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

Ingevity (NYSE:NGVT) was upgraded by stock analysts at StockNews.com from a “hold” rating to a “buy” rating in a research report issued on Thursday.

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

Ingevity Stock Performance

Shares of NYSE:NGVT traded down $1.41 on Thursday, reaching $46.85. 455,688 shares of the company’s stock were exchanged, compared to its average volume of 220,239. Ingevity has a twelve month low of $30.90 and a twelve month high of $56.29. The company has a fifty day moving average of $43.32 and a 200-day moving average of $41.02. The company has a market capitalization of $1.70 billion, a price-to-earnings ratio of -3.96 and a beta of 1.64. The company has a current ratio of 1.76, a quick ratio of 1.04 and a debt-to-equity ratio of 6.52.

Ingevity (NYSE:NGVT) last issued its quarterly earnings results 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 36.76% and a negative net margin of 30.60%. The business had revenue of $298.80 million for the quarter, compared to the consensus estimate of $297.40 million. On average, research analysts predict that Ingevity will post 4.45 EPS for the current fiscal year.

Hedge Funds Weigh In On Ingevity

A number of institutional investors have recently modified their holdings of NGVT. First Horizon Advisors Inc. raised its stake in Ingevity by 45.9% during the third quarter. First Horizon Advisors Inc. now owns 862 shares of the company’s stock worth $34,000 after acquiring an additional 271 shares in the last quarter. KBC Group NV increased its position in Ingevity by 50.8% during the 3rd quarter. KBC Group NV now owns 1,574 shares of the company’s stock worth $61,000 after purchasing an additional 530 shares in the last quarter. Blue Trust Inc. lifted its stake in Ingevity by 179.6% in the 3rd quarter. Blue Trust Inc. now owns 2,505 shares of the company’s stock valued at $98,000 after purchasing an additional 1,609 shares during the last quarter. Nisa Investment Advisors LLC boosted its position in Ingevity by 27.3% in the third quarter. Nisa Investment Advisors LLC now owns 3,880 shares of the company’s stock valued at $151,000 after buying an additional 831 shares in the last quarter. Finally, Empowered Funds LLC bought a new stake in shares of Ingevity during the fourth quarter worth $187,000. Institutional investors and hedge funds 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.