Ingevity (NYSE:NGVT) Hits New 1-Year Low at $33.73

Ingevity Co. (NYSE:NGVT) shares reached a new 52-week low during mid-day trading on Monday . The stock traded as low as $33.73 and last traded at $33.76, with a volume of 101923 shares traded. The stock had previously closed at $35.61.

Analyst Ratings Changes

Several brokerages recently commented on NGVT. Jefferies Financial Group upgraded Ingevity from a “hold” rating to a “buy” rating and raised their target price for the company from $52.00 to $62.00 in a report on Monday, April 22nd. Loop Capital upped their target price on shares of Ingevity from $49.00 to $56.00 and gave the company a “hold” rating in a research note on Tuesday, May 7th. Wells Fargo & Company decreased their price objective on shares of Ingevity from $45.00 to $40.00 and set an “equal weight” rating for the company in a research report on Monday, August 5th. CJS Securities raised Ingevity from a “market perform” rating to an “outperform” rating and set a $58.00 target price on the stock in a research report on Wednesday, August 7th. Finally, BMO Capital Markets reduced their price target on Ingevity from $45.00 to $42.00 and set a “market perform” rating for the company in a report on Monday, August 5th. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $51.33.

Ingevity Price Performance

The business has a 50 day simple moving average of $43.75 and a 200-day simple moving average of $46.23. The company has a market capitalization of $1.26 billion, a P/E ratio of -11.12 and a beta of 1.66. The company has a quick ratio of 0.98, a current ratio of 1.92 and a debt-to-equity ratio of 4.92.

Ingevity (NYSE:NGVT) last announced its quarterly earnings results on Wednesday, July 31st. The company reported $1.01 EPS for the quarter, missing the consensus estimate of $1.05 by ($0.04). Ingevity had a negative net margin of 27.85% and a positive return on equity of 19.59%. The firm had revenue of $390.60 million during the quarter, compared to analyst estimates of $407.58 million. During the same quarter in the previous year, the business posted $1.41 EPS. Ingevity’s revenue for the quarter was down 18.9% compared to the same quarter last year. Analysts predict that Ingevity Co. will post 3.47 EPS for the current fiscal year.

Institutional Investors Weigh In On Ingevity

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Louisiana State Employees Retirement System bought a new stake in shares of Ingevity in the 4th quarter worth approximately $798,000. Mackenzie Financial Corp acquired a new stake in shares of Ingevity during the 4th quarter valued at $208,000. Jennison Associates LLC raised its position in shares of Ingevity by 1.3% during the fourth quarter. Jennison Associates LLC now owns 19,588 shares of the company’s stock worth $925,000 after purchasing an additional 249 shares during the period. Wedge Capital Management L L P NC raised its holdings in Ingevity by 28.3% during the 4th quarter. Wedge Capital Management L L P NC now owns 137,106 shares of the company’s stock worth $6,474,000 after buying an additional 30,201 shares during the period. Finally, New York State Common Retirement Fund lifted its position in shares of Ingevity by 3.2% in the 4th quarter. New York State Common Retirement Fund now owns 184,783 shares of the company’s stock valued at $8,725,000 after acquiring an additional 5,771 shares in the last quarter. Institutional investors 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.