Ingevity (NGVT) Reaches New 52-Week High on Analyst Upgrade

Shares of Ingevity Corp (NYSE:NGVT) reached a new 52-week high on Friday after KeyCorp raised their price target on the stock from $78.00 to $89.00. KeyCorp currently has an overweight rating on the stock. Ingevity traded as high as $81.14 and last traded at $81.09, with a volume of 93797 shares trading hands. The stock had previously closed at $77.37.

Several other analysts also recently weighed in on NGVT. Jefferies Group boosted their price target on Ingevity from $71.00 to $84.00 and gave the company a “buy” rating in a research note on Friday, November 3rd. BidaskClub upgraded Ingevity from a “hold” rating to a “buy” rating in a research note on Saturday, November 4th. Loop Capital restated a “buy” rating and issued a $80.00 target price (up previously from $76.00) on shares of Ingevity in a research note on Tuesday, November 14th. Rowe restated an “outperform” rating and issued a $90.00 target price (up previously from $80.00) on shares of Ingevity in a research note on Thursday, November 30th. Finally, Zacks Investment Research downgraded Ingevity from a “buy” rating to a “hold” rating in a research note on Wednesday, January 3rd. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Ingevity presently has a consensus rating of “Buy” and an average target price of $80.50.

Several institutional investors and hedge funds have recently modified their holdings of the company. Xact Kapitalforvaltning AB purchased a new stake in shares of Ingevity in the fourth quarter worth about $263,000. Segall Bryant & Hamill LLC raised its holdings in Ingevity by 10.3% in the 4th quarter. Segall Bryant & Hamill LLC now owns 85,802 shares of the company’s stock worth $6,046,000 after purchasing an additional 8,017 shares during the period. MetLife Investment Advisors LLC acquired a new position in Ingevity in the 4th quarter worth about $1,313,000. Gotham Asset Management LLC raised its holdings in Ingevity by 527.8% in the 4th quarter. Gotham Asset Management LLC now owns 23,518 shares of the company’s stock worth $1,657,000 after purchasing an additional 19,772 shares during the period. Finally, Jane Street Group LLC acquired a new position in Ingevity in the 4th quarter worth about $206,000. Hedge funds and other institutional investors own 91.55% of the company’s stock.

The stock has a market capitalization of $3,270.69, a price-to-earnings ratio of 26.77, a price-to-earnings-growth ratio of 2.23 and a beta of 1.20. The company has a debt-to-equity ratio of 1.60, a current ratio of 2.40 and a quick ratio of 1.34.

Ingevity (NYSE:NGVT) last released its quarterly earnings results on Tuesday, February 20th. The company reported $0.45 earnings per share for the quarter, topping analysts’ consensus estimates of $0.36 by $0.09. The company had revenue of $229.50 million during the quarter, compared to analysts’ expectations of $214.94 million. Ingevity had a return on equity of 50.75% and a net margin of 12.99%. Ingevity’s quarterly revenue was up 8.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.34 EPS. equities research analysts predict that Ingevity Corp will post 2.9 EPS for the current year.

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Ingevity 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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