Zacks Investment Research downgraded shares of Ingevity Corp (NASDAQ:NGVT) from a hold rating to a sell rating in a research report report published on Wednesday, August 2nd.
According to Zacks, “Ingevity Corporation provides specialty chemicals, carbon materials and technologies. The Company’s operating segments consists of Performance Materials and Performance Chemicals. Performance Chemicals segment products consists of asphalt paving, adhesives, agrochemical dispersants, printing inks, lubricants, petroleum and other diverse industries. Performance Materials segment engineers, manufactures and sells wood-based chemically activated carbon products. Ingevity Corporation is based in North Charleston, SC. “
A number of other equities research analysts also recently issued reports on the stock. Jefferies Group LLC increased their price target on shares of Ingevity Corp from $64.00 to $68.00 and gave the stock a buy rating in a report on Wednesday, April 19th. Aegis reissued a buy rating and issued a $67.00 price target on shares of Ingevity Corp in a report on Tuesday, July 4th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Ingevity Corp currently has a consensus rating of Buy and a consensus target price of $64.75.
Ingevity Corp (NASDAQ NGVT) opened at 56.94 on Wednesday. Ingevity Corp has a 52-week low of $40.24 and a 52-week high of $65.02. The firm’s 50-day moving average is $57.61 and its 200-day moving average is $58.21. The firm has a market cap of $2.40 billion and a price-to-earnings ratio of 45.48.
Ingevity Corp (NASDAQ:NGVT) last announced its quarterly earnings results on Wednesday, August 2nd. The company reported $0.78 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.70 by $0.08. Ingevity Corp had a net margin of 10.53% and a return on equity of 55.06%. The firm had revenue of $260.30 million for the quarter, compared to the consensus estimate of $259.56 million. The firm’s revenue was up 2.3% on a year-over-year basis. Analysts forecast that Ingevity Corp will post $2.42 EPS for the current fiscal year.
In related news, Director Jean S. Blackwell acquired 1,500 shares of the firm’s stock in a transaction that occurred on Monday, May 15th. The shares were bought at an average cost of $58.38 per share, for a total transaction of $87,570.00. Following the completion of the transaction, the director now owns 4,711 shares in the company, valued at $275,028.18. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Elkfork Partners LLC boosted its position in shares of Ingevity Corp by 7.1% in the first quarter. Elkfork Partners LLC now owns 2,002 shares of the company’s stock worth $122,000 after buying an additional 132 shares during the last quarter. First Trust Advisors LP boosted its position in shares of Ingevity Corp by 10.7% in the first quarter. First Trust Advisors LP now owns 37,914 shares of the company’s stock worth $2,307,000 after buying an additional 3,673 shares during the last quarter. Channing Capital Management LLC boosted its position in shares of Ingevity Corp by 207.1% in the first quarter. Channing Capital Management LLC now owns 831,700 shares of the company’s stock worth $50,609,000 after buying an additional 560,900 shares during the last quarter. Wells Fargo & Company MN boosted its position in shares of Ingevity Corp by 107.1% in the first quarter. Wells Fargo & Company MN now owns 72,056 shares of the company’s stock worth $4,385,000 after buying an additional 37,259 shares during the last quarter. Finally, IFP Advisors Inc boosted its position in shares of Ingevity Corp by 125.3% in the first quarter. IFP Advisors Inc now owns 2,224 shares of the company’s stock worth $135,000 after buying an additional 1,237 shares during the last quarter.
Ingevity Corp Company Profile
Ingevity Corporation is a manufacturer of specialty chemicals and high performance carbon materials. The Company is also a manufacturer of activated carbon used in gasoline vapor emission control systems in cars, trucks, motorcycles and boats. The Company operates through two segments: Performance Materials and Performance Chemicals.
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