Oppenheimer Raises Ingevity (NYSE:NGVT) Price Target to $58.00

Ingevity (NYSE:NGVT) had its price target upped by Oppenheimer from $50.00 to $58.00 in a research report report published on Thursday, Benzinga reports. They currently have an outperform rating on the stock.

NGVT has been the subject of several other research reports. Jefferies Financial Group raised Ingevity from a hold rating to a buy rating and raised their price target for the stock from $52.00 to $62.00 in a report on Monday, April 22nd. Wells Fargo & Company raised their price target on Ingevity from $43.00 to $50.00 and gave the stock an equal weight rating in a report on Friday, February 23rd. Five equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, Ingevity has a consensus rating of Hold and a consensus price target of $52.50.

Ingevity Price Performance

NGVT opened at $53.56 on Thursday. The business’s 50-day moving average is $46.99 and its two-hundred day moving average is $44.17. Ingevity has a 1 year low of $36.66 and a 1 year high of $68.11. The company has a debt-to-equity ratio of 2.48, a current ratio of 1.90 and a quick ratio of 0.96. The firm has a market capitalization of $1.94 billion, a PE ratio of -17.22 and a beta of 1.79.

Ingevity (NYSE:NGVT) last issued its quarterly earnings results on Wednesday, May 1st. The company reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.15. The business had revenue of $340.10 million during the quarter, compared to the consensus estimate of $319.15 million. Ingevity had a positive return on equity of 18.65% and a negative net margin of 6.84%. The company’s quarterly revenue was down 13.4% on a year-over-year basis. During the same quarter last year, the company earned $1.09 earnings per share. Research analysts anticipate that Ingevity will post 3.78 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Ingevity

A number of institutional investors and hedge funds have recently modified their holdings of the company. TFO Wealth Partners LLC lifted its holdings in Ingevity by 40,750.0% in the fourth quarter. TFO Wealth Partners LLC now owns 817 shares of the company’s stock valued at $39,000 after acquiring an additional 815 shares during the period. GAMMA Investing LLC acquired a new position in Ingevity in the fourth quarter valued at approximately $41,000. Principal Securities Inc. acquired a new position in Ingevity in the fourth quarter valued at approximately $67,000. Quadrant Capital Group LLC lifted its holdings in Ingevity by 207.9% in the fourth quarter. Quadrant Capital Group LLC now owns 2,075 shares of the company’s stock valued at $98,000 after acquiring an additional 1,401 shares during the period. Finally, Mackenzie Financial Corp acquired a new position in Ingevity in the fourth quarter valued at approximately $208,000. 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.