Ingevity (NYSE:NGVT) Downgraded by Wall Street Zen to Buy

Wall Street Zen lowered shares of Ingevity (NYSE:NGVT) from a strong-buy rating to a buy rating in a report released on Saturday morning.

NGVT has been the topic of a number of other research reports. Wells Fargo & Company increased 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. BMO Capital Markets upped their price objective on Ingevity from $64.00 to $70.00 and gave the stock an “outperform” rating in a report on Wednesday, December 10th. Zacks Research upgraded Ingevity to a “hold” rating in a report on Tuesday, December 16th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Ingevity in a research note on Thursday, January 22nd. One analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $67.50.

Ingevity Stock Performance

NYSE NGVT opened at $72.20 on Friday. The business’s 50-day moving average price is $65.98 and its 200 day moving average price is $58.48. The company has a current ratio of 1.27, a quick ratio of 0.80 and a debt-to-equity ratio of 8.39. Ingevity has a twelve month low of $28.49 and a twelve month high of $77.46. The company has a market capitalization of $2.60 billion, a PE ratio of -39.67 and a beta of 1.34.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. AQR Capital Management LLC grew its stake in shares of Ingevity by 10.9% in the first quarter. AQR Capital Management LLC now owns 13,410 shares of the company’s stock valued at $518,000 after buying an additional 1,323 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Ingevity by 5.2% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 21,790 shares of the company’s stock worth $863,000 after acquiring an additional 1,080 shares during the period. Empowered Funds LLC grew its position in Ingevity by 12.9% in the first quarter. Empowered Funds LLC now owns 5,181 shares of the company’s stock valued at $205,000 after acquiring an additional 594 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Ingevity by 311.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 600,380 shares of the company’s stock valued at $23,769,000 after acquiring an additional 454,579 shares in the last quarter. Finally, Jane Street Group LLC raised its stake in shares of Ingevity by 306.1% during the first quarter. Jane Street Group LLC now owns 88,883 shares of the company’s stock valued at $3,519,000 after purchasing an additional 66,995 shares during the period. Institutional investors and hedge funds own 91.59% of the company’s stock.

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.