Ingevity (NYSE:NGVT) Cut to “Buy” at Wall Street Zen

Wall Street Zen lowered shares of Ingevity (NYSE:NGVT) from a strong-buy rating to a buy rating in a research report sent to investors on Saturday morning.

A number of other equities research analysts have also issued reports on NGVT. BMO Capital Markets increased their target price on Ingevity from $64.00 to $70.00 and gave the company an “outperform” rating in a research note on Wednesday, December 10th. Zacks Research upgraded Ingevity to a “hold” rating in a report on Tuesday, December 16th. Wells Fargo & Company increased their price objective on shares of Ingevity from $60.00 to $65.00 and gave the company an “equal weight” rating in a research report on Wednesday, January 28th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Ingevity in a research note on Thursday, January 22nd. One investment analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Ingevity currently has a consensus rating of “Hold” and a consensus price target of $67.50.

Ingevity Stock Down 2.1%

Shares of Ingevity stock opened at $70.65 on Friday. Ingevity has a twelve month low of $28.49 and a twelve month high of $77.46. The stock has a market cap of $2.54 billion, a price-to-earnings ratio of -38.82 and a beta of 1.34. The company has a current ratio of 1.27, a quick ratio of 0.80 and a debt-to-equity ratio of 8.39. The company has a fifty day moving average price of $66.24 and a 200 day moving average price of $58.69.

Hedge Funds Weigh In On Ingevity

A number of institutional investors have recently made changes to their positions in NGVT. Global Retirement Partners LLC acquired a new stake in shares of Ingevity during the fourth quarter worth approximately $27,000. Oakworth Capital Inc. acquired a new stake in Ingevity in the third quarter valued at $28,000. Meeder Asset Management Inc. bought a new position in Ingevity during the 4th quarter valued at $33,000. 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 in the last quarter. Finally, Headlands Technologies LLC acquired a new position in Ingevity during the 2nd quarter worth $46,000. 91.59% of the stock is owned by institutional investors and hedge funds.

About Ingevity

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.