Ingevity (NYSE:NGVT) Cut to Hold at Wall Street Zen

Wall Street Zen cut shares of Ingevity (NYSE:NGVT) from a buy rating to a hold rating in a research note issued to investors on Saturday,Wall Street Zen reports.

Separately, Weiss Ratings lowered shares of Ingevity from a “hold (c)” rating to a “hold (c-)” rating in a report on Friday, October 23rd. Two equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $80.00.

Ingevity Trading Up 4.2%

NYSE NGVT opened at $62.67 on Friday. The company has a market capitalization of $2.15 billion, a price-to-earnings ratio of 14.46 and a beta of 1.12. The company has a quick ratio of 1.15, a current ratio of 1.61 and a debt-to-equity ratio of 22.52. Ingevity has a twelve month low of $46.38 and a twelve month high of $79.29. The stock’s 50-day simple moving average is $70.25 and its two-hundred day simple moving average is $71.22.

Ingevity (NYSE:NGVT) last released its earnings results on Wednesday, November 4th. The company reported $1.63 earnings per share for the quarter, topping analysts’ consensus estimates of $1.56 by $0.07. The company had revenue of $305.10 million during the quarter, compared to the consensus estimate of $303.91 million. Ingevity had a return on equity of 469.87% and a net margin of 5.28%. Research analysts forecast that Ingevity will post 5.40 EPS for the current fiscal year.

Insider Buying and Selling at Ingevity

In other news, CEO David Li sold 5,000 shares of Ingevity stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $75.83, for a total transaction of $379,150.00. Following the sale, the chief executive officer owned 120,636 shares of the company’s stock, valued at approximately $9,147,827.88. The trade was a 3.98% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 15,092 shares of company stock worth $1,147,773. Insiders own 0.88% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. BlackRock Inc. purchased a new position in Ingevity during the second quarter valued at $400,545,000. Dimensional Fund Advisors LP lifted its stake in shares of Ingevity by 3.0% in the first quarter. Dimensional Fund Advisors LP now owns 798,709 shares of the company’s stock worth $56,889,000 after buying an additional 23,219 shares in the last quarter. Principal Financial Group Inc. lifted its position in Ingevity by 4.0% in the 1st quarter. Principal Financial Group Inc. now owns 678,037 shares of the company’s stock valued at $48,297,000 after acquiring an additional 25,800 shares in the last quarter. Bessemer Group Inc. lifted its holdings in shares of Ingevity by 18.2% during the third quarter. Bessemer Group Inc. now owns 452,304 shares of the company’s stock valued at $31,999,000 after purchasing an additional 69,541 shares in the last quarter. Finally, Russell Investments Group Ltd. boosted its holdings in shares of Ingevity by 45.5% during the 3rd quarter. Russell Investments Group Ltd. now owns 364,320 shares of the company’s stock valued at $25,776,000 after acquiring an additional 113,989 shares during the last quarter. Institutional investors own 91.59% of the company’s stock.

About Ingevity

Ingevity is a specialty chemicals and materials company headquartered in North Charleston, South Carolina. It develops and manufactures high-performance activated carbon and specialty chemical products for industrial and consumer applications.

Its activated carbon products are used in vehicle fuel-vapor emission control and other applications. The company also makes specialty chemicals and polymer materials used in areas such as pavement technologies, coatings, adhesives and elastomers.

Ingevity serves customers in markets around the world.