Ingevity Receives Upgrade to 'Buy' Rating by StockNews.com

Ingevity (NYSE:NGVT) has been upgraded by analysts at StockNews.com, moving its rating from "hold" to "buy" in a research note released on Thursday.

In a separate announcement, BMO Capital Markets raised its price target for Ingevity from $61.00 to $62.00, while maintaining a "market perform" rating. Currently, three investment analysts have rated Ingevity stock as a hold, and four have given it a buy rating. According to data from MarketBeat, Ingevity holds an average rating of "Moderate Buy" and has a consensus price target of $54.67.

Recent Stock Performance

On Thursday, Ingevity shares traded down by $1.41, reaching a price of $46.85. The trading volume for the day was 455,688 shares, significantly higher than its average volume of 220,239. Over the past year, Ingevity's stock has hit a low of $30.90 and a high of $56.29. The company has a fifty-day moving average of $43.32 and a 200-day moving average of $41.02, with a market capitalization of $1.70 billion. Its price-to-earnings ratio stands at -3.96 and its beta is 1.64. Ingevity's current ratio is 1.76, quick ratio is 1.04, and it has a high debt-to-equity ratio of 6.52.

Ingevity's latest quarterly earnings report, released on February 18, revealed that the company earned $0.95 per share (EPS), exceeding analyst expectations of $0.29 by $0.66. Furthermore, Ingevity achieved a return on equity of 36.76%, although it reported a negative net margin of 30.60%. The company generated $298.80 million in revenue for the quarter, slightly above the consensus estimate of $297.40 million. Analysts forecast that Ingevity will report an EPS of 4.45 for the current fiscal year.

Institutional Holdings and Investors' Activity

Multiple institutional investors have recently adjusted their holdings in Ingevity. First Horizon Advisors Inc. increased its position in the company by 45.9% in the third quarter, now owning 862 shares worth $34,000 after acquiring 271 additional shares. KBC Group NV bolstered its stake in Ingevity by 50.8%, owning 1,574 shares valued at $61,000 after purchasing an extra 530 shares recently. Blue Trust Inc. significantly raised its holdings, increasing its stake by 179.6% and now owns 2,505 shares worth $98,000. Nisa Investment Advisors LLC also boosted its position by 27.3%, now owning 3,880 shares valued at $151,000 after adding 831 shares. In the latest transactions, Empowered Funds LLC purchased a new stake in Ingevity worth $187,000. Overall, institutional investors and hedge funds hold 91.59% of the company's stock.

About Ingevity Corporation

Ingevity Corporation specializes in the production and sale of activated carbon products, specialty chemicals, and engineered polymers across various regions including North America, the Asia Pacific, Europe, the Middle East, Africa, and South America. The company operates through three segments: Performance Materials, Performance Chemicals, and Advanced Polymer Technologies.

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