Ingevity (NYSE:NGVT) Given New $60.00 Price Target at Wells Fargo & Company

Ingevity (NYSE:NGVT) had its price target lifted by Wells Fargo & Company from $55.00 to $60.00 in a report published on Friday morning,Benzinga reports. They currently have an equal weight rating on the stock.

A number of other research analysts have also commented on NGVT. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Ingevity in a research report on Wednesday, October 8th. Zacks Research upgraded Ingevity to a “hold” rating in a research note on Tuesday. Wall Street Zen downgraded Ingevity from a “strong-buy” rating to a “buy” rating in a research report on Saturday, December 6th. Finally, BMO Capital Markets lifted their price objective on Ingevity from $64.00 to $70.00 and gave the stock an “outperform” rating in a report on Wednesday, December 10th. One research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $65.00.

Ingevity Stock Down 1.6%

NGVT opened at $58.62 on Friday. The business has a 50 day moving average of $53.47 and a 200-day moving average of $51.31. The stock has a market capitalization of $2.11 billion, a price-to-earnings ratio of -32.21 and a beta of 1.40. The company has a current ratio of 1.27, a quick ratio of 0.80 and a debt-to-equity ratio of 8.39. Ingevity has a 1-year low of $28.49 and a 1-year high of $61.77.

Ingevity (NYSE:NGVT) last announced its earnings results on Friday, March 24th. The company reported $0.78 earnings per share (EPS) for the quarter. Ingevity had a negative net margin of 5.14% and a positive return on equity of 103.69%. The business had revenue of $336.00 million for the quarter. As a group, sell-side analysts anticipate that Ingevity will post 4.45 earnings per share for the current year.

Hedge Funds Weigh In On Ingevity

A number of hedge funds have recently modified their holdings of NGVT. Vision One Management Partners LP raised its position in Ingevity by 1.6% in the 1st quarter. Vision One Management Partners LP now owns 417,178 shares of the company’s stock valued at $16,516,000 after purchasing an additional 6,500 shares during the last quarter. Range Financial Group LLC acquired a new stake in shares of Ingevity in the second quarter valued at $1,326,000. Teacher Retirement System of Texas raised its holdings in shares of Ingevity by 82.1% in the second quarter. Teacher Retirement System of Texas now owns 36,312 shares of the company’s stock valued at $1,565,000 after buying an additional 16,366 shares during the last quarter. Nuveen LLC acquired a new position in Ingevity during the 1st quarter worth about $4,228,000. Finally, Simcoe Capital Management LLC bought a new stake in Ingevity during the 1st quarter worth about $8,568,000. 91.59% of the stock is owned by institutional investors and hedge funds.

Ingevity Company Profile

Ingevity Corporation, traded as NGVT, is a specialty chemicals and performance materials company headquartered in North Charleston, South Carolina. The company operates two primary business units: Performance Chemicals and Performance Materials. The Performance Chemicals segment produces and markets specialty chemicals derived largely from wood and other natural feedstocks, including rosin acids, tall oil fatty acids and esters, as well as specialty petroleum resins. These products serve a broad range of industries, including paper, adhesives, coatings, oilfield drilling and consumer goods.

The Performance Materials segment develops and manufactures activated carbon products and composites for applications such as automotive emissions control, industrial air and water purification, and spill containment.