Ingevity Corp (NGVT) Given Average Recommendation of “Buy” by Brokerages
Ingevity Corp (NASDAQ:NGVT) has been given a consensus rating of “Buy” by the six ratings firms that are currently covering the firm, MarketBeat reports. Two equities research analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $67.00.
A number of research analysts have weighed in on NGVT shares. KeyCorp reaffirmed a “buy” rating and issued a $70.00 price objective on shares of Ingevity Corp in a report on Friday. Jefferies Group LLC set a $71.00 price objective on shares of Ingevity Corp and gave the company a “buy” rating in a report on Thursday, August 24th. Zacks Investment Research raised shares of Ingevity Corp from a “hold” rating to a “buy” rating and set a $64.00 price objective for the company in a report on Wednesday, July 5th. Finally, Aegis reaffirmed a “buy” rating and issued a $67.00 price objective on shares of Ingevity Corp in a report on Tuesday, July 4th.
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Several hedge funds have recently added to or reduced their stakes in NGVT. Glen Harbor Capital Management LLC increased its stake in shares of Ingevity Corp by 7.1% during the first quarter. Glen Harbor Capital Management LLC now owns 3,094 shares of the company’s stock worth $188,000 after purchasing an additional 204 shares in the last quarter. IFP Advisors Inc increased its stake in shares of Ingevity Corp by 125.3% during the first quarter. IFP Advisors Inc now owns 2,224 shares of the company’s stock worth $135,000 after purchasing an additional 1,237 shares in the last quarter. Wells Fargo & Company MN increased its stake in shares of Ingevity Corp by 107.1% during the first quarter. Wells Fargo & Company MN now owns 72,056 shares of the company’s stock worth $4,385,000 after purchasing an additional 37,259 shares in the last quarter. First Trust Advisors LP increased its stake in shares of Ingevity Corp by 10.7% during the first quarter. First Trust Advisors LP now owns 37,914 shares of the company’s stock worth $2,307,000 after purchasing an additional 3,673 shares in the last quarter. Finally, Elkfork Partners LLC increased its stake in shares of Ingevity Corp by 7.1% during the first quarter. Elkfork Partners LLC now owns 2,002 shares of the company’s stock worth $122,000 after purchasing an additional 132 shares in the last quarter.
Shares of Ingevity Corp (NASDAQ NGVT) opened at 61.75 on Friday. The company’s 50 day moving average price is $59.18 and its 200-day moving average price is $58.77. Ingevity Corp has a 12 month low of $40.24 and a 12 month high of $65.02. The stock has a market capitalization of $2.60 billion and a P/E ratio of 49.32.
Ingevity Corp (NASDAQ:NGVT) last released its quarterly earnings data on Wednesday, August 2nd. The company reported $0.78 earnings per share for the quarter, beating analysts’ consensus estimates of $0.70 by $0.08. Ingevity Corp had a net margin of 13.75% and a return on equity of 76.78%. The company had revenue of $260.30 million during the quarter, compared to analysts’ expectations of $259.56 million. The company’s revenue was up 2.3% compared to the same quarter last year. Equities analysts predict that Ingevity Corp will post $2.42 earnings per share for the current year.
About Ingevity Corp
Ingevity Corporation is a manufacturer of specialty chemicals and high performance carbon materials. The Company is also a manufacturer of activated carbon used in gasoline vapor emission control systems in cars, trucks, motorcycles and boats. The Company operates through two segments: Performance Materials and Performance Chemicals.
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