Ingevity (NGVT) Downgraded by Zacks Investment Research
Zacks Investment Research lowered shares of Ingevity (NYSE:NGVT) from a buy rating to a hold rating in a report issued on Wednesday morning.
According to Zacks, “Ingevity Corporation provides specialty chemicals, carbon materials and technologies. The Company’s operating segments consists of Performance Materials and Performance Chemicals. Performance Chemicals segment products consists of asphalt paving, adhesives, agrochemical dispersants, printing inks, lubricants, petroleum and other diverse industries. Performance Materials segment engineers, manufactures and sells wood-based chemically activated carbon products. Ingevity Corporation is based in North Charleston, SC. “
NGVT has been the topic of a number of other research reports. KeyCorp reaffirmed a buy rating and set a $70.00 price target on shares of Ingevity in a research report on Friday, September 8th. Loop Capital dropped their price target on Ingevity from $83.00 to $80.00 and set a buy rating on the stock in a research report on Tuesday, December 26th. BidaskClub raised Ingevity from a strong sell rating to a sell rating in a research report on Friday, September 22nd. Jefferies Group upped their price target on Ingevity from $71.00 to $84.00 and gave the company a buy rating in a research report on Friday, November 3rd. Finally, Rowe reaffirmed an outperform rating and set a $90.00 price target (up previously from $80.00) on shares of Ingevity in a research report on Thursday, November 30th. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. The stock presently has an average rating of Buy and a consensus target price of $78.17.
Ingevity (NYSE:NGVT) last issued its quarterly earnings results on Wednesday, November 1st. The company reported $0.86 EPS for the quarter, beating analysts’ consensus estimates of $0.75 by $0.11. Ingevity had a return on equity of 58.14% and a net margin of 9.86%. The firm had revenue of $264.10 million for the quarter, compared to analysts’ expectations of $260.88 million. During the same quarter in the prior year, the firm earned $0.64 EPS. The business’s revenue for the quarter was up 4.6% compared to the same quarter last year. sell-side analysts forecast that Ingevity will post 2.49 earnings per share for the current fiscal year.
Institutional investors and hedge funds have recently modified their holdings of the stock. Arrowstreet Capital Limited Partnership purchased a new stake in Ingevity during the 2nd quarter worth about $333,000. OxFORD Asset Management LLP lifted its holdings in Ingevity by 20.0% during the 3rd quarter. OxFORD Asset Management LLP now owns 165,512 shares of the company’s stock worth $10,430,000 after purchasing an additional 27,624 shares in the last quarter. Smith Asset Management Group LP purchased a new stake in Ingevity during the 3rd quarter worth about $1,138,000. Ameriprise Financial Inc. lifted its holdings in Ingevity by 4.7% during the 3rd quarter. Ameriprise Financial Inc. now owns 300,514 shares of the company’s stock worth $18,774,000 after purchasing an additional 13,448 shares in the last quarter. Finally, WINTON GROUP Ltd lifted its holdings in Ingevity by 151.5% during the 3rd quarter. WINTON GROUP Ltd now owns 65,528 shares of the company’s stock worth $4,094,000 after purchasing an additional 39,473 shares in the last quarter. 91.09% of the stock is currently owned by institutional investors and hedge funds.
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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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