Ingevity (NYSE:NGVT) Rating Increased to Outperform at BMO Capital Markets

BMO Capital Markets upgraded shares of Ingevity (NYSE:NGVT) from a market perform rating to an outperform rating in a research report sent to investors on Wednesday morning, Marketbeat Ratings reports. They currently have $65.00 price objective on the stock, up from their prior price objective of $62.00.

Separately, StockNews.com raised Ingevity from a “hold” rating to a “buy” rating in a research report on Thursday, February 20th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, Ingevity presently has an average rating of “Moderate Buy” and an average target price of $55.17.

Ingevity Trading Up 1.6 %

NYSE:NGVT opened at $48.77 on Wednesday. The stock has a market cap of $1.77 billion, a price-to-earnings ratio of -4.12 and a beta of 1.64. The company has a quick ratio of 1.04, a current ratio of 1.87 and a debt-to-equity ratio of 6.86. The company’s 50 day moving average price is $43.59 and its 200-day moving average price is $41.39. Ingevity has a 52 week low of $30.90 and a 52 week high of $56.29.

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

Hedge Funds Weigh In On Ingevity

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