Wells Fargo & Company Forecasts Strong Price Appreciation for Ingevity (NYSE:NGVT) Stock

Ingevity (NYSE:NGVT) had its price target raised by analysts at Wells Fargo & Company from $32.00 to $38.00 in a report issued on Wednesday, Marketbeat.com reports. The firm presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s target price points to a potential downside of 5.63% from the company’s current price.

Several other equities analysts have also recently commented on the stock. BMO Capital Markets raised shares of Ingevity from a “market perform” rating to an “outperform” rating and raised their price target for the company from $62.00 to $65.00 in a research report on Wednesday, February 26th. StockNews.com cut Ingevity from a “buy” rating to a “hold” rating in a research note on Saturday, April 12th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $52.75.

Ingevity Trading Up 2.6 %

Shares of NYSE NGVT opened at $40.27 on Wednesday. The company has a current ratio of 1.87, a quick ratio of 1.04 and a debt-to-equity ratio of 6.86. The stock has a market capitalization of $1.47 billion, a PE ratio of -3.40 and a beta of 1.31. Ingevity has a twelve month low of $28.49 and a twelve month high of $56.28. The stock has a fifty day simple moving average of $37.67 and a 200-day simple moving average of $41.73.

Ingevity (NYSE:NGVT) last released its earnings results on Wednesday, May 7th. The company reported $0.99 earnings per share for the quarter, beating the consensus estimate of $0.74 by $0.25. The company had revenue of $284.00 million during the quarter, compared to the consensus estimate of $299.13 million. Ingevity had a positive return on equity of 41.44% and a negative net margin of 30.60%. Ingevity’s revenue was down 16.5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.47 EPS. On average, equities analysts forecast that Ingevity will post 4.45 earnings per share for the current year.

Hedge Funds Weigh In On Ingevity

A number of institutional investors and hedge funds have recently modified their holdings of the company. Wellington Management Group LLP boosted its position in shares of Ingevity by 5.4% during the 4th quarter. Wellington Management Group LLP now owns 2,239,970 shares of the company’s stock worth $91,279,000 after acquiring an additional 115,581 shares in the last quarter. American Century Companies Inc. increased its stake in Ingevity by 37.7% in the fourth quarter. American Century Companies Inc. now owns 1,457,365 shares of the company’s stock valued at $59,388,000 after purchasing an additional 398,800 shares during the last quarter. Segall Bryant & Hamill LLC raised its holdings in Ingevity by 8.6% during the fourth quarter. Segall Bryant & Hamill LLC now owns 1,287,281 shares of the company’s stock worth $52,457,000 after purchasing an additional 101,866 shares in the last quarter. Royce & Associates LP lifted its position in shares of Ingevity by 5.8% during the 1st quarter. Royce & Associates LP now owns 1,208,445 shares of the company’s stock worth $47,842,000 after buying an additional 65,847 shares during the last quarter. Finally, Millennium Management LLC boosted its holdings in shares of Ingevity by 5.0% in the 4th quarter. Millennium Management LLC now owns 1,135,231 shares of the company’s stock valued at $46,261,000 after buying an additional 53,807 shares in the last quarter. Institutional investors and hedge funds 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.