Ingevity (NYSE:NGVT) Stock Gets Downgrade from Wall Street Zen

Ingevity (NYSE:NGVT) was downgraded by Wall Street Zen from a “buy” rating to a “hold” rating in a report released on Saturday, Wall Street Zen reports.

Separately, Weiss Ratings downgraded shares of Ingevity from a “hold (c)” rating to a “hold (c-)” rating in a research note on Friday, October 23rd. Two equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, Ingevity has a consensus rating of “Hold” and a consensus price target of $80.00.

Ingevity Price Performance

NYSE NGVT opened at $60.05 on Friday. Ingevity has a twelve month low of $45.85 and a twelve month high of $79.29. The company has a debt-to-equity ratio of 15.70, a quick ratio of 1.05 and a current ratio of 1.48. The stock has a market capitalization of $2.03 billion, a PE ratio of 35.33 and a beta of 1.12. The stock has a 50-day simple moving average of $70.39 and a 200 day simple moving average of $71.24.

Ingevity (NYSE:NGVT) last released its earnings results on Wednesday, November 4th. The company reported $1.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.56 by $0.07. The firm had revenue of $305.10 million for the quarter, compared to analyst estimates of $303.91 million. Ingevity had a return on equity of 405.38% and a net margin of 5.28%. Research analysts anticipate that Ingevity will post 5.40 EPS for the current year.

Insider Buying and Selling at Ingevity

In related news, CEO David Li sold 5,000 shares of Ingevity stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $75.83, for a total transaction of $379,150.00. Following the sale, the chief executive officer directly owned 120,636 shares of the company’s stock, valued at $9,147,827.88. This trade represents a 3.98% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 15,092 shares of company stock valued at $1,147,773 in the last three months. 0.88% of the stock is currently owned by company insiders.

Institutional Trading of Ingevity

A number of hedge funds have recently modified their holdings of NGVT. Frazier Financial Advisors LLC acquired a new position in Ingevity in the second quarter worth about $37,000. Global Retirement Partners LLC bought a new stake in shares of Ingevity in the 2nd quarter valued at approximately $45,000. Harbor Investment Advisory LLC acquired a new position in shares of Ingevity in the 2nd quarter worth approximately $71,000. Public Employees Retirement System of Ohio acquired a new position in shares of Ingevity in the 2nd quarter worth approximately $75,000. Finally, Assetmark Inc. raised its holdings in shares of Ingevity by 9.6% in the 1st quarter. Assetmark Inc. now owns 1,584 shares of the company’s stock worth $113,000 after buying an additional 139 shares in the last quarter. Institutional investors own 91.59% of the company’s stock.

Ingevity Company Profile

Ingevity Corporation (NYSE: NGVT) is a specialty chemicals and materials company that develops products designed to improve performance, efficiency, and sustainability across a range of industrial and consumer applications. Its offerings serve markets including automotive, transportation, agriculture, coatings, adhesives, pavement markings, and industrial manufacturing.

The company is best known for activated carbon products used in automotive vapor-emission control systems, where they help capture fuel vapors and reduce emissions.