BMO Capital Markets Forecasts Strong Price Appreciation for Ingevity (NYSE:NGVT) Stock

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) had its price objective hoisted by stock analysts at BMO Capital Markets from $56.00 to $62.00 in a report released on Thursday, August 7th, Marketbeat reports. The brokerage presently has an "outperform" rating on the stock. BMO Capital Markets' price objective would suggest a potential upside of 13.32% from the stock's current price.

NGVT has been the subject of a number of other research reports. Wells Fargo & Company upped their target price on Ingevity from $38.00 to $48.00 and gave the stock an "equal weight" rating in a report on Monday, July 14th. Wall Street Zen lowered Ingevity from a "strong-buy" rating to a "buy" rating in a report on Saturday, July 26th.

Ingevity Stock Down 0.7%

Shares of NYSE NGVT opened at $54.71 on Thursday. The company has a debt-to-equity ratio of 10.24, a quick ratio of 0.80 and a current ratio of 1.36. The firm has a market capitalization of $2.00 billion, a price-to-earnings ratio of -9.19 and a beta of 1.36. The stock has a 50 day moving average price of $45.78 and a 200 day moving average price of $42.34. Ingevity has a 52-week low of $28.49 and a 52-week high of $55.89.

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

Institutional Trading of Ingevity

Several hedge funds and other institutional investors have recently made changes to their positions in the business. PNC Financial Services Group Inc. lifted its holdings in shares of Ingevity by 2.4% during the 1st quarter. PNC Financial Services Group Inc. now owns 12,389 shares of the company's stock valued at $490,000 after purchasing an additional 292 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S increased its position 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 acquiring an additional 297 shares during the period. Savant Capital LLC increased its position in shares of Ingevity by 0.4% in the 2nd quarter. Savant Capital LLC now owns 85,335 shares of the company's stock valued at $3,677,000 after acquiring an additional 313 shares during the period. Wealth Enhancement Advisory Services LLC increased its position in shares of Ingevity by 4.3% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 8,007 shares of the company's stock valued at $317,000 after acquiring an additional 333 shares during the period. Finally, Inspire Investing LLC increased its position in shares of Ingevity by 4.1% in the 2nd quarter. Inspire Investing LLC now owns 9,038 shares of the company's stock valued at $389,000 after acquiring an additional 358 shares during the period. Hedge funds and other institutional investors own 91.59% of the company's stock.

Ingevity Company Profile

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.