Ingevity Corp (NYSE:NGVT) Receives Consensus Rating of “Buy” from Brokerages

Ingevity Corp (NYSE:NGVT) has earned a consensus rating of “Buy” from the ten analysts that are presently covering the company, Marketbeat reports. Four research analysts have rated the stock with a hold recommendation and six have issued a buy recommendation on the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $99.75.

NGVT has been the subject of a number of recent research reports. Berenberg Bank upgraded shares of Ingevity from a “hold” rating to a “buy” rating and reduced their price objective for the company from $120.00 to $110.00 in a research note on Tuesday, May 28th. ValuEngine upgraded shares of Ingevity from a “hold” rating to a “buy” rating in a research note on Thursday, April 4th. Zacks Investment Research upgraded shares of Ingevity from a “sell” rating to a “hold” rating in a research note on Thursday, May 9th. Finally, Oppenheimer lifted their price objective on shares of Ingevity from $110.00 to $130.00 and gave the company an “outperform” rating in a research note on Monday, April 8th.

Shares of NYSE:NGVT traded down $0.42 during mid-day trading on Thursday, reaching $96.44. The company had a trading volume of 2,682 shares, compared to its average volume of 250,287. The company has a current ratio of 2.29, a quick ratio of 1.14 and a debt-to-equity ratio of 4.03. The stock has a market capitalization of $4.05 billion, a price-to-earnings ratio of 23.39, a price-to-earnings-growth ratio of 1.66 and a beta of 1.91. The company has a 50-day simple moving average of $92.12. Ingevity has a one year low of $74.98 and a one year high of $120.41.

Ingevity (NYSE:NGVT) last posted its quarterly earnings results on Wednesday, May 1st. The company reported $0.99 EPS for the quarter, topping analysts’ consensus estimates of $0.97 by $0.02. Ingevity had a net margin of 13.70% and a return on equity of 53.81%. The company had revenue of $276.80 million for the quarter, compared to analysts’ expectations of $288.07 million. During the same quarter in the previous year, the firm posted $0.79 EPS. Ingevity’s revenue was up 17.7% on a year-over-year basis. On average, equities analysts expect that Ingevity will post 4.79 EPS for the current fiscal year.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Metropolitan Life Insurance Co NY lifted its stake in Ingevity by 83.0% in the first quarter. Metropolitan Life Insurance Co NY now owns 24,209 shares of the company’s stock worth $2,556,000 after purchasing an additional 10,980 shares during the last quarter. MetLife Investment Advisors LLC lifted its stake in Ingevity by 138.6% in the first quarter. MetLife Investment Advisors LLC now owns 43,576 shares of the company’s stock worth $4,602,000 after purchasing an additional 25,313 shares during the last quarter. Patten Group Inc. lifted its stake in Ingevity by 2.2% in the first quarter. Patten Group Inc. now owns 9,998 shares of the company’s stock worth $1,056,000 after purchasing an additional 220 shares during the last quarter. U S Global Investors Inc. lifted its stake in Ingevity by 6.3% in the first quarter. U S Global Investors Inc. now owns 13,676 shares of the company’s stock worth $1,444,000 after purchasing an additional 809 shares during the last quarter. Finally, WCM Investment Management LLC bought a new stake in Ingevity in the first quarter worth $1,548,000. Hedge funds and other institutional investors own 90.04% of the company’s stock.

Ingevity Company Profile

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.

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Analyst Recommendations for Ingevity (NYSE:NGVT)

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