BMO Capital Markets Reiterates "$62.00" Price Target for Ingevity (NYSE:NGVT)

Key Points

• BMO Capital Markets raised its price target for Ingevity (NYSE: NGVT) from $56.00 to $62.00, suggesting a potential upside of 26.83% from the current stock price.
• The company reported earnings of $1.39 per share, exceeding analyst expectations, but revenue was down 6.5% year-over-year, totaling $365.10 million for the quarter.
• Recent institutional activity shows significant interest in Ingevity, with JPMorgan Chase increasing its stake by 58.4% during the last quarter, reflecting strong institutional support.

Ingevity (NYSE:NGVT - Get Free Report) has been assigned a $62.00 price target by equities researchers at BMO Capital Markets in a report issued on Thursday, MarketBeat.com reports. The firm currently has an "outperform" rating on the stock. BMO Capital Markets' target price would suggest a potential upside of 15.18% from the stock's previous close.

A number of other equities analysts have also recently weighed in on NGVT. Wall Street Zen cut shares of Ingevity from a "strong-buy" rating to a "buy" rating in a research report on Saturday, July 26th. Wells Fargo & Company raised their price objective on Ingevity from $38.00 to $48.00 and gave the stock an "equal weight" rating in a research note on Monday, July 14th.

Ingevity Price Performance

NGVT stock traded up $1.63 during trading on Thursday, hitting $53.83. The company had a trading volume of 246,287 shares, compared to its average volume of 258,874. The company has a fifty day moving average price of $44.73 and a two-hundred day moving average price of $42.09. Ingevity has a fifty-two week low of $28.49 and a fifty-two week high of $54.13. The company has a market cap of $1.96 billion, a P/E ratio of -9.05 and a beta of 1.36. The company has a current ratio of 1.36, a quick ratio of 0.80 and a debt-to-equity ratio of 10.24.

Ingevity (NYSE:NGVT - Get Free Report) last announced its earnings results on Monday, August 4th. The company reported $1.39 earnings per share for the quarter, beating analysts' consensus estimates of $1.02 by $0.37. Ingevity had a positive return on equity of 84.92% and a negative net margin of 16.35%. The company had revenue of $365.10 million during the quarter, compared to analyst estimates of $378.70 million. During the same period last year, the company posted $1.01 earnings per share. The firm's quarterly revenue was down 6.5% compared to the same quarter last year. Equities research analysts expect that Ingevity will post 4.45 earnings per share for the current fiscal year.

Institutional Trading of Ingevity

Several hedge funds and other institutional investors have recently bought and sold shares of NGVT. PNC Financial Services Group Inc. grew its stake in shares of Ingevity by 2.4% during the first quarter. PNC Financial Services Group Inc. now owns 12,389 shares of the company's stock worth $490,000 after buying an additional 292 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S boosted its stake in shares of Ingevity by 21.6% in the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 1,670 shares of the company's stock valued at $66,000 after purchasing an additional 297 shares during the last quarter. Savant Capital LLC grew its holdings in Ingevity by 0.4% during the 2nd quarter. Savant Capital LLC now owns 85,335 shares of the company's stock worth $3,677,000 after acquiring an additional 313 shares during the period. Wealth Enhancement Advisory Services LLC lifted its stake in Ingevity by 4.3% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 8,007 shares of the company's stock valued at $317,000 after buying an additional 333 shares during the period. Finally, Inspire Investing LLC grew its holdings in Ingevity by 4.1% in the second quarter. Inspire Investing LLC now owns 9,038 shares of the company's stock worth $389,000 after purchasing an additional 358 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.