ValuEngine Upgrades Ingevity (NYSE:NGVT) to Hold

Ingevity (NYSE:NGVT) was upgraded by equities researchers at ValuEngine from a “sell” rating to a “hold” rating in a research note issued to investors on Saturday, ValuEngine reports.

Several other equities research analysts also recently commented on NGVT. Loop Capital upgraded Ingevity from a “hold” rating to a “buy” rating in a report on Thursday, September 5th. Jefferies Financial Group cut Ingevity from a “buy” rating to a “hold” rating and cut their target price for the company from $129.00 to $107.00 in a research report on Friday, July 19th. Stifel Nicolaus cut their target price on Ingevity from $109.00 to $99.00 and set a “hold” rating on the stock in a research report on Wednesday, September 25th. Wells Fargo & Co initiated coverage on Ingevity in a research report on Tuesday. They set an “outperform” rating and a $100.00 target price on the stock. Finally, BMO Capital Markets cut their target price on Ingevity from $131.00 to $127.00 and set an “outperform” rating on the stock in a research report on Friday, September 27th. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Ingevity has a consensus rating of “Buy” and an average target price of $112.63.

NYSE NGVT opened at $84.95 on Friday. The company has a market cap of $3.55 billion, a price-to-earnings ratio of 20.57, a P/E/G ratio of 1.71 and a beta of 2.10. Ingevity has a 52 week low of $72.59 and a 52 week high of $120.41. The business has a 50 day moving average price of $83.30 and a 200-day moving average price of $93.65. The company has a quick ratio of 1.25, a current ratio of 2.28 and a debt-to-equity ratio of 3.51.

Ingevity (NYSE:NGVT) last released its quarterly earnings data on Wednesday, July 24th. The company reported $1.36 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.35 by $0.01. The firm had revenue of $352.80 million during the quarter, compared to the consensus estimate of $362.06 million. Ingevity had a return on equity of 54.67% and a net margin of 14.03%. The company’s quarterly revenue was up 14.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.12 earnings per share. On average, equities research analysts anticipate that Ingevity will post 4.87 earnings per share for the current year.

Several large investors have recently made changes to their positions in NGVT. Invesco Ltd. boosted its position in shares of Ingevity by 96.8% during the second quarter. Invesco Ltd. now owns 1,560,605 shares of the company’s stock valued at $164,129,000 after buying an additional 767,623 shares during the last quarter. Nuveen Asset Management LLC boosted its position in Ingevity by 334.0% in the second quarter. Nuveen Asset Management LLC now owns 349,547 shares of the company’s stock worth $36,761,000 after purchasing an additional 269,013 shares during the last quarter. Royal Bank of Canada boosted its position in Ingevity by 139.9% in the second quarter. Royal Bank of Canada now owns 265,790 shares of the company’s stock worth $27,954,000 after purchasing an additional 155,017 shares during the last quarter. Amundi Pioneer Asset Management Inc. purchased a new position in Ingevity in the second quarter worth $16,143,000. Finally, Victory Capital Management Inc. boosted its position in Ingevity by 24.1% in the second quarter. Victory Capital Management Inc. now owns 738,216 shares of the company’s stock worth $77,638,000 after purchasing an additional 143,427 shares during the last quarter. 91.67% of the stock is currently owned by institutional investors.

About Ingevity

Ingevity Corporation manufactures and sells specialty chemicals and carbon materials in the United States and internationally. The company operates through two segments, Performance Materials and Performance Chemicals. The Performance Materials segment engineers, manufactures, and sells hardwood-based and chemically activated carbon products primarily for use in gasoline vapor emission control systems in cars, trucks, motorcycles, and boats.

Recommended Story: High-Yield Dividend Stocks

To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Ingevity (NYSE:NGVT)

Receive News & Ratings for Ingevity Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ingevity and related companies with MarketBeat.com's FREE daily email newsletter.