StockNews.com Upgrades Ingevity (NYSE:NGVT) to "Buy"

Ingevity (NYSE:NGVT - Get Free Report) was upgraded by equities researchers at StockNews.com from a "hold" rating to a "buy" rating in a report issued on Friday.

Separately, BMO Capital Markets upgraded shares of Ingevity from a "market perform" rating to an "outperform" rating and upped their price objective for the stock from $62.00 to $65.00 in a research report on Wednesday, February 26th. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $55.17.

Ingevity Stock Performance

Shares of NGVT stock traded up $1.50 during trading hours on Friday, hitting $31.38. The stock had a trading volume of 131,988 shares, compared to its average volume of 271,413. The company has a debt-to-equity ratio of 6.86, a current ratio of 1.87 and a quick ratio of 1.04. The firm has a market capitalization of $1.14 billion, a PE ratio of -2.68 and a beta of 1.54. The stock's 50 day moving average is $43.19 and its 200 day moving average is $42.33. Ingevity has a twelve month low of $28.44 and a twelve month high of $56.30.

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Ingevity (NYSE:NGVT - Get Free Report) last posted its quarterly earnings data on Tuesday, February 18th. The company reported $0.95 EPS for the quarter, beating analysts' consensus estimates 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 company had revenue of $298.80 million for the quarter, compared to analyst estimates of $297.40 million. As a group, research analysts forecast that Ingevity will post 4.45 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Ingevity

A number of institutional investors and hedge funds have recently modified their holdings of NGVT. Wellington Management Group LLP boosted its position in Ingevity by 5.4% during the fourth quarter. Wellington Management Group LLP now owns 2,239,970 shares of the company's stock worth $91,279,000 after purchasing an additional 115,581 shares in the last quarter. State Street Corp boosted its position in shares of Ingevity by 14.7% in the 3rd quarter. State Street Corp now owns 1,546,957 shares of the company's stock worth $60,331,000 after buying an additional 198,300 shares in the last quarter. American Century Companies Inc. grew its stake in Ingevity by 37.7% in the 4th quarter. American Century Companies Inc. now owns 1,457,365 shares of the company's stock valued at $59,388,000 after acquiring an additional 398,800 shares during the last quarter. Segall Bryant & Hamill LLC increased its holdings in Ingevity by 8.6% during the 4th quarter. Segall Bryant & Hamill LLC now owns 1,287,281 shares of the company's stock valued at $52,457,000 after acquiring an additional 101,866 shares in the last quarter. Finally, Royce & Associates LP raised its position in Ingevity by 22.4% during the fourth quarter. Royce & Associates LP now owns 1,142,598 shares of the company's stock worth $46,561,000 after acquiring an additional 208,921 shares during the last quarter. Institutional investors and hedge funds own 91.59% of the company's stock.

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.