Ingevity (NYSE:NGVT) Given New $58.00 Price Target at Oppenheimer

Ingevity (NYSE:NGVT - Get Free Report) had its target price boosted by equities research analysts at Oppenheimer from $50.00 to $58.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The firm presently has an "outperform" rating on the stock. Oppenheimer's price target indicates a potential upside of 5.84% from the company's current price.

Several other analysts have also issued reports on the company. Wells Fargo & Company upped their target price on Ingevity from $43.00 to $50.00 and gave the stock an "equal weight" rating in a research note on Friday, February 23rd. Jefferies Financial Group raised Ingevity from a "hold" rating to a "buy" rating and upped their target price for the stock from $52.00 to $62.00 in a research note on Monday, April 22nd. Five investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $52.50.

Ingevity Price Performance

Shares of NGVT stock traded up $2.91 during trading on Thursday, hitting $54.80. The company had a trading volume of 642,072 shares, compared to its average volume of 230,031. The company has a quick ratio of 0.96, a current ratio of 1.81 and a debt-to-equity ratio of 2.19. The stock's 50-day moving average is $46.75 and its two-hundred day moving average is $44.00. The stock has a market capitalization of $1.99 billion, a price-to-earnings ratio of -235.77 and a beta of 1.79. Ingevity has a 52 week low of $36.66 and a 52 week high of $72.41.

Ingevity (NYSE:NGVT - Get Free Report) last posted its quarterly earnings data on Wednesday, May 1st. The company reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.15. The company had revenue of $340.10 million for the quarter, compared to analysts' expectations of $319.15 million. Ingevity had a negative net margin of 0.32% and a positive return on equity of 20.75%. Ingevity's revenue for the quarter was down 13.4% compared to the same quarter last year. During the same period in the prior year, the business earned $1.09 earnings per share. As a group, analysts predict that Ingevity will post 3.69 EPS for the current fiscal year.

Institutional Trading of Ingevity

Institutional investors have recently made changes to their positions in the stock. Assenagon Asset Management S.A. purchased a new stake in shares of Ingevity during the fourth quarter valued at approximately $2,530,000. Wedge Capital Management L L P NC boosted its stake in shares of Ingevity by 28.3% during the fourth quarter. Wedge Capital Management L L P NC now owns 137,106 shares of the company's stock valued at $6,474,000 after purchasing an additional 30,201 shares during the period. Rice Hall James & Associates LLC boosted its stake in shares of Ingevity by 11.5% during the third quarter. Rice Hall James & Associates LLC now owns 410,033 shares of the company's stock valued at $19,522,000 after purchasing an additional 42,408 shares during the period. First Hawaiian Bank raised its holdings in shares of Ingevity by 2.5% during the fourth quarter. First Hawaiian Bank now owns 10,160 shares of the company's stock valued at $480,000 after acquiring an additional 250 shares in the last quarter. Finally, Victory Capital Management Inc. raised its holdings in shares of Ingevity by 2.7% during the third quarter. Victory Capital Management Inc. now owns 1,176,836 shares of the company's stock valued at $56,029,000 after acquiring an additional 30,632 shares in the last quarter. Hedge funds and other institutional investors own 91.59% of the company's stock.

Ingevity Company Profile

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.