Ingevity (NYSE:NGVT) Given New $47.00 Price Target at BMO Capital Markets

Ingevity (NYSE:NGVT) had its price objective raised by BMO Capital Markets from $40.00 to $47.00 in a report issued on Thursday morning, Benzinga reports. BMO Capital Markets currently has a market perform rating on the stock.

Other equities research analysts have also issued research reports about the company. Wells Fargo & Company reduced their target price on Ingevity from $45.00 to $40.00 and set an “equal weight” rating on the stock in a research note on Monday, August 5th. Oppenheimer decreased their price objective on Ingevity from $58.00 to $50.00 and set an “outperform” rating on the stock in a research note on Thursday, August 1st. Finally, CJS Securities raised shares of Ingevity from a “market perform” rating to an “outperform” rating and set a $58.00 target price for the company in a research note on Wednesday, August 7th. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $52.17.

Ingevity Price Performance

Shares of NYSE:NGVT opened at $42.00 on Thursday. The firm has a market capitalization of $1.53 billion, a price-to-earnings ratio of -2.70 and a beta of 1.60. The company has a debt-to-equity ratio of 6.52, a current ratio of 1.76 and a quick ratio of 1.07. The business’s 50 day simple moving average is $36.89 and its 200-day simple moving average is $42.37. Ingevity has a 12 month low of $30.90 and a 12 month high of $56.29.

Ingevity (NYSE:NGVT) last posted its earnings results on Tuesday, October 29th. The company reported $1.10 EPS for the quarter, topping analysts’ consensus estimates of $0.60 by $0.50. Ingevity had a positive return on equity of 24.46% and a negative net margin of 38.11%. The company had revenue of $376.90 million for the quarter, compared to the consensus estimate of $376.95 million. During the same period in the previous year, the business earned $1.21 earnings per share. Ingevity’s quarterly revenue was down 15.5% compared to the same quarter last year. As a group, equities analysts forecast that Ingevity will post 2.2 earnings per share for the current fiscal year.

Institutional Trading of Ingevity

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Amalgamated Bank boosted its position in shares of Ingevity by 2.4% in the third quarter. Amalgamated Bank now owns 10,667 shares of the company’s stock worth $416,000 after acquiring an additional 246 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in shares of Ingevity by 3.9% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 7,449 shares of the company’s stock valued at $326,000 after buying an additional 279 shares during the period. Louisiana State Employees Retirement System increased its holdings in shares of Ingevity by 1.8% during the 2nd quarter. Louisiana State Employees Retirement System now owns 17,000 shares of the company’s stock worth $743,000 after buying an additional 300 shares during the last quarter. Texas Permanent School Fund Corp increased its holdings in shares of Ingevity by 1.3% during the 1st quarter. Texas Permanent School Fund Corp now owns 29,393 shares of the company’s stock worth $1,402,000 after buying an additional 388 shares during the last quarter. Finally, Blue Trust Inc. boosted its holdings in Ingevity by 101.8% in the second quarter. Blue Trust Inc. now owns 896 shares of the company’s stock valued at $43,000 after acquiring an additional 452 shares during the last quarter. Hedge funds and other institutional investors own 91.59% of the company’s stock.

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.