Ingevity Corp (NGVT) Given Buy Rating at KeyCorp
Ingevity Corp (NASDAQ:NGVT)‘s stock had its “buy” rating reiterated by research analysts at KeyCorp in a report issued on Thursday. They presently have a $75.00 price target on the stock, up from their previous price target of $70.00. KeyCorp’s price objective suggests a potential upside of 16.10% from the company’s current price.
NGVT has been the subject of a number of other reports. Zacks Investment Research upgraded Ingevity Corp from a “sell” rating to a “hold” rating in a research note on Tuesday, August 8th. BidaskClub upgraded Ingevity Corp from a “strong sell” rating to a “sell” rating in a research note on Friday, September 22nd. Jefferies Group LLC set a $68.00 price objective on Ingevity Corp and gave the company a “buy” rating in a research note on Wednesday, July 5th. Loop Capital initiated coverage on Ingevity Corp in a research note on Thursday, September 28th. They set a “buy” rating and a $73.00 price objective for the company. Finally, Aegis reiterated a “buy” rating and set a $67.00 price objective on shares of Ingevity Corp in a research note on Tuesday, July 4th. One investment analyst has rated the stock with a sell rating and six have given a buy rating to the company’s stock. Ingevity Corp presently has a consensus rating of “Buy” and a consensus price target of $69.83.
Shares of Ingevity Corp (NGVT) traded up 0.17% during midday trading on Thursday, hitting $64.60. 446,636 shares of the stock were exchanged. The firm’s 50 day moving average price is $61.37 and its 200-day moving average price is $61.37. Ingevity Corp has a 52-week low of $40.24 and a 52-week high of $66.01. The stock has a market cap of $2.72 billion and a P/E ratio of 51.60.
Ingevity Corp (NASDAQ:NGVT) last announced its quarterly earnings data on Wednesday, August 2nd. The company reported $0.78 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.70 by $0.08. The company had revenue of $260.30 million during the quarter, compared to the consensus estimate of $259.56 million. Ingevity Corp had a return on equity of 76.78% and a net margin of 13.75%. The firm’s revenue for the quarter was up 2.3% on a year-over-year basis. On average, equities research analysts expect that Ingevity Corp will post $2.41 earnings per share for the current fiscal year.
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A number of hedge funds and other institutional investors have recently bought and sold shares of NGVT. Pacad Investment Ltd. purchased a new position in Ingevity Corp in the 2nd quarter worth approximately $183,000. Cubist Systematic Strategies LLC purchased a new position in Ingevity Corp in the 2nd quarter worth approximately $203,000. Envestnet Asset Management Inc. lifted its holdings in Ingevity Corp by 46.9% in the 1st quarter. Envestnet Asset Management Inc. now owns 3,500 shares of the company’s stock worth $211,000 after purchasing an additional 1,117 shares in the last quarter. Balyasny Asset Management LLC purchased a new position in Ingevity Corp in the 2nd quarter worth approximately $213,000. Finally, Breton Hill Capital Ltd. purchased a new position in Ingevity Corp in the 2nd quarter worth approximately $234,000.
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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