Ingevity (NYSE:NGVT) Upgraded by BMO Capital Markets to Outperform Rating

BMO Capital Markets upgraded shares of Ingevity (NYSE:NGVT) from a market perform rating to an outperform rating in a report published on Wednesday, Marketbeat reports. The brokerage currently has $65.00 price objective on the stock, up from their previous price objective of $62.00.

Separately, StockNews.com raised shares of 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 company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $55.17.

Ingevity Price Performance

Shares of NGVT stock opened at $48.77 on Wednesday. The company has a debt-to-equity ratio of 6.86, a quick ratio of 1.04 and a current ratio of 1.87. The firm has a market cap of $1.77 billion, a P/E ratio of -4.12 and a beta of 1.64. The business’s 50 day moving average price is $43.59 and its 200-day moving average price is $41.39. Ingevity has a fifty-two week low of $30.90 and a fifty-two week high of $56.29.

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

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Mackenzie Financial Corp purchased a new stake in Ingevity in the fourth quarter worth about $644,000. Vision One Management Partners LP boosted its position in shares of Ingevity by 265.0% in the 4th quarter. Vision One Management Partners LP now owns 410,678 shares of the company’s stock worth $16,735,000 after purchasing an additional 298,157 shares in the last quarter. ProShare Advisors LLC grew its stake in shares of Ingevity by 43.5% in the 4th quarter. ProShare Advisors LLC now owns 11,858 shares of the company’s stock worth $483,000 after buying an additional 3,595 shares during the last quarter. Millennium Management LLC grew its stake in shares of Ingevity by 5.0% in the 4th quarter. Millennium Management LLC now owns 1,135,231 shares of the company’s stock worth $46,261,000 after buying an additional 53,807 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Ingevity by 3.9% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 20,710 shares of the company’s stock valued at $844,000 after buying an additional 781 shares in the last quarter. 91.59% of the stock is currently owned by institutional investors.

Ingevity Company Profile

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.