Ingevity (NYSE:NGVT) Reaches New 12-Month Low Following Analyst Downgrade

Ingevity Co. (NYSE:NGVT) shares hit a new 52-week low on Thursday after StockNews.com downgraded the stock from a buy rating to a hold rating. The company 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.

Other analysts also recently issued reports about the stock. BMO Capital Markets raised shares of Ingevity from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $62.00 to $65.00 in a research note on Wednesday, February 26th. Wells Fargo & Company decreased their price objective on Ingevity from $45.00 to $32.00 and set an “equal weight” rating on the stock in a report on Wednesday. Three analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $53.83.

Hedge Funds Weigh In On Ingevity

Several hedge funds and other institutional investors have recently modified their holdings of the company. KBC Group NV grew its stake in shares of Ingevity by 27.5% in the fourth quarter. KBC Group NV now owns 2,007 shares of the company’s stock worth $82,000 after purchasing an additional 433 shares during the last quarter. Empowered Funds LLC purchased a new stake in Ingevity in the 4th quarter worth approximately $187,000. O Shaughnessy Asset Management LLC purchased a new stake in Ingevity in the 4th quarter worth approximately $214,000. Teacher Retirement System of Texas bought a new stake in shares of Ingevity in the 4th quarter worth approximately $237,000. Finally, Hennion & Walsh Asset Management Inc. purchased a new position in shares of Ingevity during the fourth quarter valued at approximately $239,000. 91.59% of the stock is owned by institutional investors.

Ingevity Stock Performance

The business has a fifty day moving average of $42.19 and a 200 day moving average of $42.11. The company has a market cap of $1.16 billion, a P/E ratio of -2.70 and a beta of 1.54. The company has a quick ratio of 1.04, a current ratio of 1.87 and a debt-to-equity ratio of 6.86.

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

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.