Wall Street Zen Downgrades Ingevity (NYSE:NGVT) to Buy

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

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

Ingevity Stock Performance

NYSE:NGVT opened at $72.20 on Friday. The company has a market cap of $2.60 billion, a price-to-earnings ratio of -39.67 and a beta of 1.34. The company has a fifty day simple moving average of $65.98 and a two-hundred day simple moving average of $58.55. Ingevity has a 52 week low of $28.49 and a 52 week high of $77.46. The company has a quick ratio of 0.80, a current ratio of 1.27 and a debt-to-equity ratio of 8.39.

Institutional Trading of Ingevity

Several hedge funds and other institutional investors have recently bought and sold shares of NGVT. Global Retirement Partners LLC purchased a new stake in Ingevity in the 4th quarter valued at about $27,000. Oakworth Capital Inc. acquired a new stake in shares of Ingevity in the third quarter worth $28,000. Meeder Asset Management Inc. purchased a new position in Ingevity in the fourth quarter valued at about $33,000. Geneos Wealth Management Inc. lifted its position in Ingevity by 85.8% during the 2nd quarter. Geneos Wealth Management Inc. now owns 838 shares of the company’s stock worth $36,000 after acquiring an additional 387 shares in the last quarter. Finally, Headlands Technologies LLC acquired a new position in shares of Ingevity during the second quarter worth $46,000. 91.59% of the stock is owned by hedge funds and other institutional investors.

About Ingevity

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.