Ingevity (NYSE:NGVT) PT Raised to $58.00 at Oppenheimer

Ingevity (NYSE:NGVT) had its price objective boosted by equities research analysts at Oppenheimer from $50.00 to $58.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Oppenheimer’s price target points to a potential upside of 8.29% from the company’s previous close.

Several other research firms have also issued reports on NGVT. Jefferies Financial Group raised Ingevity from a “hold” rating to a “buy” rating and increased their target price for the stock from $52.00 to $62.00 in a report on Monday, April 22nd. Wells Fargo & Company raised their target price on shares of Ingevity from $43.00 to $50.00 and gave the company an “equal weight” rating in a report on Friday, February 23rd. Five analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, Ingevity currently has an average rating of “Hold” and a consensus price target of $52.50.

Ingevity Price Performance

Shares of NGVT stock traded down $1.24 on Thursday, reaching $53.56. The stock had a trading volume of 374,454 shares, compared to its average volume of 221,028. Ingevity has a 12 month low of $36.66 and a 12 month high of $68.11. The firm’s 50-day moving average is $46.99 and its two-hundred day moving average is $44.16. The company has a quick ratio of 0.96, a current ratio of 1.90 and a debt-to-equity ratio of 2.48.

Ingevity (NYSE:NGVT) last announced its quarterly earnings results on Wednesday, May 1st. The company reported $0.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.15. The business had revenue of $340.10 million during the quarter, compared to the consensus estimate of $319.15 million. Ingevity had a positive return on equity of 18.65% and a negative net margin of 6.84%. The company’s quarterly revenue was down 13.4% on a year-over-year basis. During the same quarter last year, the firm posted $1.09 EPS. On average, equities research analysts predict that Ingevity will post 3.69 earnings per share for the current year.

Institutional Investors Weigh In On Ingevity

A number of hedge funds and other institutional investors have recently bought and sold shares of NGVT. New York State Common Retirement Fund increased its position in shares of Ingevity by 3.2% in the fourth quarter. New York State Common Retirement Fund now owns 184,783 shares of the company’s stock worth $8,725,000 after purchasing an additional 5,771 shares during the last quarter. Assenagon Asset Management S.A. bought a new position in shares of Ingevity during the fourth quarter valued at approximately $2,530,000. Wedge Capital Management L L P NC lifted its position in shares of Ingevity by 28.3% in the 4th quarter. Wedge Capital Management L L P NC now owns 137,106 shares of the company’s stock worth $6,474,000 after purchasing an additional 30,201 shares during the period. Rice Hall James & Associates LLC lifted its holdings in Ingevity by 11.5% in the third quarter. Rice Hall James & Associates LLC now owns 410,033 shares of the company’s stock worth $19,522,000 after buying an additional 42,408 shares during the period. Finally, First Hawaiian Bank boosted its position 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 purchasing an additional 250 shares in 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.