Ingevity (NYSE:NGVT) Stock Rating Cut to Hold at Wall Street Zen

Wall Street Zen lowered shares of Ingevity (NYSE:NGVT) from a buy rating to a hold rating in a report released on Saturday,Wall Street Zen reports.

Separately, Weiss Ratings lowered Ingevity from a “hold (c)” rating to a “hold (c-)” rating in a research note on Friday, October 23rd. Two equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, Ingevity currently has an average rating of “Hold” and a consensus target price of $80.00.

Ingevity Stock Down 5.7%

Ingevity stock opened at $60.05 on Friday. The firm has a 50 day simple moving average of $70.39 and a 200 day simple moving average of $71.24. The company has a current ratio of 1.48, a quick ratio of 1.15 and a debt-to-equity ratio of 15.70. Ingevity has a 1-year low of $45.85 and a 1-year high of $79.29. The firm has a market capitalization of $2.06 billion, a price-to-earnings ratio of 35.33 and a beta of 1.12.

Ingevity (NYSE:NGVT) last posted its earnings results on Wednesday, November 4th. The company reported $1.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.56 by $0.07. The firm had revenue of $305.10 million for the quarter, compared to the consensus estimate of $303.91 million. Ingevity had a return on equity of 405.38% and a net margin of 5.28%. On average, analysts predict that Ingevity will post 5.40 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO David Li sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $75.83, for a total transaction of $379,150.00. Following the completion of the transaction, the chief executive officer owned 120,636 shares of the company’s stock, valued at approximately $9,147,827.88. The trade was a 3.98% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 15,092 shares of company stock worth $1,147,773 over the last three months. 0.88% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Assetmark Inc. lifted its position in Ingevity by 9.6% in the 1st quarter. Assetmark Inc. now owns 1,584 shares of the company’s stock valued at $113,000 after acquiring an additional 139 shares in the last quarter. Frazier Financial Advisors LLC purchased a new stake in Ingevity during the 2nd quarter valued at $37,000. Nisa Investment Advisors LLC boosted its stake in Ingevity by 13.5% during the 3rd quarter. Nisa Investment Advisors LLC now owns 4,228 shares of the company’s stock valued at $299,000 after purchasing an additional 503 shares during the last quarter. Lazard Asset Management LLC increased its holdings in shares of Ingevity by 6.3% in the 1st quarter. Lazard Asset Management LLC now owns 9,262 shares of the company’s stock worth $660,000 after purchasing an additional 549 shares in the last quarter. Finally, Global Retirement Partners LLC bought a new stake in shares of Ingevity in the 2nd quarter worth $45,000. 91.59% of the stock is owned by institutional investors.

Ingevity Company Profile

Ingevity Corporation (NYSE: NGVT) is a specialty chemicals and materials company that develops products designed to improve performance, efficiency, and sustainability across a range of industrial and consumer applications. Its offerings serve markets including automotive, transportation, agriculture, coatings, adhesives, pavement markings, and industrial manufacturing.

The company is best known for activated carbon products used in automotive vapor-emission control systems, where they help capture fuel vapors and reduce emissions.