Zacks Investment Research upgraded shares of Ingevity Corp (NASDAQ:NGVT) from a hold rating to a buy rating in a research note released on Wednesday. Zacks Investment Research currently has $73.00 price objective on the stock.
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. “
A number of other research firms have also weighed in on NGVT. Jefferies Group LLC set a $68.00 target price on shares of Ingevity Corp and gave the stock a buy rating in a report on Wednesday, July 5th. BidaskClub lowered shares of Ingevity Corp from a sell rating to a strong sell rating in a report on Friday, September 15th. Aegis reaffirmed a buy rating and set a $67.00 target price on shares of Ingevity Corp in a report on Tuesday, July 4th. KeyCorp reaffirmed a buy rating and set a $70.00 target price on shares of Ingevity Corp in a report on Friday, September 8th. Finally, Loop Capital started coverage on shares of Ingevity Corp in a report on Thursday, September 28th. They set a buy rating and a $73.00 target price on the stock. One investment analyst has rated the stock with a sell rating and six have issued a buy rating to the company. The company has an average rating of Buy and an average price target of $69.83.
Ingevity Corp (NASDAQ NGVT) traded up 1.66% during mid-day trading on Wednesday, hitting $65.67. 388,952 shares of the company traded hands. Ingevity Corp has a one year low of $40.24 and a one year high of $66.01. The firm has a 50 day moving average of $61.74 and a 200 day moving average of $61.74. The firm has a market capitalization of $2.77 billion and a P/E ratio of 52.45.
Ingevity Corp (NASDAQ:NGVT) last posted its earnings results on Wednesday, August 2nd. The company reported $0.78 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.70 by $0.08. The business had revenue of $260.30 million for the quarter, compared to analyst estimates of $259.56 million. Ingevity Corp had a net margin of 13.75% and a return on equity of 76.78%. The business’s revenue for the quarter was up 2.3% compared to the same quarter last year. Equities research analysts expect that Ingevity Corp will post $2.41 earnings per share for the current fiscal year.
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A number of hedge funds have recently added to or reduced their stakes in NGVT. Wells Fargo & Company MN grew its stake in Ingevity Corp by 107.1% in the 1st quarter. Wells Fargo & Company MN now owns 72,056 shares of the company’s stock worth $4,385,000 after buying an additional 37,259 shares in the last quarter. First Trust Advisors LP grew its stake in Ingevity Corp by 10.7% in the 1st quarter. First Trust Advisors LP now owns 37,914 shares of the company’s stock worth $2,307,000 after buying an additional 3,673 shares in the last quarter. Karp Capital Management Corp purchased a new position in Ingevity Corp in the 1st quarter worth approximately $1,141,000. Virginia Retirement Systems ET AL grew its stake in Ingevity Corp by 2.3% in the 1st quarter. Virginia Retirement Systems ET AL now owns 4,466 shares of the company’s stock worth $272,000 after buying an additional 100 shares in the last quarter. Finally, Mason Street Advisors LLC grew its stake in Ingevity Corp by 7.0% in the 1st quarter. Mason Street Advisors LLC now owns 9,845 shares of the company’s stock worth $599,000 after buying an additional 642 shares in the last quarter.
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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