Ingevity (NYSE:NGVT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Friday.
According to Zacks, “Ingevity has outperformed the industry it belongs to over the past six months. The company is well placed to gain from the Georgia-Pacific’s pine chemicals business buyout. Moreover, positive developments in the U.S. drilling activity is expected to boost performance of its Performance Chemicals division. Shifting to high margin products along with improved TOFA pricing should also lend support to its margins. The company should also gain from the expected activated carbon demand growth based on early adoption by some regions in China. However, planned outages are likely to hurt Ingevity’s Performance Materials division. The company is also exposed to inflationary cost pressures. The company’s high debt level is another concern.”
Several other research analysts also recently commented on the company. Oppenheimer set a $110.00 price objective on Ingevity and gave the stock a “buy” rating in a report on Wednesday, November 14th. ValuEngine downgraded Ingevity from a “buy” rating to a “hold” rating in a report on Tuesday, October 16th. Berenberg Bank downgraded Ingevity from a “buy” rating to a “hold” rating and set a $110.00 price objective on the stock. in a report on Tuesday, October 2nd. Finally, Loop Capital set a $98.00 price objective on Ingevity and gave the stock a “hold” rating in a report on Thursday, August 16th. Four research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $103.50.
NGVT stock traded down $1.89 during mid-day trading on Friday, hitting $88.57. 115,271 shares of the stock were exchanged, compared to its average volume of 177,755. The company has a quick ratio of 1.26, a current ratio of 2.34 and a debt-to-equity ratio of 2.31. Ingevity has a 12 month low of $66.57 and a 12 month high of $106.59. The firm has a market cap of $3.99 billion, a P/E ratio of 34.33, a price-to-earnings-growth ratio of 2.06 and a beta of 1.48.
Ingevity (NYSE:NGVT) last issued its quarterly earnings results on Wednesday, October 24th. The company reported $1.16 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.04 by $0.12. Ingevity had a return on equity of 47.45% and a net margin of 15.53%. The firm had revenue of $311.20 million during the quarter, compared to analyst estimates of $305.50 million. As a group, research analysts expect that Ingevity will post 3.85 EPS for the current fiscal year.
A number of large investors have recently made changes to their positions in the stock. Greenwood Capital Associates LLC increased its holdings in Ingevity by 12.6% during the 2nd quarter. Greenwood Capital Associates LLC now owns 4,609 shares of the company’s stock valued at $373,000 after purchasing an additional 516 shares during the period. State Board of Administration of Florida Retirement System increased its holdings in Ingevity by 2.1% during the 2nd quarter. State Board of Administration of Florida Retirement System now owns 25,772 shares of the company’s stock valued at $2,084,000 after purchasing an additional 530 shares during the period. American International Group Inc. increased its holdings in Ingevity by 1.9% during the 3rd quarter. American International Group Inc. now owns 33,257 shares of the company’s stock valued at $3,388,000 after purchasing an additional 621 shares during the period. Alps Advisors Inc. increased its holdings in Ingevity by 4.5% during the 2nd quarter. Alps Advisors Inc. now owns 14,729 shares of the company’s stock valued at $1,191,000 after purchasing an additional 629 shares during the period. Finally, Metropolitan Life Insurance Co. NY increased its holdings in Ingevity by 5.3% during the 2nd quarter. Metropolitan Life Insurance Co. NY now owns 13,642 shares of the company’s stock valued at $1,103,000 after purchasing an additional 681 shares during the period. Institutional investors own 92.89% of the company’s stock.
Ingevity Corporation manufactures and sells specialty chemicals and carbon materials in the United States and internationally. The company operates through two segments, Performance Materials and Performance Chemicals. The Performance Materials segment engineers, manufactures, and sells wood-based chemically activated carbon products primarily for gasoline vapor emission control systems.
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