StockNews.com Upgrades Ingevity (NYSE:NGVT) to Buy

StockNews.com upgraded shares of Ingevity (NYSE:NGVT) from a hold rating to a buy rating in a report released on Thursday.

Separately, BMO Capital Markets upped their price objective on shares of Ingevity from $61.00 to $62.00 and gave the stock a “market perform” rating in a report on Thursday. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $54.67.

Ingevity Trading Down 2.9 %

NGVT stock opened at $46.85 on Thursday. Ingevity has a 52-week low of $30.90 and a 52-week high of $56.29. The company has a debt-to-equity ratio of 6.86, a current ratio of 1.87 and a quick ratio of 1.04. The business has a fifty day moving average of $43.32 and a two-hundred day moving average of $41.02.

Ingevity (NYSE:NGVT) last issued its quarterly earnings data on Tuesday, February 18th. The company reported $0.95 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.29 by $0.66. Ingevity had a positive return on equity of 41.44% and a negative net margin of 30.60%. The firm had revenue of $298.80 million during the quarter, compared to the consensus estimate of $297.40 million. Analysts predict that Ingevity will post 4.45 EPS for the current fiscal year.

Institutional Trading of Ingevity

A number of institutional investors and hedge funds have recently bought and sold shares of NGVT. Wellington Management Group LLP boosted its stake in shares of Ingevity by 5.4% in the fourth quarter. Wellington Management Group LLP now owns 2,239,970 shares of the company’s stock valued at $91,279,000 after purchasing an additional 115,581 shares during the period. State Street Corp boosted its position in Ingevity by 14.7% in the 3rd quarter. State Street Corp now owns 1,546,957 shares of the company’s stock valued at $60,331,000 after buying an additional 198,300 shares during the period. American Century Companies Inc. grew its stake in shares of Ingevity by 37.7% in the fourth quarter. American Century Companies Inc. now owns 1,457,365 shares of the company’s stock worth $59,388,000 after acquiring an additional 398,800 shares in the last quarter. Thrivent Financial for Lutherans increased its position in shares of Ingevity by 1.7% during the third quarter. Thrivent Financial for Lutherans now owns 1,383,053 shares of the company’s stock worth $53,939,000 after acquiring an additional 23,497 shares during the period. Finally, Segall Bryant & Hamill LLC raised its stake in shares of Ingevity by 8.6% in the fourth quarter. Segall Bryant & Hamill LLC now owns 1,287,281 shares of the company’s stock valued at $52,457,000 after acquiring an additional 101,866 shares in the last quarter. 91.59% of the stock is currently owned by hedge funds and other institutional investors.

About Ingevity

Ingevity Corporation manufactures and sells activated carbon products, derivative specialty chemicals, and engineered polymers in North America, the Asia Pacific, Europe, the Middle East, Africa, and South America. It operates through three segments: Performance Materials, Performance Chemicals, and Advanced Polymer Technologies.