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

Ingevity (NYSE:NGVT) had its price objective upped by equities researchers at BMO Capital Markets from $61.00 to $62.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “market perform” rating on the stock. BMO Capital Markets’ price target suggests a potential upside of 29.80% from the company’s previous close.

Ingevity Stock Performance

Shares of NYSE NGVT traded down $0.50 during trading on Thursday, reaching $47.76. The stock had a trading volume of 9,412 shares, compared to its average volume of 206,663. Ingevity has a one year low of $30.90 and a one year high of $56.29. The company has a debt-to-equity ratio of 6.52, a quick ratio of 1.04 and a current ratio of 1.76. The stock has a market cap of $1.74 billion, a PE ratio of -4.06 and a beta of 1.64. The firm’s 50 day moving average price is $43.33 and its two-hundred day moving average price is $40.98.

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, beating analysts’ consensus estimates of $0.29 by $0.66. Ingevity had a positive return on equity of 36.76% and a negative net margin of 30.60%. The business had revenue of $298.80 million during the quarter, compared to analyst estimates of $297.40 million. On average, research analysts forecast that Ingevity will post 4.45 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Amalgamated Bank boosted its position in Ingevity by 2.4% during the 3rd quarter. Amalgamated Bank now owns 10,667 shares of the company’s stock worth $416,000 after acquiring an additional 246 shares during the period. First Horizon Advisors Inc. boosted its position in Ingevity by 45.9% during the 3rd quarter. First Horizon Advisors Inc. now owns 862 shares of the company’s stock worth $34,000 after acquiring an additional 271 shares during the period. Oppenheimer Asset Management Inc. lifted its holdings in shares of Ingevity by 1.2% in the third quarter. Oppenheimer Asset Management Inc. now owns 25,739 shares of the company’s stock valued at $1,004,000 after buying an additional 313 shares during the period. KBC Group NV lifted its holdings in shares of Ingevity by 27.5% in the fourth quarter. KBC Group NV now owns 2,007 shares of the company’s stock valued at $82,000 after buying an additional 433 shares during the period. Finally, Louisiana State Employees Retirement System lifted its holdings in shares of Ingevity by 3.5% in the third quarter. Louisiana State Employees Retirement System now owns 17,600 shares of the company’s stock valued at $686,000 after buying an additional 600 shares during the period. Institutional investors and hedge funds 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.