Ingevity (NYSE:NGVT) Shares Gap Down Following Analyst Downgrade

Ingevity Co. (NYSE:NGVT)’s share price gapped down prior to trading on Monday after BMO Capital Markets lowered their price target on the stock from $42.00 to $40.00. The stock had previously closed at $40.42, but opened at $39.28. BMO Capital Markets currently has a market perform rating on the stock. Ingevity shares last traded at $39.73, with a volume of 1,849 shares trading hands.

Several other equities research analysts have also recently issued reports on the stock. Oppenheimer lowered their target price on shares of Ingevity from $58.00 to $50.00 and set an “outperform” rating on the stock in a research note on Thursday, August 1st. CJS Securities upgraded shares of Ingevity from a “market perform” rating to an “outperform” rating and set a $58.00 price target on the stock in a research report on Wednesday, August 7th. Finally, Wells Fargo & Company cut their price objective on shares of Ingevity from $45.00 to $40.00 and set an “equal weight” 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 issued a buy rating to the stock. Based on data from MarketBeat.com, Ingevity currently has an average rating of “Hold” and an average price target of $51.00.

Institutional Investors Weigh In On Ingevity

Several hedge funds and other institutional investors have recently bought and sold shares of NGVT. Mesirow Institutional Investment Management Inc. acquired a new stake in shares of Ingevity during the 2nd quarter worth approximately $11,416,000. Millennium Management LLC grew its position in Ingevity by 46.9% in the second quarter. Millennium Management LLC now owns 504,552 shares of the company’s stock worth $22,054,000 after acquiring an additional 161,014 shares during the period. Vanguard Group Inc. increased its stake in Ingevity by 4.3% during the fourth quarter. Vanguard Group Inc. now owns 3,743,322 shares of the company’s stock worth $176,760,000 after acquiring an additional 153,530 shares during the last quarter. Burney Co. raised its position in Ingevity by 2,449.8% in the first quarter. Burney Co. now owns 112,268 shares of the company’s stock valued at $5,355,000 after purchasing an additional 107,865 shares during the period. Finally, Dimensional Fund Advisors LP lifted its stake in shares of Ingevity by 11.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 845,912 shares of the company’s stock valued at $36,977,000 after purchasing an additional 88,026 shares during the last quarter. 91.59% of the stock is currently owned by institutional investors and hedge funds.

Ingevity Trading Down 1.6 %

The firm has a market capitalization of $1.45 billion, a PE ratio of -12.85 and a beta of 1.62. The business has a fifty day moving average price of $38.83 and a two-hundred day moving average price of $44.26. The company has a current ratio of 1.92, a quick ratio of 1.07 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 earnings per share for the quarter, missing analysts’ consensus estimates 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 company had revenue of $390.60 million for the quarter, compared to analyst estimates of $407.58 million. During the same quarter in the prior year, the business earned $1.41 earnings per share. Ingevity’s revenue was down 18.9% on a year-over-year basis. Analysts expect that Ingevity Co. will post 2.63 EPS 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.