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

Ingevity (NYSE:NGVT) had its target price hoisted by analysts at Wells Fargo & Company from $52.00 to $55.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price objective points to a potential upside of 10.90% from the company’s current price.

Several other research analysts have also weighed in on NGVT. Weiss Ratings reissued a “sell (d-)” rating on shares of Ingevity in a report on Wednesday, October 8th. Wall Street Zen raised Ingevity from a “buy” rating to a “strong-buy” rating in a research note on Saturday, August 9th. Finally, BMO Capital Markets boosted their price target on shares of Ingevity from $62.00 to $68.00 and gave the stock an “outperform” rating in a research report on Friday, September 5th. One analyst has rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Ingevity has a consensus rating of “Hold” and a consensus target price of $61.50.

Ingevity Trading Up 0.1%

Shares of NYSE:NGVT traded up $0.07 during trading on Wednesday, reaching $49.60. 31,124 shares of the stock were exchanged, compared to its average volume of 253,401. Ingevity has a 12-month low of $28.49 and a 12-month high of $60.77. The firm’s 50-day moving average price is $55.21 and its 200 day moving average price is $48.84. The firm has a market cap of $1.81 billion, a price-to-earnings ratio of -8.29 and a beta of 1.45. The company has a debt-to-equity ratio of 10.24, a quick ratio of 0.80 and a current ratio of 1.36.

Ingevity (NYSE:NGVT) last announced its quarterly earnings results on Friday, March 24th. The company reported $0.78 earnings per share (EPS) for the quarter. The firm had revenue of $336.00 million during the quarter. Ingevity had a positive return on equity of 84.92% and a negative net margin of 16.35%. On average, sell-side analysts anticipate that Ingevity will post 4.45 earnings per share for the current fiscal year.

Institutional Trading of Ingevity

Several hedge funds and other institutional investors have recently bought and sold shares of NGVT. Oakworth Capital Inc. acquired a new stake in Ingevity during the third quarter worth $28,000. Geneos Wealth Management Inc. grew its holdings in Ingevity by 85.8% during the 2nd quarter. Geneos Wealth Management Inc. now owns 838 shares of the company’s stock worth $36,000 after acquiring an additional 387 shares during the last quarter. Headlands Technologies LLC acquired a new position in Ingevity during the 2nd quarter worth $46,000. Elevation Point Wealth Partners LLC acquired a new position in shares of Ingevity during the second quarter valued at $60,000. Finally, BI Asset Management Fondsmaeglerselskab A S grew its position in shares of Ingevity by 21.6% during the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 1,670 shares of the company’s stock worth $66,000 after buying an additional 297 shares during the period. 91.59% of the stock is currently owned by institutional investors and hedge funds.

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.