Ingevity Corp (NGVT) Upgraded 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 report issued on Wednesday. The brokerage currently has a $73.00 price target on the stock. Zacks Investment Research‘s price target would suggest a potential upside of 12.97% from the stock’s current price.
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 brokerages have also recently weighed in on NGVT. Aegis reissued a “buy” rating and set a $67.00 price objective on shares of Ingevity Corp in a research report on Tuesday, July 4th. Jefferies Group LLC set a $68.00 price objective on Ingevity Corp and gave the stock a “buy” rating in a research note on Wednesday, July 5th. KeyCorp reaffirmed a “buy” rating and issued a $70.00 target price on shares of Ingevity Corp in a report on Friday, September 8th. BidaskClub cut Ingevity Corp from a “sell” rating to a “strong sell” rating in a report on Friday, September 15th. Finally, Loop Capital initiated coverage on Ingevity Corp in a report on Thursday, September 28th. They issued a “buy” rating and a $73.00 target price on the stock. One research analyst has rated the stock with a sell rating and six have issued a buy rating to the stock. Ingevity Corp currently has a consensus rating of “Buy” and a consensus price target of $69.00.
Shares of Ingevity Corp (NGVT) opened at 64.62 on Wednesday. The stock has a market cap of $2.72 billion and a P/E ratio of 51.61. Ingevity Corp has a 52-week low of $40.24 and a 52-week high of $65.25. The firm’s 50 day moving average price is $61.18 and its 200 day moving average price is $61.18.
Ingevity Corp (NASDAQ:NGVT) last announced its earnings results on Wednesday, August 2nd. The company reported $0.78 EPS for the quarter, beating the Zacks’ 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 during the quarter, compared to analysts’ expectations of $259.56 million. The firm’s quarterly revenue was up 2.3% on a year-over-year basis. On average, analysts expect that Ingevity Corp will post $2.41 EPS for the current year.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NGVT. Pacad Investment Ltd. purchased a new position in Ingevity Corp during the second quarter valued at approximately $183,000. Cubist Systematic Strategies LLC bought a new position 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 purchasing an additional 1,117 shares during the period. Balyasny Asset Management LLC bought a new position in shares of Ingevity Corp in the second quarter worth approximately $213,000. Finally, Breton Hill Capital Ltd. bought a new position in shares of Ingevity Corp in the second quarter worth approximately $234,000.
About Ingevity Corp
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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