Ingevity (NYSE:NGVT) Upgraded to “Buy” by Jefferies Financial Group

Ingevity (NYSE:NGVT) was upgraded by equities research analysts at Jefferies Financial Group from a “hold” rating to a “buy” rating in a research note issued on Monday, MarketBeat.com reports. The firm presently has a $62.00 price objective on the stock, up from their previous price objective of $52.00. Jefferies Financial Group’s price target indicates a potential upside of 39.51% from the stock’s current price.

Separately, Wells Fargo & Company upped their price objective on Ingevity from $43.00 to $50.00 and gave the stock an “equal weight” rating in a research report on Friday, February 23rd. Five equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $51.40.

Ingevity Trading Up 2.2 %

Ingevity stock opened at $44.44 on Monday. The company has a current ratio of 1.81, a quick ratio of 0.96 and a debt-to-equity ratio of 2.19. Ingevity has a 12 month low of $36.66 and a 12 month high of $72.76. The stock’s 50 day simple moving average is $46.20 and its two-hundred day simple moving average is $43.57. The firm has a market cap of $1.61 billion, a PE ratio of -202.00 and a beta of 1.85.

Ingevity (NYSE:NGVT) last released its quarterly earnings data on Wednesday, February 21st. The company reported $0.21 EPS for the quarter, topping the consensus estimate of ($0.13) by $0.34. Ingevity had a positive return on equity of 20.75% and a negative net margin of 0.32%. The business had revenue of $371.70 million for the quarter, compared to analyst estimates of $336.74 million. During the same quarter in the prior year, the firm posted $0.57 EPS. The business’s quarterly revenue was down 3.1% compared to the same quarter last year. Analysts anticipate that Ingevity will post 3.65 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. BlackRock Inc. raised its stake in shares of Ingevity by 29.8% during the 2nd quarter. BlackRock Inc. now owns 5,682,753 shares of the company’s stock worth $330,509,000 after buying an additional 1,303,485 shares during the period. Vanguard Group Inc. grew its holdings in Ingevity by 4.3% in the 4th quarter. Vanguard Group Inc. now owns 3,743,322 shares of the company’s stock valued at $176,760,000 after buying an additional 153,530 shares in the last quarter. Wellington Management Group LLP grew its holdings in shares of Ingevity by 3.9% during the 4th quarter. Wellington Management Group LLP now owns 2,148,379 shares of the company’s stock worth $101,446,000 after purchasing an additional 80,856 shares during the period. Victory Capital Management Inc. grew its holdings in shares of Ingevity by 57.6% during the 4th quarter. Victory Capital Management Inc. now owns 1,854,554 shares of the company’s stock worth $87,572,000 after purchasing an additional 677,718 shares during the period. Finally, State Street Corp grew its holdings in shares of Ingevity by 3.9% during the 1st quarter. State Street Corp now owns 1,258,440 shares of the company’s stock worth $80,628,000 after purchasing an additional 47,263 shares during the period. 91.59% of the stock is owned by institutional investors and hedge funds.

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.