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

Ingevity (NYSE:NGVT) had its price objective boosted by equities research analysts at Wells Fargo & Company from $55.00 to $60.00 in a report released on Friday,Benzinga reports. The firm presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s target price points to a potential upside of 2.36% from the stock’s previous close.

Several other research analysts have also recently weighed in on the stock. BMO Capital Markets boosted their price objective on shares of Ingevity from $64.00 to $70.00 and gave the company an “outperform” rating in a report on Wednesday, December 10th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Ingevity in a research report on Wednesday, October 8th. Zacks Research upgraded shares of Ingevity to a “hold” rating in a research note on Tuesday, December 16th. Finally, Wall Street Zen cut Ingevity from a “strong-buy” rating to a “buy” rating in a report on Saturday, December 6th. One investment analyst has rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Ingevity currently has a consensus rating of “Hold” and an average price target of $65.00.

Ingevity Trading Down 1.6%

Shares of NYSE:NGVT opened at $58.62 on Friday. The company has a debt-to-equity ratio of 8.39, a current ratio of 1.27 and a quick ratio of 0.80. Ingevity has a 1 year low of $28.49 and a 1 year high of $61.77. The company has a market cap of $2.11 billion, a P/E ratio of -32.21 and a beta of 1.40. The stock’s fifty day moving average price is $53.47 and its 200-day moving average price is $51.38.

Ingevity (NYSE:NGVT) last released its quarterly earnings data on Friday, March 24th. The company reported $0.78 EPS for the quarter. The company had revenue of $336.00 million during the quarter. Ingevity had a positive return on equity of 103.69% and a negative net margin of 5.14%. Sell-side analysts expect that Ingevity will post 4.45 earnings per share for the current year.

Institutional Investors Weigh In On Ingevity

Several hedge funds and other institutional investors have recently modified their holdings of NGVT. Wellington Management Group LLP lifted its position in shares of Ingevity by 2.6% in the first quarter. Wellington Management Group LLP now owns 2,299,312 shares of the company’s stock valued at $91,030,000 after acquiring an additional 59,342 shares in the last quarter. American Century Companies Inc. raised its stake in Ingevity by 15.6% during the 2nd quarter. American Century Companies Inc. now owns 1,707,273 shares of the company’s stock valued at $73,566,000 after purchasing an additional 230,525 shares during the period. Segall Bryant & Hamill LLC lifted its holdings in Ingevity by 1.2% in the 3rd quarter. Segall Bryant & Hamill LLC now owns 1,298,661 shares of the company’s stock worth $71,673,000 after purchasing an additional 15,451 shares in the last quarter. Millennium Management LLC boosted its stake in Ingevity by 8.0% in the 1st quarter. Millennium Management LLC now owns 1,226,189 shares of the company’s stock worth $48,545,000 after purchasing an additional 90,958 shares during the period. Finally, Simcoe Capital Management LLC grew its holdings in Ingevity by 49.4% during the 3rd quarter. Simcoe Capital Management LLC now owns 933,455 shares of the company’s stock valued at $51,517,000 after buying an additional 308,520 shares in the last quarter. 91.59% of the stock is currently owned by hedge funds and other institutional investors.

Ingevity Company Profile

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.