Ingevity (NYSE:NGVT) Stock Rating Upgraded by Wall Street Zen

Key Points

• Ingevity (NYSE:NGVT) has been upgraded from a "buy" rating to a "strong-buy" rating by Wall Street Zen, indicating increased confidence in the stock's potential.
• Wells Fargo and BMO Capital Markets have raised their price targets for Ingevity, with estimates of $48.00 and $62.00 respectively, reflecting positive sentiment among analysts.
• Ingevity reported $1.39 earnings per share for the last quarter, exceeding expectations, although its revenue of $365.10 million fell short of analysts' forecasts.

Wall Street Zen upgraded shares of Ingevity (NYSE:NGVT - Free Report) from a buy rating to a strong-buy rating in a report released on Saturday.

Several other analysts have also issued reports on NGVT. Wells Fargo & Company upped their price target on shares of Ingevity from $38.00 to $48.00 and gave the company an "equal weight" rating in a research report on Monday, July 14th. BMO Capital Markets lifted their target price on shares of Ingevity from $56.00 to $62.00 and gave the stock an "outperform" rating in a research note on Thursday, August 7th.

Ingevity Stock Performance

NGVT stock traded up $1.63 during midday trading on Friday, reaching $53.83. 185,230 shares of the company's stock traded hands, compared to its average volume of 258,182. The company has a 50-day moving average price of $44.73 and a two-hundred day moving average price of $42.09. The company has a debt-to-equity ratio of 10.24, a quick ratio of 0.80 and a current ratio of 1.36. Ingevity has a 52 week low of $28.49 and a 52 week high of $54.13. The firm has a market capitalization of $1.96 billion, a PE ratio of -9.05 and a beta of 1.36.

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

Institutional Investors Weigh In On Ingevity

A number of large investors have recently added to or reduced their stakes in the stock. Prudential Financial Inc. grew its position in shares of Ingevity by 5.7% during the 2nd quarter. Prudential Financial Inc. now owns 37,885 shares of the company's stock valued at $1,632,000 after acquiring an additional 2,043 shares during the period. American Century Companies Inc. grew its position in shares of Ingevity by 15.6% during the 2nd quarter. American Century Companies Inc. now owns 1,707,273 shares of the company's stock valued at $73,566,000 after acquiring an additional 230,525 shares during the period. Segall Bryant & Hamill LLC grew its position in shares of Ingevity by 0.3% during the 2nd quarter. Segall Bryant & Hamill LLC now owns 1,283,210 shares of the company's stock valued at $55,294,000 after acquiring an additional 3,948 shares during the period. Rhumbline Advisers grew its position in shares of Ingevity by 4.0% during the 2nd quarter. Rhumbline Advisers now owns 105,874 shares of the company's stock valued at $4,562,000 after acquiring an additional 4,116 shares during the period. Finally, CenterBook Partners LP grew its position in shares of Ingevity by 82.1% during the 2nd quarter. CenterBook Partners LP now owns 124,288 shares of the company's stock valued at $5,356,000 after acquiring an additional 56,045 shares during the period. 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.