Ingevity (NYSE:NGVT) Upgraded by Wall Street Zen to Strong-Buy Rating

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 research note issued to investors on Saturday morning.

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

Ingevity Stock Performance

Shares of Ingevity stock traded up $1.42 on Friday, reaching $55.28. The stock had a trading volume of 62,173 shares, compared to its average volume of 257,545. Ingevity has a fifty-two week low of $28.49 and a fifty-two week high of $55.89. The business's 50-day moving average price is $44.97 and its two-hundred day moving average price is $42.17. The stock has a market cap of $2.02 billion, a P/E ratio of -9.29 and a beta of 1.36. 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 (NYSE:NGVT - Get Free Report) last announced its earnings results on Monday, August 4th. The company reported $1.39 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.02 by $0.37. The business had revenue of $365.10 million for the quarter, compared to analyst estimates of $378.70 million. Ingevity had a negative net margin of 16.35% and a positive return on equity of 84.92%. Ingevity's revenue was down 6.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.01 earnings per share. On average, sell-side analysts forecast that Ingevity will post 4.45 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. JPMorgan Chase & Co. boosted its stake in Ingevity by 58.4% in the 4th quarter. JPMorgan Chase & Co. now owns 186,256 shares of the company's stock worth $7,590,000 after purchasing an additional 68,675 shares during the period. O Shaughnessy Asset Management LLC purchased a new stake in shares of Ingevity in the 4th quarter valued at about $214,000. Franklin Resources Inc. raised its holdings in shares of Ingevity by 89.1% in the 4th quarter. Franklin Resources Inc. now owns 32,065 shares of the company's stock valued at $1,307,000 after acquiring an additional 15,109 shares in the last quarter. Wells Fargo & Company MN raised its holdings in shares of Ingevity by 46.4% in the 4th quarter. Wells Fargo & Company MN now owns 37,055 shares of the company's stock valued at $1,510,000 after acquiring an additional 11,742 shares in the last quarter. Finally, Russell Investments Group Ltd. raised its holdings in shares of Ingevity by 4.0% in the 4th quarter. Russell Investments Group Ltd. now owns 162,451 shares of the company's stock valued at $6,620,000 after acquiring an additional 6,246 shares in the last quarter. 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.