Ingevity (NYSE:NGVT) Upgraded by StockNews.com to “Buy” Rating

StockNews.com upgraded shares of Ingevity (NYSE:NGVT) from a hold rating to a buy rating in a research note issued to investors on Thursday.

Separately, BMO Capital Markets upped their target price on Ingevity from $61.00 to $62.00 and gave the company a “market perform” rating in a research report on Thursday. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $54.67.

Ingevity Trading Down 2.9 %

NYSE NGVT opened at $46.85 on Thursday. The company has a quick ratio of 1.04, a current ratio of 1.87 and a debt-to-equity ratio of 6.86. Ingevity has a 12-month low of $30.90 and a 12-month high of $56.29. The company has a fifty day simple moving average of $43.32 and a two-hundred day simple moving average of $41.02.

Ingevity (NYSE:NGVT) last issued its quarterly earnings results on Tuesday, February 18th. The company reported $0.95 EPS for the quarter, topping analysts’ consensus estimates of $0.29 by $0.66. The company had revenue of $298.80 million during the quarter, compared to analysts’ expectations of $297.40 million. Ingevity had a positive return on equity of 41.44% and a negative net margin of 30.60%. On average, equities research analysts expect that Ingevity will post 4.45 earnings per share for the current year.

Hedge Funds Weigh In On Ingevity

Large investors have recently made changes to their positions in the company. Wellington Management Group LLP increased its holdings in Ingevity by 5.4% in the fourth quarter. Wellington Management Group LLP now owns 2,239,970 shares of the company’s stock valued at $91,279,000 after buying an additional 115,581 shares in the last quarter. State Street Corp grew its position in shares of Ingevity by 14.7% during the 3rd quarter. State Street Corp now owns 1,546,957 shares of the company’s stock valued at $60,331,000 after acquiring an additional 198,300 shares during the period. American Century Companies Inc. increased its stake in shares of Ingevity by 37.7% in the 4th quarter. American Century Companies Inc. now owns 1,457,365 shares of the company’s stock valued at $59,388,000 after purchasing an additional 398,800 shares in the last quarter. Thrivent Financial for Lutherans increased its stake in shares of Ingevity by 1.7% in the 3rd quarter. Thrivent Financial for Lutherans now owns 1,383,053 shares of the company’s stock valued at $53,939,000 after purchasing an additional 23,497 shares in the last quarter. Finally, Segall Bryant & Hamill LLC boosted its position in Ingevity by 8.6% during the fourth quarter. Segall Bryant & Hamill LLC now owns 1,287,281 shares of the company’s stock worth $52,457,000 after purchasing an additional 101,866 shares in the last quarter. 91.59% of the stock is currently owned by institutional investors and hedge funds.

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.