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

StockNews.com upgraded shares of Ingevity (NYSE:NGVT) from a hold rating to a buy rating in a research note released on Friday morning.

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

Ingevity Stock Performance

Shares of NGVT stock opened at $31.37 on Friday. The company has a market cap of $1.14 billion, a P/E ratio of -2.65 and a beta of 1.52. The business has a 50 day moving average of $44.11 and a two-hundred day moving average of $42.51. Ingevity has a 52 week low of $30.13 and a 52 week 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.

Ingevity (NYSE:NGVT) last issued its quarterly earnings data on Tuesday, February 18th. The company reported $0.95 EPS for the quarter, topping analysts’ consensus estimates of $0.29 by $0.66. The firm had revenue of $298.80 million during 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%. As a group, analysts anticipate that Ingevity will post 4.45 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. boosted its stake in Ingevity by 9.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 607,628 shares of the company’s stock valued at $23,697,000 after purchasing an additional 50,692 shares in the last quarter. BNP Paribas Financial Markets boosted its stake in Ingevity by 26.1% during the third quarter. BNP Paribas Financial Markets now owns 21,528 shares of the company’s stock valued at $840,000 after buying an additional 4,459 shares in the last quarter. Edgestream Partners L.P. acquired a new position in Ingevity during the third quarter worth about $288,000. State Street Corp raised its position in Ingevity by 14.7% in the third quarter. State Street Corp now owns 1,546,957 shares of the company’s stock worth $60,331,000 after acquiring an additional 198,300 shares in the last quarter. Finally, Vision One Management Partners LP acquired a new stake in Ingevity in the 3rd quarter valued at about $4,388,000. 91.59% of the stock is currently owned by 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.