Ingevity (NYSE:NGVT) Upgraded to Buy by Jefferies Financial Group

Jefferies Financial Group upgraded shares of Ingevity (NYSE:NGVT) from a hold rating to a buy rating in a research report report published on Monday morning, Marketbeat reports. The brokerage currently has $62.00 target price on the stock, up from their previous target price of $52.00.

Separately, Wells Fargo & Company upped their price target on shares of Ingevity from $43.00 to $50.00 and gave the company an equal weight rating in a report on Friday, February 23rd. Five analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of Hold and a consensus target price of $51.40.

Ingevity Stock Down 1.5 %

Ingevity stock opened at $48.18 on Monday. The stock has a market capitalization of $1.75 billion, a PE ratio of -219.00 and a beta of 1.85. Ingevity has a twelve month low of $36.66 and a twelve month high of $72.76. The company has a quick ratio of 0.96, a current ratio of 1.81 and a debt-to-equity ratio of 2.19. The company has a 50 day moving average of $46.33 and a 200-day moving average of $43.66.

Ingevity (NYSE:NGVT) last released its quarterly earnings results on Wednesday, February 21st. The company reported $0.21 earnings per share for the quarter, beating the consensus estimate of ($0.13) by $0.34. The company had revenue of $371.70 million during the quarter, compared to analysts’ expectations of $336.74 million. Ingevity had a negative net margin of 0.32% and a positive return on equity of 20.75%. The business’s quarterly revenue was down 3.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.57 earnings per share. On average, equities research analysts anticipate that Ingevity will post 3.66 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Victory Capital Management Inc. raised its position in Ingevity by 57.6% during the fourth quarter. Victory Capital Management Inc. now owns 1,854,554 shares of the company’s stock worth $87,572,000 after acquiring an additional 677,718 shares in the last quarter. First Eagle Investment Management LLC bought a new position in shares of Ingevity in the third quarter valued at about $7,463,000. Vanguard Group Inc. raised its position in shares of Ingevity by 4.3% in the fourth quarter. Vanguard Group Inc. now owns 3,743,322 shares of the company’s stock valued at $176,760,000 after purchasing an additional 153,530 shares during the period. Wellington Management Group LLP raised its position in shares of Ingevity by 3.9% in the fourth quarter. Wellington Management Group LLP now owns 2,148,379 shares of the company’s stock valued at $101,446,000 after purchasing an additional 80,856 shares during the period. Finally, American Century Companies Inc. raised its position in shares of Ingevity by 14.4% in the third quarter. American Century Companies Inc. now owns 494,464 shares of the company’s stock valued at $23,541,000 after purchasing an additional 62,418 shares during the period. Institutional investors and hedge funds 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.