Zacks Investment Research upgraded shares of Ingevity (NYSE:NGVT) from a hold rating to a buy rating in a research report report published on Friday morning. Zacks Investment Research currently has $110.00 price target on the stock.
According to Zacks, “Ingevity has outperformed the industry it belongs to over the past six months. The company is well placed to gain from the Georgia-Pacific’s pine chemicals business buyout. Moreover, positive developments in the U.S. drilling activity is expected to boost performance of its Performance Chemicals division. Shifting to high margin products along with improved TOFA pricing should also lend support to its margins. The company should also gain from the expected activated carbon demand growth based on early adoption by some regions in China.”
A number of other research firms also recently commented on NGVT. Berenberg Bank downgraded Ingevity from a buy rating to a hold rating and set a $110.00 price target for the company. in a research note on Tuesday, October 2nd. Loop Capital set a $98.00 price target on Ingevity and gave the company a hold rating in a research note on Thursday, August 16th. Oppenheimer set a $110.00 price target on Ingevity and gave the company a buy rating in a research note on Wednesday, November 14th. Finally, ValuEngine downgraded Ingevity from a buy rating to a hold rating in a research note on Tuesday, October 16th. Three analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Ingevity has an average rating of Buy and an average target price of $104.00.
Ingevity (NYSE:NGVT) last posted its earnings results on Wednesday, October 24th. The company reported $1.16 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.04 by $0.12. Ingevity had a return on equity of 47.45% and a net margin of 15.53%. The company had revenue of $311.20 million during the quarter, compared to the consensus estimate of $305.50 million. As a group, sell-side analysts expect that Ingevity will post 3.85 EPS for the current year.
Institutional investors have recently added to or reduced their stakes in the business. Wells Fargo & Company MN grew its holdings in shares of Ingevity by 732.8% during the third quarter. Wells Fargo & Company MN now owns 776,899 shares of the company’s stock worth $79,150,000 after purchasing an additional 683,611 shares during the last quarter. FMR LLC grew its holdings in shares of Ingevity by 240.1% during the second quarter. FMR LLC now owns 866,464 shares of the company’s stock worth $70,062,000 after purchasing an additional 611,676 shares during the last quarter. BlackRock Inc. grew its holdings in shares of Ingevity by 7.8% during the second quarter. BlackRock Inc. now owns 5,985,960 shares of the company’s stock worth $484,025,000 after purchasing an additional 431,313 shares during the last quarter. Artisan Partners Limited Partnership bought a new stake in shares of Ingevity during the second quarter worth about $19,759,000. Finally, Pictet Asset Management Ltd. grew its holdings in shares of Ingevity by 73.6% during the third quarter. Pictet Asset Management Ltd. now owns 381,535 shares of the company’s stock worth $38,871,000 after purchasing an additional 161,796 shares during the last quarter. Hedge funds and other institutional investors own 93.34% of the company’s stock.
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 wood-based chemically activated carbon products primarily for gasoline vapor emission control systems.
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