BMO Capital Markets Begins Coverage on Ingevity (NYSE:NGVT)

BMO Capital Markets initiated coverage on shares of Ingevity (NYSE:NGVT) in a report issued on Thursday morning, Benzinga reports. The firm issued an outperform rating and a $101.29 price target on the stock.

NGVT has been the subject of a number of other reports. Oppenheimer began coverage on shares of Focus Financial Partners in a research note on Monday, April 8th. They set an outperform rating and a $48.00 price objective for the company. ValuEngine raised shares of Yirendai from a strong sell rating to a sell rating in a research note on Friday, May 3rd. Berenberg Bank reissued a buy rating and set a GBX 3,050 ($39.85) price objective on shares of Cranswick in a research note on Tuesday, May 28th. Finally, Zacks Investment Research cut shares of Farmers & Merchants Bancorp, Inc. (OH) from a hold rating to a strong sell rating in a research note on Thursday, May 9th. Five research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The company presently has a consensus rating of Buy and an average target price of $107.81.

NGVT stock opened at $101.23 on Thursday. The firm’s 50 day moving average is $97.09. Ingevity has a 12-month low of $74.98 and a 12-month high of $120.41. The company has a debt-to-equity ratio of 4.03, a quick ratio of 1.14 and a current ratio of 2.29. The firm has a market cap of $4.24 billion, a P/E ratio of 23.32, a price-to-earnings-growth ratio of 1.73 and a beta of 1.97.

Ingevity (NYSE:NGVT) last issued its quarterly earnings data on Wednesday, May 1st. The company reported $0.99 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.97 by $0.02. Ingevity had a net margin of 13.70% and a return on equity of 53.81%. The business had revenue of $276.80 million during the quarter, compared to analysts’ expectations of $288.07 million. During the same period last year, the company posted $0.79 EPS. The company’s revenue was up 17.7% on a year-over-year basis. As a group, equities research analysts expect that Ingevity will post 4.86 earnings per share for the current year.

A number of hedge funds have recently added to or reduced their stakes in the business. Fruth Investment Management grew its stake in Ingevity by 5.2% in the 2nd quarter. Fruth Investment Management now owns 8,922 shares of the company’s stock worth $938,000 after acquiring an additional 441 shares during the period. Nisa Investment Advisors LLC grew its stake in Ingevity by 5.0% in the 2nd quarter. Nisa Investment Advisors LLC now owns 12,490 shares of the company’s stock worth $1,314,000 after acquiring an additional 600 shares during the period. Copper Rock Capital Partners LLC grew its stake in Ingevity by 29.9% in the 2nd quarter. Copper Rock Capital Partners LLC now owns 298,968 shares of the company’s stock worth $31,442,000 after acquiring an additional 68,896 shares during the period. Retirement Systems of Alabama grew its stake in Ingevity by 0.5% in the 2nd quarter. Retirement Systems of Alabama now owns 54,427 shares of the company’s stock worth $5,724,000 after acquiring an additional 249 shares during the period. Finally, WINTON GROUP Ltd grew its stake in Ingevity by 2.0% in the 2nd quarter. WINTON GROUP Ltd now owns 8,532 shares of the company’s stock worth $897,000 after acquiring an additional 164 shares during the period. 90.09% of the stock is owned by hedge funds and other institutional investors.

About Ingevity

Ingevity Corporation manufactures and sells specialty chemicals and carbon materials in the United States and internationally. The company operates through two segments, Performance Materials and Performance Chemicals. The Performance Materials segment engineers, manufactures, and sells hardwood-based and chemically activated carbon products primarily for use in gasoline vapor emission control systems in cars, trucks, motorcycles, and boats.

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Analyst Recommendations for Ingevity (NYSE:NGVT)

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