BMO Capital Markets Increases Ingevity (NYSE:NGVT) Price Target to $55.00

Ingevity (NYSE:NGVT) had its price objective lifted by equities researchers at BMO Capital Markets from $50.00 to $55.00 in a report released on Wednesday, Benzinga reports. The brokerage presently has a “market perform” rating on the stock. BMO Capital Markets’ target price would suggest a potential upside of 1.78% from the stock’s current price.

Other equities research analysts also recently issued reports about the stock. Wells Fargo & Company increased their price target on shares of Ingevity from $43.00 to $50.00 and gave the stock an “equal weight” rating in a report on Friday, February 23rd. Loop Capital lifted their price target on Ingevity from $49.00 to $56.00 and gave the company a “hold” rating in a research report on Tuesday. Jefferies Financial Group upgraded shares of Ingevity from a “hold” rating to a “buy” rating and lifted their target price for the company from $52.00 to $62.00 in a research report on Monday, April 22nd. Finally, Oppenheimer upped their target price on shares of Ingevity from $50.00 to $58.00 and gave the stock an “outperform” rating in a research report on Thursday, May 2nd. Five equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, Ingevity presently has a consensus rating of “Hold” and a consensus price target of $55.00.

Ingevity Stock Up 0.6 %

NYSE:NGVT traded up $0.32 on Wednesday, hitting $54.04. The stock had a trading volume of 21,759 shares, compared to its average volume of 229,168. Ingevity has a 1 year low of $36.66 and a 1 year high of $66.18. The stock has a market cap of $1.96 billion, a P/E ratio of -17.37 and a beta of 1.79. The firm’s fifty day simple moving average is $47.24 and its two-hundred day simple moving average is $44.38. The company has a debt-to-equity ratio of 2.48, a quick ratio of 0.98 and a current ratio of 1.90.

Ingevity (NYSE:NGVT) last announced its quarterly earnings data on Wednesday, May 1st. The company reported $0.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.37 by $0.15. Ingevity had a positive return on equity of 18.65% and a negative net margin of 6.84%. The business had revenue of $340.10 million for the quarter, compared to analysts’ expectations of $319.15 million. During the same period in the previous year, the business posted $1.09 EPS. The firm’s quarterly revenue was down 13.4% compared to the same quarter last year. Analysts predict that Ingevity will post 3.78 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of NGVT. ProShare Advisors LLC lifted its holdings in Ingevity by 6.8% in the first quarter. ProShare Advisors LLC now owns 7,943 shares of the company’s stock valued at $379,000 after acquiring an additional 508 shares during the period. Sei Investments Co. boosted its stake in shares of Ingevity by 9.8% during the 1st quarter. Sei Investments Co. now owns 131,221 shares of the company’s stock worth $6,259,000 after acquiring an additional 11,699 shares during the last quarter. Oppenheimer Asset Management Inc. increased its stake in shares of Ingevity by 49.3% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 21,642 shares of the company’s stock worth $1,032,000 after purchasing an additional 7,150 shares in the last quarter. Texas Permanent School Fund Corp raised its holdings in Ingevity by 1.3% in the 1st quarter. Texas Permanent School Fund Corp now owns 29,393 shares of the company’s stock worth $1,402,000 after purchasing an additional 388 shares during the period. Finally, Jennison Associates LLC grew its holdings in Ingevity by 8.3% during the first quarter. Jennison Associates LLC now owns 21,211 shares of the company’s stock valued at $1,012,000 after purchasing an additional 1,623 shares during the period. 91.59% of the stock is owned by hedge funds and other institutional investors.

About Ingevity

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.