Ingevity (NYSE:NGVT) Stock Rating Lowered by Wall Street Zen

Ingevity (NYSE:NGVT) was downgraded by investment analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a research note issued to investors on Saturday.

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

Ingevity Trading Down 0.4%

Shares of NYSE NGVT opened at $72.20 on Friday. The company has a quick ratio of 0.80, a current ratio of 1.27 and a debt-to-equity ratio of 8.39. The stock’s 50 day moving average price is $65.98 and its two-hundred day moving average price is $58.42. Ingevity has a 52-week low of $28.49 and a 52-week high of $77.46. The stock has a market capitalization of $2.60 billion, a P/E ratio of -39.67 and a beta of 1.34.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Amalgamated Bank increased its stake in shares of Ingevity by 1.7% in the third quarter. Amalgamated Bank now owns 10,593 shares of the company’s stock valued at $585,000 after purchasing an additional 180 shares during the period. Wealth Enhancement Advisory Services LLC increased its position in Ingevity by 3.1% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 7,823 shares of the company’s stock valued at $418,000 after acquiring an additional 238 shares during the period. EverSource Wealth Advisors LLC increased its position in Ingevity by 15.7% in the 3rd quarter. EverSource Wealth Advisors LLC now owns 1,870 shares of the company’s stock valued at $103,000 after acquiring an additional 254 shares during the period. Advisory Services Network LLC raised its stake in Ingevity by 4.4% during the 3rd quarter. Advisory Services Network LLC now owns 6,947 shares of the company’s stock valued at $383,000 after acquiring an additional 293 shares in the last quarter. Finally, Amundi boosted its position in Ingevity by 4.8% during the 3rd quarter. Amundi now owns 6,626 shares of the company’s stock worth $364,000 after acquiring an additional 302 shares during the period. 91.59% of the stock is owned by institutional investors and hedge funds.

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.