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

Ingevity (NYSE:NGVT - Get Free Report) had its price target hoisted by analysts at Wells Fargo & Company from $38.00 to $48.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has an "equal weight" rating on the stock. Wells Fargo & Company's target price points to a potential upside of 3.90% from the company's current price.

Separately, Wall Street Zen upgraded Ingevity from a "buy" rating to a "strong-buy" rating in a research note on Friday, June 6th. One research analyst has rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Ingevity presently has a consensus rating of "Buy" and a consensus target price of $55.25.

Ingevity Stock Up 1.6%

NYSE:NGVT traded up $0.71 during midday trading on Monday, hitting $46.20. 77,005 shares of the company were exchanged, compared to its average volume of 274,987. The company has a fifty day simple moving average of $43.24 and a 200 day simple moving average of $41.60. Ingevity has a fifty-two week low of $28.49 and a fifty-two week high of $51.67. The company has a current ratio of 2.00, a quick ratio of 1.08 and a debt-to-equity ratio of 5.68. The company has a market capitalization of $1.68 billion, a PE ratio of -4.74 and a beta of 1.38.

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

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Wellington Management Group LLP grew its stake in shares of Ingevity by 2.6% in the 1st quarter. Wellington Management Group LLP now owns 2,299,312 shares of the company's stock valued at $91,030,000 after purchasing an additional 59,342 shares during the last quarter. American Century Companies Inc. increased its holdings in shares of Ingevity by 1.3% in the first quarter. American Century Companies Inc. now owns 1,476,748 shares of the company's stock valued at $58,464,000 after purchasing an additional 19,383 shares during the period. Segall Bryant & Hamill LLC increased its holdings in shares of Ingevity by 8.6% in the fourth quarter. Segall Bryant & Hamill LLC now owns 1,287,281 shares of the company's stock valued at $52,457,000 after purchasing an additional 101,866 shares during the period. Millennium Management LLC increased its holdings in shares of Ingevity by 8.0% in the first quarter. Millennium Management LLC now owns 1,226,189 shares of the company's stock valued at $48,545,000 after purchasing an additional 90,958 shares during the period. Finally, Royce & Associates LP increased its holdings in shares of Ingevity by 5.8% in the first quarter. Royce & Associates LP now owns 1,208,445 shares of the company's stock valued at $47,842,000 after purchasing an additional 65,847 shares during the period. 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.