Ingevity (NYSE:NGVT) Cut to “Hold” at Jefferies Financial Group

Jefferies Financial Group downgraded shares of Ingevity (NYSE:NGVT) from a buy rating to a hold rating in a research note released on Friday morning, BenzingaRatingsTable reports. The firm currently has $107.00 price objective on the stock, down from their prior price objective of $129.00.

Other equities analysts also recently issued reports about the stock. Oppenheimer assumed coverage on shares of Focus Financial Partners in a research note on Monday, April 8th. They set an outperform rating and a $48.00 price objective for the company. Berenberg Bank reaffirmed a buy rating and set a GBX 3,050 ($39.85) price objective on shares of Cranswick in a research note on Tuesday, May 28th. ValuEngine raised shares of Yirendai from a strong sell rating to a sell rating in a research note on Friday, May 3rd. BMO Capital Markets lowered their price objective on shares of Comerica to $78.00 and set a market perform rating for the company in a research note on Thursday. Finally, Zacks Investment Research downgraded shares of Farmers & Merchants Bancorp, Inc. (OH) from a hold rating to a strong sell rating in a research note on Thursday, May 9th. Five equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The stock presently has an average rating of Buy and a consensus target price of $107.81.

NYSE NGVT opened at $101.23 on Friday. The company’s 50-day simple moving average is $97.09. The company has a current ratio of 2.29, a quick ratio of 1.14 and a debt-to-equity ratio of 4.03. Ingevity has a 12-month low of $74.98 and a 12-month high of $120.41. The stock has a market capitalization of $4.24 billion, a price-to-earnings ratio of 24.51, a price-to-earnings-growth ratio of 1.73 and a beta of 1.97.

Ingevity (NYSE:NGVT) last posted its quarterly earnings results on Wednesday, May 1st. The company reported $0.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.97 by $0.02. Ingevity had a net margin of 13.70% and a return on equity of 53.81%. The business had revenue of $276.80 million during the quarter, compared to analyst estimates of $288.07 million. During the same period in the prior year, the business posted $0.79 earnings per share. The company’s revenue was up 17.7% on a year-over-year basis. Equities analysts expect that Ingevity will post 4.86 earnings per share for the current year.

A number of hedge funds have recently added to or reduced their stakes in the stock. LPL Financial LLC grew its holdings in Ingevity by 4.7% in the fourth quarter. LPL Financial LLC now owns 2,558 shares of the company’s stock worth $214,000 after purchasing an additional 115 shares during the period. Raymond James Financial Services Advisors Inc. raised its position in shares of Ingevity by 12.3% during the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 7,473 shares of the company’s stock valued at $625,000 after purchasing an additional 821 shares during the period. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Ingevity during the 4th quarter valued at $220,000. Hsbc Holdings PLC bought a new stake in Ingevity in the 4th quarter valued at $1,087,000. Finally, Dimensional Fund Advisors LP grew its stake in shares of Ingevity by 11.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 539,960 shares of the company’s stock worth $45,188,000 after buying an additional 57,563 shares in the last quarter. 90.01% of the stock is owned by institutional investors.

Ingevity Company Profile

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 hardwood-based and chemically activated carbon products primarily for use in gasoline vapor emission control systems in cars, trucks, motorcycles, and boats.

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Analyst Recommendations for Ingevity (NYSE:NGVT)

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