Zacks Investment Research upgraded shares of Ingevity Corp (NASDAQ:NGVT) from a hold rating to a buy rating in a research note issued to investors on Wednesday morning. They currently have $73.00 price objective on the stock.
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. “
A number of other brokerages have also recently issued reports on NGVT. Loop Capital began coverage on shares of Ingevity Corp in a report on Thursday, September 28th. They issued a buy rating and a $73.00 target price on the stock. BidaskClub raised shares of Ingevity Corp from a strong sell rating to a sell rating in a report on Friday, September 22nd. KeyCorp reissued a buy rating and issued a $70.00 target price on shares of Ingevity Corp in a report on Friday, September 8th. Jefferies Group LLC set a $71.00 target price on shares of Ingevity Corp and gave the stock a buy rating in a report on Thursday, August 24th. Finally, Aegis reissued a buy rating and issued a $67.00 target price on shares of Ingevity Corp in a report on Tuesday, July 4th. One research analyst has rated the stock with a sell rating and six have given a buy rating to the company. The stock has a consensus rating of Buy and a consensus price target of $69.83.
Ingevity Corp (NGVT) opened at 65.67 on Wednesday. Ingevity Corp has a 12 month low of $40.24 and a 12 month high of $66.01. The firm has a market cap of $2.77 billion and a PE ratio of 52.45. The company has a 50-day moving average price of $61.74 and a 200 day moving average price of $61.74.
Ingevity Corp (NASDAQ:NGVT) last issued its quarterly earnings results on Wednesday, August 2nd. The company reported $0.78 EPS 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 business had revenue of $260.30 million for the quarter, compared to analysts’ expectations of $259.56 million. The business’s revenue was up 2.3% compared to the same quarter last year. Equities research analysts anticipate that Ingevity Corp will post $2.41 EPS for the current year.
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A number of hedge funds and other institutional investors have recently modified their holdings of NGVT. BlackRock Inc. lifted its holdings in Ingevity Corp 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 during the last quarter. Royal Bank of Canada lifted its holdings in Ingevity Corp 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 during the last quarter. Wellington Management Group LLP lifted its holdings in Ingevity Corp by 85.8% in the first quarter. Wellington Management Group LLP now owns 627,588 shares of the company’s stock worth $38,188,000 after acquiring an additional 289,880 shares during the last quarter. Marshall Wace North America L.P. lifted its holdings in Ingevity Corp 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 during the last quarter. Finally, Wells Fargo & Company MN lifted its holdings in Ingevity Corp 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 during the last quarter.
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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