Ingevity (NYSE:NGVT) PT Raised to $56.00 at Loop Capital

Ingevity (NYSE:NGVT) had its price target hoisted by research analysts at Loop Capital from $49.00 to $56.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The firm currently has a “hold” rating on the stock. Loop Capital’s price target would suggest a potential upside of 3.97% from the company’s current price.

Several other analysts have also issued reports on the company. Wells Fargo & Company upped their price objective on Ingevity from $43.00 to $50.00 and gave the company an “equal weight” rating in a research note on Friday, February 23rd. Oppenheimer upped their price objective on Ingevity from $50.00 to $58.00 and gave the company an “outperform” rating in a research note on Thursday, May 2nd. Finally, Jefferies Financial Group upgraded 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 research note on Monday, April 22nd. Five research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $53.00.

Ingevity Stock Performance

Shares of NYSE:NGVT traded up $0.01 during trading on Tuesday, hitting $53.86. 54,591 shares of the stock were exchanged, compared to its average volume of 229,343. The company’s fifty day simple moving average is $47.10 and its 200-day simple moving average is $44.29. The company has a debt-to-equity ratio of 2.48, a quick ratio of 0.98 and a current ratio of 1.90. The company has a market capitalization of $1.96 billion, a price-to-earnings ratio of -17.27 and a beta of 1.79. Ingevity has a 1-year low of $36.66 and a 1-year high of $66.18.

Ingevity (NYSE:NGVT) last released its earnings results on Wednesday, May 1st. The company reported $0.52 earnings per share for the quarter, topping analysts’ consensus estimates of $0.37 by $0.15. Ingevity had a positive return on equity of 18.65% and a negative net margin of 6.84%. The company had revenue of $340.10 million during the quarter, compared to the consensus estimate of $319.15 million. During the same quarter in the previous year, the company posted $1.09 earnings per share. The firm’s quarterly revenue was down 13.4% on a year-over-year basis. Sell-side analysts expect that Ingevity will post 3.78 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of NGVT. Victory Capital Management Inc. lifted its stake in shares of Ingevity by 57.6% in the 4th quarter. Victory Capital Management Inc. now owns 1,854,554 shares of the company’s stock valued at $87,572,000 after acquiring an additional 677,718 shares during the last quarter. First Eagle Investment Management LLC bought a new position in shares of Ingevity in the 3rd quarter worth about $7,463,000. Vanguard Group Inc. raised its position in shares of Ingevity by 4.3% in the 4th quarter. Vanguard Group Inc. now owns 3,743,322 shares of the company’s stock worth $176,760,000 after acquiring an additional 153,530 shares in the last quarter. Wellington Management Group LLP raised its position in shares of Ingevity by 3.9% in the 4th quarter. Wellington Management Group LLP now owns 2,148,379 shares of the company’s stock worth $101,446,000 after acquiring an additional 80,856 shares in the last quarter. Finally, American Century Companies Inc. raised its position in shares of Ingevity by 14.4% in the 3rd quarter. American Century Companies Inc. now owns 494,464 shares of the company’s stock worth $23,541,000 after acquiring an additional 62,418 shares in the last quarter. 91.59% of the stock is currently owned by institutional investors.

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.