BMO Capital Markets Raises Ingevity (NYSE:NGVT) Price Target to $62.00

Ingevity (NYSE:NGVT) had its target price raised by investment analysts at BMO Capital Markets from $61.00 to $62.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has a “market perform” rating on the stock. BMO Capital Markets’ price objective suggests a potential upside of 29.80% from the stock’s current price.

Ingevity Trading Down 1.0 %

NYSE:NGVT traded down $0.50 during mid-day trading on Thursday, reaching $47.76. The company’s stock had a trading volume of 9,412 shares, compared to its average volume of 206,663. The company’s fifty day simple moving average is $43.33 and its two-hundred day simple moving average is $40.98. The company has a debt-to-equity ratio of 6.52, a current ratio of 1.76 and a quick ratio of 1.04. Ingevity has a twelve month low of $30.90 and a twelve month high of $56.29. The stock has a market cap of $1.74 billion, a P/E ratio of -4.06 and a beta of 1.64.

Ingevity (NYSE:NGVT) last issued its quarterly earnings results on Tuesday, February 18th. The company reported $0.95 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.29 by $0.66. The firm had revenue of $298.80 million for the quarter, compared to analyst estimates of $297.40 million. Ingevity had a positive return on equity of 36.76% and a negative net margin of 30.60%. On average, equities analysts predict that Ingevity will post 4.45 EPS for the current year.

Hedge Funds Weigh In On Ingevity

Several hedge funds and other institutional investors have recently modified their holdings of NGVT. Maple Rock Capital Partners Inc. acquired a new position in shares of Ingevity in the 4th quarter valued at about $17,515,000. American Century Companies Inc. lifted its stake in shares of Ingevity by 37.7% in the 4th quarter. American Century Companies Inc. now owns 1,457,365 shares of the company’s stock valued at $59,388,000 after purchasing an additional 398,800 shares in the last quarter. Vision One Management Partners LP lifted its stake in shares of Ingevity by 265.0% in the 4th quarter. Vision One Management Partners LP now owns 410,678 shares of the company’s stock valued at $16,735,000 after purchasing an additional 298,157 shares in the last quarter. Segall Bryant & Hamill LLC lifted its stake in shares of Ingevity by 33.5% in the 3rd quarter. Segall Bryant & Hamill LLC now owns 1,185,415 shares of the company’s stock valued at $46,231,000 after purchasing an additional 297,135 shares in the last quarter. Finally, Royce & Associates LP lifted its stake in shares of Ingevity by 22.4% in the 4th quarter. Royce & Associates LP now owns 1,142,598 shares of the company’s stock valued at $46,561,000 after purchasing an additional 208,921 shares in the last quarter. 91.59% of the stock is owned by institutional investors and hedge funds.

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.