Zacks Investment Research upgraded shares of Ingevity Corp (NASDAQ:NGVT) from a sell rating to a hold rating in a report released on Tuesday 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. Jefferies Group LLC set a $68.00 price objective on Ingevity Corp and gave the stock a buy rating in a report on Wednesday, July 19th. Aegis restated a buy rating and issued a $67.00 price objective on shares of Ingevity Corp in a report on Tuesday, July 4th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The company has a consensus rating of Buy and an average target price of $64.75.

Shares of Ingevity Corp (NASDAQ:NGVT) traded down 1.3558% during mid-day trading on Tuesday, hitting $58.6637. 41,266 shares of the company traded hands. The firm has a 50-day moving average price of $57.32 and a 200 day moving average price of $58.02. The firm has a market cap of $2.47 billion and a price-to-earnings ratio of 46.8560. Ingevity Corp has a 52-week low of $40.24 and a 52-week high of $65.02.

Ingevity Corp (NASDAQ:NGVT) last released its quarterly earnings data on Wednesday, August 2nd. The company reported $0.78 EPS for the quarter, topping analysts’ consensus estimates of $0.70 by $0.08. Ingevity Corp had a return on equity of 55.06% and a net margin of 10.53%. The firm had revenue of $260.30 million for the quarter, compared to the consensus estimate of $259.56 million. The company’s quarterly revenue was up 2.3% compared to the same quarter last year. Equities research analysts anticipate that Ingevity Corp will post $2.42 EPS for the current fiscal year.

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In other news, Director Jean S. Blackwell acquired 1,500 shares of the company’s stock in a transaction that occurred on Monday, May 15th. The shares were purchased at an average price of $58.38 per share, for a total transaction of $87,570.00. Following the completion of the acquisition, the director now owns 4,711 shares of the company’s stock, valued at approximately $275,028.18. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

A number of institutional investors have recently added to or reduced their stakes in the company. Elkfork Partners LLC boosted its position in Ingevity Corp by 7.1% in the first quarter. Elkfork Partners LLC now owns 2,002 shares of the company’s stock valued at $122,000 after buying an additional 132 shares during the period. IFP Advisors Inc boosted its stake in Ingevity Corp by 125.3% in the first quarter. IFP Advisors Inc now owns 2,224 shares of the company’s stock valued at $135,000 after buying an additional 1,237 shares during the last quarter. Meadow Creek Investment Management LLC boosted its stake in Ingevity Corp by 7.1% in the first quarter. Meadow Creek Investment Management LLC now owns 2,548 shares of the company’s stock valued at $155,000 after buying an additional 168 shares during the last quarter. Pacad Investment Ltd. purchased a new stake in Ingevity Corp during the second quarter valued at approximately $183,000. Finally, Glen Harbor Capital Management LLC boosted its stake in Ingevity Corp by 7.1% in the first quarter. Glen Harbor Capital Management LLC now owns 3,094 shares of the company’s stock valued at $188,000 after buying an additional 204 shares during the last quarter.

Ingevity Corp Company Profile

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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