Wells Fargo & Company Raises Ingevity (NYSE:NGVT) Price Target to $48.00

Ingevity (NYSE:NGVT - Get Free Report) had its target price hoisted by Wells Fargo & Company from $38.00 to $48.00 in a report released on Monday,Benzinga reports. The brokerage currently has an "equal weight" rating on the stock. Wells Fargo & Company's price target would suggest a potential upside of 1.89% from the company's previous close.

Separately, Wall Street Zen raised shares of Ingevity from a "buy" rating to a "strong-buy" rating in a report on Friday, June 6th. One investment analyst has rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus price target of $55.25.

Ingevity Price Performance

Ingevity stock opened at $47.11 on Monday. The stock's fifty day moving average price is $42.75 and its two-hundred day moving average price is $41.50. Ingevity has a one year low of $28.49 and a one year high of $51.67. 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 firm has a market cap of $1.72 billion, a PE ratio of -4.85 and a beta of 1.38.

Ingevity (NYSE:NGVT - Get Free Report) last issued its earnings results on Wednesday, May 7th. The company reported $0.99 earnings per share for the quarter, beating analysts' consensus estimates of $0.74 by $0.25. The firm had revenue of $284.00 million for the quarter, compared to the consensus estimate of $299.13 million. Ingevity had a positive return on equity of 63.76% and a negative net margin of 26.20%. The company's revenue was down 16.5% compared to the same quarter last year. During the same quarter last year, the business posted $0.47 EPS. As a group, research analysts expect that Ingevity will post 4.45 EPS for the current fiscal year.

Institutional Trading of Ingevity

Several hedge funds have recently made changes to their positions in NGVT. GAMMA Investing LLC grew its holdings in shares of Ingevity by 119.1% during the first quarter. GAMMA Investing LLC now owns 1,137 shares of the company's stock valued at $45,000 after buying an additional 618 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S raised its position in shares of Ingevity by 21.6% during the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 1,670 shares of the company's stock worth $66,000 after purchasing an additional 297 shares during the last quarter. Empowered Funds LLC grew its stake in Ingevity by 12.9% during the 1st quarter. Empowered Funds LLC now owns 5,181 shares of the company's stock valued at $205,000 after acquiring an additional 594 shares in the last quarter. O Shaughnessy Asset Management LLC purchased a new stake in Ingevity during the 4th quarter valued at about $214,000. Finally, Teacher Retirement System of Texas purchased a new stake in shares of Ingevity in the 4th quarter valued at approximately $237,000. 91.59% of the stock is currently owned by hedge funds and other institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.