Ingevity Upgraded to Strong-Buy as Analysts Adjust Price Targets

Ingevity Corporation, traded on the New York Stock Exchange under the ticker symbol NGVT, received a significant upgrade from Wall Street Zen, which elevated its rating from “buy” to “strong-buy.” This change was announced in a research note released on December 10, 2023. The revision reflects a positive outlook for the company amid recent adjustments from other financial analysts.

In addition to Wall Street Zen’s upgrade, BMO Capital Markets increased its price target for Ingevity from $64.00 to $70.00, assigning the company an “outperform” rating. This adjustment was made in a research note published on the same date. Further analysis from Wells Fargo & Company raised its price target for Ingevity from $55.00 to $60.00, giving it an “equal weight” rating as detailed in a note released on December 19, 2023.

Conversely, Weiss Ratings maintained a “sell (d-)” rating on Ingevity, reflecting a more cautious stance on the stock as of October 8, 2023. Meanwhile, Zacks Research adjusted its rating to “hold” on December 16, 2023. Overall, one analyst has issued a “buy” rating, two have recommended holding, and one has advised selling, resulting in a consensus rating of “hold” with a consensus price target of $65.00, according to data from MarketBeat.

Ingevity’s recent quarterly earnings report, released on March 24, 2024, showed an earnings per share (EPS) of $0.78. The company recorded a revenue of $336.00 million for the quarter, with a notable return on equity of 103.69% and a net margin of -5.14%. Analysts project that Ingevity will achieve an EPS of 4.45 for the current fiscal year.

Institutional investors have been active in trading Ingevity shares recently. Notably, Range Financial Group LLC acquired a new position in the company valued at approximately $1,326,000 during the second quarter. Additionally, Teacher Retirement System of Texas significantly increased its stake in Ingevity by 82.1%, now owning 36,312 shares valued at $1,565,000 after purchasing an additional 16,366 shares during the period.

Other notable transactions include Squarepoint Ops LLC, which acquired a new position worth $1,279,000, and American Century Companies Inc., which increased its stake by 15.6%, now holding 1,707,273 shares valued at $73,566,000 after an additional 230,525 shares were purchased in the last quarter. Overall, institutional investors and hedge funds own approximately 91.59% of Ingevity’s stock.

Headquartered in North Charleston, South Carolina, Ingevity Corporation specializes in chemicals and performance materials. The company operates through two main divisions: Performance Chemicals and Performance Materials. The Performance Chemicals segment focuses on producing and marketing specialty chemicals derived from natural feedstocks, serving various industries such as paper, adhesives, and consumer goods. The Performance Materials segment manufactures activated carbon products for applications including automotive emissions control and water purification.

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