Ingevity (NYSE:NGVT) Upgraded by StockNews.com to Buy Rating

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

Separately, BMO Capital Markets raised shares of Ingevity from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock from $62.00 to $65.00 in a research note on Wednesday, February 26th. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $55.17.

Ingevity Trading Down 9.5 %

Shares of Ingevity stock opened at $31.37 on Friday. Ingevity has a twelve month low of $30.13 and a twelve month high of $56.30. The company has a quick ratio of 1.04, a current ratio of 1.87 and a debt-to-equity ratio of 6.86. The business has a 50-day moving average price of $44.11 and a 200-day moving average price of $42.56. The firm has a market cap of $1.14 billion, a price-to-earnings ratio of -2.65 and a beta of 1.52.

Ingevity (NYSE:NGVT) last released 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. The business had revenue of $298.80 million for the quarter, compared to the consensus estimate of $297.40 million. Ingevity had a positive return on equity of 41.44% and a negative net margin of 30.60%. Equities research analysts anticipate that Ingevity will post 4.45 EPS for the current fiscal year.

Institutional Investors Weigh In On Ingevity

Hedge funds and other institutional investors have recently made changes to their positions in the company. KBC Group NV lifted its stake in Ingevity by 27.5% in the fourth quarter. KBC Group NV now owns 2,007 shares of the company’s stock worth $82,000 after purchasing an additional 433 shares during the last quarter. Empowered Funds LLC bought a new stake in shares of Ingevity during the 4th quarter worth approximately $187,000. O Shaughnessy Asset Management LLC purchased a new position in Ingevity during the 4th quarter valued at $214,000. Teacher Retirement System of Texas bought a new position in Ingevity in the 4th quarter valued at $237,000. Finally, Hennion & Walsh Asset Management Inc. purchased a new stake in Ingevity in the fourth quarter worth $239,000. Hedge funds and other institutional investors own 91.59% of the company’s stock.

Ingevity Company Profile

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.