StockNews.com Upgrades Ingevity (NYSE:NGVT) to “Strong-Buy”

Ingevity (NYSE:NGVTGet Rating) was upgraded by equities researchers at StockNews.com from a “buy” rating to a “strong-buy” rating in a report released on Saturday.

Separately, TheStreet upgraded shares of Ingevity from a “c” rating to a “b-” rating in a research note on Friday, May 27th. Two analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Ingevity currently has an average rating of “Buy” and an average price target of $93.00.

NYSE:NGVT opened at $61.40 on Friday. Ingevity has a 52 week low of $56.31 and a 52 week high of $88.58. The firm has a 50 day moving average of $65.89 and a 200 day moving average of $67.36. The company has a quick ratio of 0.86, a current ratio of 1.33 and a debt-to-equity ratio of 1.38. The stock has a market capitalization of $2.38 billion, a price-to-earnings ratio of 18.72 and a beta of 1.96.

Ingevity (NYSE:NGVTGet Rating) last posted its earnings results on Wednesday, May 4th. The company reported $1.62 EPS for the quarter, beating analysts’ consensus estimates of $1.04 by $0.58. Ingevity had a net margin of 8.95% and a return on equity of 32.84%. The company had revenue of $382.80 million during the quarter, compared to analysts’ expectations of $341.58 million. During the same quarter in the prior year, the company posted $1.27 earnings per share. Ingevity’s revenue for the quarter was up 19.5% compared to the same quarter last year. As a group, analysts expect that Ingevity will post 5.95 EPS for the current year.

Several institutional investors and hedge funds have recently made changes to their positions in the business. Inclusive Capital Partners L.P. grew its holdings in shares of Ingevity by 158.8% in the first quarter. Inclusive Capital Partners L.P. now owns 2,006,405 shares of the company’s stock valued at $128,550,000 after purchasing an additional 1,231,106 shares in the last quarter. Thrivent Financial for Lutherans lifted its position in shares of Ingevity by 1,315.9% during the 4th quarter. Thrivent Financial for Lutherans now owns 814,423 shares of the company’s stock worth $58,395,000 after buying an additional 756,903 shares during the last quarter. Credit Suisse AG lifted its position in shares of Ingevity by 1,081.2% during the 4th quarter. Credit Suisse AG now owns 440,589 shares of the company’s stock worth $31,591,000 after buying an additional 403,289 shares during the last quarter. Norges Bank purchased a new stake in shares of Ingevity during the 4th quarter worth approximately $23,396,000. Finally, BlackRock Inc. raised its position in Ingevity by 7.4% in the 1st quarter. BlackRock Inc. now owns 4,657,366 shares of the company’s stock valued at $298,398,000 after purchasing an additional 322,066 shares during the last quarter. Institutional investors and hedge funds own 96.34% of the company’s stock.

About Ingevity (Get Rating)

Ingevity Corporation manufactures and sells specialty chemicals and activated carbon materials in North America, the Asia Pacific, Europe, the Middle East, Africa, and South America. The company operates through two segments, Performance Materials and Performance Chemicals. The Performance Materials segment engineers, manufactures, and sells hardwood-based and chemically activated carbon products primarily for use in gasoline vapor emission control systems in cars, motorcycles, trucks, and boats.

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