, a current ratio of 1.87 and a quick ratio of 1.04. The firm's fifty day simple moving average is $37.49 and its 200-day simple moving average is $41.97. The stock has a market cap of $1.55 billion, a PE ratio of -3.60 and a beta of 1.31.

Ingevity (NYSE:NGVT - Get Free Report) last announced its earnings results on Wednesday, May 7th. The company reported $0.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.74 by $0.25. Ingevity had a positive return on equity of 41.44% and a negative net margin of 30.60%. The business had revenue of $284.00 million during the quarter, compared to analyst estimates of $299.13 million. During the same quarter in the previous year, the business earned $0.47 earnings per share. The company's revenue for the quarter was down 16.5% compared to the same quarter last year. As a group, sell-side analysts expect that Ingevity will post 4.45 EPS for the current fiscal year.

Institutional Investors Weigh In On Ingevity

Several large investors have recently modified their holdings of NGVT. Charles Schwab Investment Management Inc. increased its holdings in Ingevity by 8.6% during the first quarter. Charles Schwab Investment Management Inc. now owns 701,755 shares of the company's stock valued at $27,782,000 after buying an additional 55,488 shares during the period. PNC Financial Services Group Inc. raised its holdings in Ingevity by 2.4% in the first quarter. PNC Financial Services Group Inc. now owns 12,389 shares of the company's stock worth $490,000 after purchasing an additional 292 shares in the last quarter. Mackenzie Financial Corp lifted its position in shares of Ingevity by 6.6% during the first quarter. Mackenzie Financial Corp now owns 16,832 shares of the company's stock valued at $666,000 after buying an additional 1,040 shares during the last quarter. Royce & Associates LP boosted its holdings in shares of Ingevity by 5.8% in the 1st quarter. Royce & Associates LP now owns 1,208,445 shares of the company's stock valued at $47,842,000 after buying an additional 65,847 shares in the last quarter. Finally, KLP Kapitalforvaltning AS grew its position in shares of Ingevity by 2.1% in the 1st quarter. KLP Kapitalforvaltning AS now owns 122,300 shares of the company's stock worth $4,842,000 after buying an additional 2,500 shares during the last quarter. 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.