Ingevity (NYSE:NGVT) Cut to "Hold" at StockNews.com

StockNews.com downgraded shares of Ingevity (NYSE:NGVT - Free Report) from a buy rating to a hold rating in a research report sent to investors on Saturday.

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

Ingevity Price Performance

Shares of Ingevity stock traded up $0.25 during trading on Friday, hitting $31.32. 25,147 shares of the stock traded hands, compared to its average volume of 273,307. The firm's fifty day moving average is $41.47 and its 200-day moving average is $41.92. The stock has a market cap of $1.14 billion, a price-to-earnings ratio of -2.65 and a beta of 1.54. Ingevity has a 52 week low of $28.49 and a 52 week high of $56.30. 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 announced its quarterly earnings data on Tuesday, February 18th. The company reported $0.95 earnings per share 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 analyst estimates of $297.40 million. Research analysts expect that Ingevity will post 4.45 EPS for the current fiscal year.

Hedge Funds Weigh In On Ingevity

Several hedge funds and other institutional investors have recently modified their holdings of NGVT. Wealth Enhancement Advisory Services LLC boosted its position in Ingevity by 4.3% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 8,007 shares of the company's stock valued at $317,000 after acquiring an additional 333 shares in the last quarter. GAMMA Investing LLC lifted its stake in shares of Ingevity by 119.1% in the 1st quarter. GAMMA Investing LLC now owns 1,137 shares of the company's stock valued at $45,000 after purchasing an additional 618 shares during the period. NBC Securities Inc. boosted its position in shares of Ingevity by 112,655.6% during the first quarter. NBC Securities Inc. now owns 10,148 shares of the company's stock valued at $401,000 after purchasing an additional 10,139 shares in the last quarter. First Hawaiian Bank grew its stake in Ingevity by 19.6% in the first quarter. First Hawaiian Bank now owns 12,832 shares of the company's stock worth $508,000 after purchasing an additional 2,102 shares during the period. Finally, Wellington Management Group LLP raised 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 worth $91,279,000 after purchasing an additional 115,581 shares in the last quarter. 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.