Zacks Investment Research cut shares of Ingevity (NYSE:NGVT) from a buy rating to a hold rating in a research report report published on Tuesday.

According to Zacks, “Earnings estimates for Ingevity for the fourth quarter and full year 2018 have been stable lately. Ingevity has outperformed the industry it belongs to over a year. 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.”

NGVT has been the topic of several other reports. ValuEngine lowered Ingevity from a buy rating to a hold rating in a research report on Tuesday, October 16th. Oppenheimer set a $110.00 target price on Ingevity and gave the company a buy rating in a research report on Monday, December 10th. Jefferies Financial Group set a $68.00 target price on Ingevity and gave the company a buy rating in a research report on Thursday, December 20th. Loop Capital set a $95.00 price target on Ingevity and gave the company a hold rating in a research note on Thursday, December 13th. Finally, Stifel Nicolaus initiated coverage on Ingevity in a research note on Monday, December 10th. They set a hold rating and a $84.00 price target on the stock. Five equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The company has an average rating of Buy and a consensus price target of $95.33.

Shares of NYSE:NGVT opened at $92.17 on Tuesday. Ingevity has a 1 year low of $66.57 and a 1 year high of $106.59. The stock has a market cap of $4.03 billion, a P/E ratio of 35.72, a price-to-earnings-growth ratio of 1.71 and a beta of 1.55. The company has a current ratio of 2.34, a quick ratio of 1.26 and a debt-to-equity ratio of 2.31.

A number of institutional investors have recently bought and sold shares of the business. BlackRock Inc. boosted its stake in shares of Ingevity by 1.8% in the third quarter. BlackRock Inc. now owns 6,092,914 shares of the company’s stock worth $620,747,000 after buying an additional 106,954 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Ingevity by 1.8% in the third quarter. Vanguard Group Inc. now owns 4,339,656 shares of the company’s stock worth $442,125,000 after buying an additional 78,496 shares during the last quarter. Vanguard Group Inc boosted its stake in shares of Ingevity by 1.8% in the third quarter. Vanguard Group Inc now owns 4,339,656 shares of the company’s stock worth $442,125,000 after buying an additional 78,496 shares during the last quarter. Wells Fargo & Company MN boosted its stake in shares of Ingevity by 732.8% in the third quarter. Wells Fargo & Company MN now owns 776,899 shares of the company’s stock worth $79,150,000 after buying an additional 683,611 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA boosted its stake in shares of Ingevity by 15.7% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 758,585 shares of the company’s stock worth $63,486,000 after buying an additional 103,164 shares during the last quarter. Institutional investors and hedge funds own 92.94% of the company’s stock.

About Ingevity

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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