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

Ingevity (NYSE:NGVT) was upgraded by StockNews.com from a “hold” rating to a “buy” rating in a note issued to investors on Thursday.

Separately, BMO Capital Markets raised their target price on Ingevity from $61.00 to $62.00 and gave the stock a “market perform” rating in a research note on Thursday. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $54.67.

Ingevity Trading Down 2.9 %

Shares of NYSE NGVT traded down $1.41 during midday trading on Thursday, reaching $46.85. The stock had a trading volume of 455,688 shares, 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 debt-to-equity ratio of 6.52, a quick ratio of 1.04 and a current ratio of 1.76. The company’s 50 day moving average price is $43.32 and its 200 day moving average price is $41.02. The firm has a market cap of $1.70 billion, a price-to-earnings ratio of -3.96 and a beta of 1.64.

Ingevity (NYSE:NGVT) last issued its quarterly earnings results on Tuesday, February 18th. The company reported $0.95 EPS for the quarter, beating analysts’ consensus estimates of $0.29 by $0.66. Ingevity had a negative net margin of 30.60% and a positive return on equity of 36.76%. The business had revenue of $298.80 million for the quarter, compared to analysts’ expectations of $297.40 million. As a group, sell-side analysts expect that Ingevity will post 4.45 EPS for the current year.

Institutional Trading of Ingevity

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. First Horizon Advisors Inc. grew its stake in Ingevity by 45.9% in the third quarter. First Horizon Advisors Inc. now owns 862 shares of the company’s stock valued at $34,000 after acquiring an additional 271 shares during the period. KBC Group NV grew its position in Ingevity by 50.8% in the 3rd quarter. KBC Group NV now owns 1,574 shares of the company’s stock valued at $61,000 after purchasing an additional 530 shares during the period. Blue Trust Inc. raised its holdings in Ingevity by 179.6% during the third quarter. Blue Trust Inc. now owns 2,505 shares of the company’s stock worth $98,000 after buying an additional 1,609 shares during the last quarter. Nisa Investment Advisors LLC lifted its stake in shares of 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 about $187,000. 91.59% of the stock is 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.