Ingevity (NYSE:NGVT) Price Target Raised to $62.00

Ingevity (NYSE:NGVT) had its target price lifted by BMO Capital Markets from $61.00 to $62.00 in a research note published on Thursday,Benzinga reports. BMO Capital Markets currently has a market perform rating on the stock.

Ingevity Stock Performance

Shares of NGVT stock opened at $46.11 on Thursday. The company has a current ratio of 1.87, a quick ratio of 1.04 and a debt-to-equity ratio of 6.86. The stock has a 50 day simple moving average of $43.33 and a 200-day simple moving average of $41.14. The company has a market cap of $1.68 billion, a price-to-earnings ratio of -3.89 and a beta of 1.64. Ingevity has a 12-month low of $30.90 and a 12-month high of $56.29.

Ingevity (NYSE:NGVT) last released its quarterly earnings data on Tuesday, February 18th. The company reported $0.95 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.66. The firm had revenue of $298.80 million during the quarter, compared to analysts’ expectations of $297.40 million. Ingevity had a positive return on equity of 41.44% and a negative net margin of 30.60%. On average, equities analysts forecast that Ingevity will post 4.45 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in NGVT. Wellington Management Group LLP grew its holdings in shares of Ingevity by 5.4% in the 4th quarter. Wellington Management Group LLP now owns 2,239,970 shares of the company’s stock worth $91,279,000 after acquiring an additional 115,581 shares during the period. State Street Corp grew its holdings in Ingevity by 14.7% in the third quarter. State Street Corp now owns 1,546,957 shares of the company’s stock valued at $60,331,000 after purchasing an additional 198,300 shares during the last quarter. American Century Companies Inc. increased its position in shares of Ingevity by 37.7% in the fourth quarter. American Century Companies Inc. now owns 1,457,365 shares of the company’s stock valued at $59,388,000 after buying an additional 398,800 shares in the last quarter. Thrivent Financial for Lutherans raised its stake in shares of Ingevity by 1.7% during the 3rd quarter. Thrivent Financial for Lutherans now owns 1,383,053 shares of the company’s stock worth $53,939,000 after buying an additional 23,497 shares during the last quarter. Finally, Segall Bryant & Hamill LLC boosted its position in shares of Ingevity by 8.6% in the 4th quarter. Segall Bryant & Hamill LLC now owns 1,287,281 shares of the company’s stock worth $52,457,000 after buying an additional 101,866 shares in the last quarter. 91.59% of the stock is owned by hedge funds and other institutional investors.

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.