BMO Capital Markets Upgrades Ingevity (NYSE:NGVT) to “Outperform”

Ingevity (NYSE:NGVT) was upgraded by stock analysts at BMO Capital Markets from a “market perform” rating to an “outperform” rating in a research report issued on Wednesday, MarketBeat reports. The brokerage currently has a $65.00 price target on the stock, up from their previous price target of $62.00. BMO Capital Markets’ price target points to a potential upside of 36.22% from the stock’s current price.

Separately, StockNews.com raised Ingevity from a “hold” rating to a “buy” rating in a research note on Thursday, February 20th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $55.17.

Ingevity Price Performance

Ingevity stock opened at $47.72 on Wednesday. The firm has a market capitalization of $1.73 billion, a P/E ratio of -4.03 and a beta of 1.64. The business has a 50-day moving average of $43.59 and a 200-day moving average of $41.39. The company has a current ratio of 1.87, a quick ratio of 1.04 and a debt-to-equity ratio of 6.86. Ingevity has a 1 year low of $30.90 and a 1 year high of $56.29.

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 analysts’ consensus estimates of $0.29 by $0.66. The firm had revenue of $298.80 million during the quarter, compared to analysts’ expectations of $297.40 million. Ingevity had a negative net margin of 30.60% and a positive return on equity of 41.44%. On average, equities analysts anticipate that Ingevity will post 4.45 EPS for the current year.

Institutional Investors Weigh In On Ingevity

Several large investors have recently made changes to their positions in the stock. First Horizon Advisors Inc. boosted its stake in Ingevity by 45.9% in the 3rd quarter. First Horizon Advisors Inc. now owns 862 shares of the company’s stock worth $34,000 after purchasing an additional 271 shares during the period. KBC Group NV lifted its holdings in shares of Ingevity by 50.8% in the third quarter. KBC Group NV now owns 1,574 shares of the company’s stock valued at $61,000 after purchasing an additional 530 shares in the last quarter. Blue Trust Inc. boosted its position in shares of 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 period. Nisa Investment Advisors LLC grew its holdings in shares of Ingevity by 27.3% during the third quarter. Nisa Investment Advisors LLC now owns 3,880 shares of the company’s stock worth $151,000 after buying an additional 831 shares in the last quarter. Finally, Empowered Funds LLC bought a new position in shares of Ingevity during the fourth quarter worth about $187,000. Institutional investors own 91.59% of the company’s stock.

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.