Ingevity Corp (NGVT) Raised to Buy at Zacks Investment Research

Ingevity Corp (NASDAQ:NGVT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Wednesday, October 4th. The brokerage presently has a $73.00 price target on the stock. Zacks Investment Research‘s target price indicates a potential upside of 5.28% from the stock’s previous close.

According to Zacks, “Ingevity Corporation provides specialty chemicals, carbon materials and technologies. The Company’s operating segments consists of Performance Materials and Performance Chemicals. Performance Chemicals segment products consists of asphalt paving, adhesives, agrochemical dispersants, printing inks, lubricants, petroleum and other diverse industries. Performance Materials segment engineers, manufactures and sells wood-based chemically activated carbon products. Ingevity Corporation is based in North Charleston, SC. “

Several other analysts have also recently commented on the stock. Loop Capital began coverage on shares of Ingevity Corp in a research note on Thursday, September 28th. They issued a “buy” rating and a $73.00 target price for the company. Jefferies Group LLC set a $68.00 price target on shares of Ingevity Corp and gave the company a “buy” rating in a report on Wednesday, July 19th. KeyCorp reiterated a “buy” rating and issued a $70.00 price target on shares of Ingevity Corp in a report on Friday, September 8th. BidaskClub upgraded shares of Ingevity Corp from a “strong sell” rating to a “sell” rating in a report on Friday, September 22nd. Finally, Aegis restated a “buy” rating and set a $67.00 target price on shares of Ingevity Corp in a report on Tuesday, July 4th. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. Ingevity Corp has an average rating of “Buy” and a consensus price target of $69.83.

Shares of Ingevity Corp (NGVT) traded up 0.27% on Wednesday, reaching $69.53. The company had a trading volume of 7,229 shares. The firm has a market capitalization of $2.93 billion and a price-to-earnings ratio of 55.54. Ingevity Corp has a 52 week low of $40.24 and a 52 week high of $69.58. The stock’s 50 day moving average is $63.00 and its 200 day moving average is $63.00.

Ingevity Corp (NASDAQ:NGVT) last announced its earnings results on Wednesday, August 2nd. The company reported $0.78 earnings per share for the quarter, topping the consensus estimate of $0.70 by $0.08. Ingevity Corp had a net margin of 13.75% and a return on equity of 76.78%. The firm had revenue of $260.30 million for the quarter, compared to the consensus estimate of $259.56 million. The firm’s revenue was up 2.3% on a year-over-year basis. On average, equities analysts anticipate that Ingevity Corp will post $2.41 EPS for the current year.

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Several institutional investors and hedge funds have recently added to or reduced their stakes in NGVT. Pacad Investment Ltd. acquired a new stake in shares of Ingevity Corp in the second quarter worth approximately $183,000. Cubist Systematic Strategies LLC acquired a new stake in shares of Ingevity Corp in the second quarter worth approximately $203,000. Envestnet Asset Management Inc. boosted its position in shares of Ingevity Corp by 46.9% in the first quarter. Envestnet Asset Management Inc. now owns 3,500 shares of the company’s stock worth $211,000 after acquiring an additional 1,117 shares during the last quarter. Balyasny Asset Management LLC acquired a new stake in shares of Ingevity Corp in the second quarter worth approximately $213,000. Finally, Breton Hill Capital Ltd. acquired a new stake in shares of Ingevity Corp in the second quarter worth approximately $234,000.

Ingevity Corp 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.

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