Ingevity (NYSE:NGVT) Stock Rating Upgraded by BMO Capital Markets

Ingevity (NYSE:NGVT) was upgraded by equities research analysts at BMO Capital Markets from a “market perform” rating to an “outperform” rating in a research note issued to investors on Wednesday,Briefing.com Automated Import reports. The brokerage currently has a $65.00 price target on the stock, up from their prior price target of $62.00. BMO Capital Markets’ target price suggests a potential upside of 35.46% from the company’s current price.

Separately, StockNews.com raised Ingevity from a “hold” rating to a “buy” rating in a report on Thursday, February 20th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $55.17.

Ingevity Trading Up 4.1 %

Shares of NGVT stock opened at $47.99 on Wednesday. The firm has a market capitalization of $1.74 billion, a P/E ratio of -4.05 and a beta of 1.64. The company has a debt-to-equity ratio of 6.86, a quick ratio of 1.04 and a current ratio of 1.87. Ingevity has a fifty-two week low of $30.90 and a fifty-two week high of $56.29. The stock’s fifty day moving average is $43.45 and its two-hundred day moving average is $41.34.

Ingevity (NYSE:NGVT) last issued its quarterly earnings data on Tuesday, February 18th. The company reported $0.95 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.29 by $0.66. The firm had revenue of $298.80 million for the quarter, compared to analyst estimates of $297.40 million. Ingevity had a negative net margin of 30.60% and a positive return on equity of 41.44%. Research analysts expect that Ingevity will post 4.45 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Ingevity

Several large investors have recently added to or reduced their stakes in the company. First Horizon Advisors Inc. raised its stake in shares of Ingevity by 45.9% during the third quarter. First Horizon Advisors Inc. now owns 862 shares of the company’s stock valued at $34,000 after purchasing an additional 271 shares in the last quarter. KBC Group NV increased its position in Ingevity by 50.8% in 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 during the last quarter. Blue Trust Inc. grew its position in Ingevity by 179.6% in the third quarter. Blue Trust Inc. now owns 2,505 shares of the company’s stock worth $98,000 after acquiring an additional 1,609 shares in the last quarter. Nisa Investment Advisors LLC boosted its position 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 acquiring an additional 831 shares during the period. Finally, Empowered Funds LLC bought a new position in shares of Ingevity during the 4th quarter worth about $187,000. 91.59% of the stock is currently 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.