Ingevity (NYSE:NGVT) Hits New 52-Week Low After Analyst Downgrade

Shares of Ingevity Co. (NYSE:NGVT) reached a new 52-week low on Thursday after StockNews.com downgraded the stock from a buy rating to a hold rating. The stock traded as low as $28.49 and last traded at $33.30, with a volume of 428135 shares. The stock had previously closed at $29.88.

NGVT has been the subject of a number of other reports. Wells Fargo & Company reduced their price objective on shares of Ingevity from $45.00 to $32.00 and set an “equal weight” rating for the company in a research note on Wednesday. BMO Capital Markets raised Ingevity from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $62.00 to $65.00 in a report on Wednesday, February 26th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, Ingevity currently has a consensus rating of “Moderate Buy” and an average price target of $53.83.

Institutional Investors Weigh In On Ingevity

Several large investors have recently added to or reduced their stakes in the business. KBC Group NV raised its holdings in shares of Ingevity by 27.5% in the 4th quarter. KBC Group NV now owns 2,007 shares of the company’s stock valued at $82,000 after acquiring an additional 433 shares in the last quarter. Empowered Funds LLC bought a new position in shares of Ingevity in the fourth quarter worth approximately $187,000. O Shaughnessy Asset Management LLC bought a new position in shares of Ingevity in the fourth quarter worth approximately $214,000. Teacher Retirement System of Texas purchased a new stake in Ingevity in the fourth quarter valued at approximately $237,000. Finally, Hennion & Walsh Asset Management Inc. bought a new stake in Ingevity during the fourth quarter valued at approximately $239,000. Institutional investors own 91.59% of the company’s stock.

Ingevity Trading Up 2.1 %

The stock’s 50 day simple moving average is $42.19 and its 200 day simple moving average is $42.11. The firm has a market cap of $1.16 billion, a PE ratio of -2.70 and a beta of 1.54. The company has a debt-to-equity ratio of 6.86, a quick ratio of 1.04 and a current ratio of 1.87.

Ingevity (NYSE:NGVT) last announced its earnings results on Tuesday, February 18th. The company reported $0.95 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.66. Ingevity had a negative net margin of 30.60% and a positive return on equity of 41.44%. The company had revenue of $298.80 million during the quarter, compared to analyst estimates of $297.40 million. On average, sell-side analysts forecast that Ingevity Co. will post 4.45 earnings per share for the current fiscal year.

Ingevity Company Profile

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.