BidaskClub Upgrades Ingevity Corporation (NGVT) to Buy

BidaskClub upgraded shares of Ingevity Corporation (NYSE:NGVT) from a hold rating to a buy rating in a research report report published on Saturday, November 4th.

NGVT has been the subject of a number of other reports. Jefferies Group LLC lifted their price objective on shares of Ingevity Corporation from $71.00 to $84.00 and gave the company a buy rating in a research note on Friday, November 3rd. Loop Capital reiterated a buy rating and issued a $76.00 price objective on shares of Ingevity Corporation in a research note on Wednesday, October 18th. KeyCorp reiterated a buy rating and issued a $75.00 price objective (up from $70.00) on shares of Ingevity Corporation in a research note on Thursday, October 5th. Finally, Zacks Investment Research upgraded shares of Ingevity Corporation from a hold rating to a buy rating and set a $73.00 price objective for the company in a research note on Wednesday, October 4th. Seven investment analysts have rated the stock with a buy rating, Ingevity Corporation presently has an average rating of Buy and an average target price of $73.17.

Ingevity Corporation (NYSE:NGVT) traded down $1.37 during trading on Friday, hitting $75.16. 117,200 shares of the company’s stock traded hands, compared to its average volume of 246,298. The company has a debt-to-equity ratio of 1.92, a quick ratio of 1.34 and a current ratio of 2.36. The company has a market cap of $3,170.00 and a PE ratio of 30.98. Ingevity Corporation has a 1 year low of $48.74 and a 1 year high of $77.79.

Ingevity Corporation (NYSE:NGVT) last posted its quarterly earnings results on Wednesday, November 1st. The company reported $0.86 EPS for the quarter, topping analysts’ consensus estimates of $0.75 by $0.11. The company had revenue of $264.10 million for the quarter, compared to analysts’ expectations of $260.88 million. Ingevity Corporation had a net margin of 9.86% and a return on equity of 58.14%. Ingevity Corporation’s revenue was up 4.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.64 EPS. sell-side analysts expect that Ingevity Corporation will post 2.49 EPS for the current fiscal year.

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Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. grew its position in Ingevity Corporation by 90,224.0% in the first quarter. BlackRock Inc. now owns 5,089,759 shares of the company’s stock worth $309,712,000 after acquiring an additional 5,084,124 shares in the last quarter. Royal Bank of Canada grew its position in Ingevity Corporation by 169.9% in the second quarter. Royal Bank of Canada now owns 535,159 shares of the company’s stock worth $30,718,000 after acquiring an additional 336,897 shares in the last quarter. Marshall Wace North America L.P. grew its position in Ingevity Corporation by 4,456.0% in the second quarter. Marshall Wace North America L.P. now owns 263,974 shares of the company’s stock worth $15,046,000 after acquiring an additional 258,180 shares in the last quarter. Wells Fargo & Company MN grew its position in Ingevity Corporation by 320.0% in the second quarter. Wells Fargo & Company MN now owns 302,614 shares of the company’s stock worth $17,370,000 after acquiring an additional 230,558 shares in the last quarter. Finally, TPG Group Holdings SBS Advisors Inc. grew its position in Ingevity Corporation by 34.3% in the second quarter. TPG Group Holdings SBS Advisors Inc. now owns 887,324 shares of the company’s stock worth $50,932,000 after acquiring an additional 226,830 shares in the last quarter. Hedge funds and other institutional investors own 90.84% of the company’s stock.

Ingevity Corporation Company Profile

Ingevity Corporation is a manufacturer of specialty chemicals and high performance carbon materials. The Company is also a manufacturer of activated carbon used in gasoline vapor emission control systems in cars, trucks, motorcycles and boats. The Company operates through two segments: Performance Materials and Performance Chemicals.

Analyst Recommendations for Ingevity Corporation (NYSE:NGVT)

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