Ingevity Corp (NGVT) Earns “Buy” Rating from KeyCorp

KeyCorp restated their buy rating on shares of Ingevity Corp (NASDAQ:NGVT) in a research note published on Friday. They currently have a $70.00 price target on the stock.

Several other brokerages also recently commented on NGVT. Jefferies Group LLC set a $68.00 target price on shares of Ingevity Corp and gave the company a buy rating in a report on Wednesday, July 5th. Aegis restated a buy rating and set a $67.00 price objective on shares of Ingevity Corp in a report on Tuesday, July 4th. Finally, Zacks Investment Research downgraded shares of Ingevity Corp from a buy rating to a hold rating in a report on Saturday, July 8th. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The company currently has a consensus rating of Buy and a consensus price target of $66.40.

Ingevity Corp (NASDAQ NGVT) opened at 61.20 on Friday. The firm has a market capitalization of $2.58 billion and a price-to-earnings ratio of 48.88. Ingevity Corp has a 1-year low of $40.24 and a 1-year high of $65.02. The stock’s 50 day moving average is $59.27 and its 200 day moving average is $58.79.

Ingevity Corp (NASDAQ:NGVT) last announced its earnings results on Wednesday, August 2nd. The company reported $0.78 EPS for the quarter, beating the Thomson Reuters’ 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 net margin of 13.75% and a return on equity of 76.78%. The company’s quarterly revenue was up 2.3% on a year-over-year basis. Analysts predict that Ingevity Corp will post $2.42 EPS for the current fiscal year.

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A number of large investors have recently modified their holdings of the business. PNC Financial Services Group Inc. boosted its position in Ingevity Corp by 0.4% during the second quarter. PNC Financial Services Group Inc. now owns 4,716 shares of the company’s stock worth $270,000 after purchasing an additional 21 shares during the period. Pinebridge Investments L.P. boosted its position in Ingevity Corp by 1.0% during the second quarter. Pinebridge Investments L.P. now owns 5,548 shares of the company’s stock worth $318,000 after purchasing an additional 57 shares during the period. Virginia Retirement Systems ET AL boosted its position in Ingevity Corp by 2.3% during the first quarter. Virginia Retirement Systems ET AL now owns 4,466 shares of the company’s stock worth $272,000 after purchasing an additional 100 shares during the period. Arizona State Retirement System boosted its position in Ingevity Corp by 0.5% during the second quarter. Arizona State Retirement System now owns 22,000 shares of the company’s stock worth $1,263,000 after purchasing an additional 100 shares during the period. Finally, Elkfork Partners LLC boosted its position in 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 during the period.

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.

Analyst Recommendations for Ingevity Corp (NASDAQ:NGVT)

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