Ingevity (NYSE:NGVT) PT Raised to $56.00 at Loop Capital

Ingevity (NYSE:NGVT) had its price objective raised by research analysts at Loop Capital from $49.00 to $56.00 in a note issued to investors on Tuesday, Benzinga reports. The brokerage currently has a “hold” rating on the stock. Loop Capital’s price objective would indicate a potential upside of 3.97% from the stock’s previous close.

Several other research analysts have also commented on NGVT. Jefferies Financial Group upgraded shares of Ingevity from a “hold” rating to a “buy” rating and increased their price target for the stock from $52.00 to $62.00 in a research note on Monday, April 22nd. Oppenheimer raised their price objective on shares of Ingevity from $50.00 to $58.00 and gave the company an “outperform” rating in a research report on Thursday, May 2nd. Finally, Wells Fargo & Company boosted their price objective on shares of Ingevity from $43.00 to $50.00 and gave the company an “equal weight” rating in a report on Friday, February 23rd. Five investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, Ingevity has a consensus rating of “Hold” and an average price target of $53.00.

Ingevity Stock Performance

Shares of NYSE:NGVT traded up $0.01 during trading on Tuesday, reaching $53.86. The company had a trading volume of 54,591 shares, compared to its average volume of 229,343. The stock’s fifty day moving average price is $47.10 and its 200 day moving average price is $44.29. The company has a debt-to-equity ratio of 2.48, a current ratio of 1.90 and a quick ratio of 0.98. The firm has a market capitalization of $1.96 billion, a price-to-earnings ratio of -17.27 and a beta of 1.79. Ingevity has a fifty-two week low of $36.66 and a fifty-two week high of $66.18.

Ingevity (NYSE:NGVT) last released its quarterly earnings results on Wednesday, May 1st. The company reported $0.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.37 by $0.15. Ingevity had a negative net margin of 6.84% and a positive return on equity of 18.65%. The firm had revenue of $340.10 million for the quarter, compared to the consensus estimate of $319.15 million. During the same quarter in the previous year, the firm posted $1.09 EPS. The firm’s quarterly revenue was down 13.4% on a year-over-year basis. As a group, equities research analysts predict that Ingevity will post 3.78 EPS for the current year.

Hedge Funds Weigh In On Ingevity

Large investors have recently modified their holdings of the company. TFO Wealth Partners LLC grew its position in Ingevity by 40,750.0% during the fourth quarter. TFO Wealth Partners LLC now owns 817 shares of the company’s stock worth $39,000 after buying an additional 815 shares in the last quarter. GAMMA Investing LLC purchased a new stake in Ingevity in the fourth quarter worth $41,000. Principal Securities Inc. bought a new stake in Ingevity in the fourth quarter worth $67,000. Quadrant Capital Group LLC boosted its position in Ingevity by 207.9% in the fourth quarter. Quadrant Capital Group LLC now owns 2,075 shares of the company’s stock worth $98,000 after purchasing an additional 1,401 shares during the last quarter. Finally, Mackenzie Financial Corp purchased a new stake in shares of Ingevity in the 4th quarter worth $208,000. 91.59% of the stock is currently owned by institutional investors.

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.