BMO Capital analyst John McNulty maintained a Buy rating on Ingevity (NGVT – Research Report) yesterday and set a price target of $71.00. The company’s shares closed yesterday at $61.40.
According to TipRanks, McNulty is a 5-star analyst with an average return of 5.1% and a 58.38% success rate. McNulty covers the Basic Materials sector, focusing on stocks such as Chemours Company, Ingevity, and Ashland.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Ingevity with a $77.50 average price target, a 26.22% upside from current levels. In a report released on July 27, Loop Capital Markets also upgraded the stock to a Buy with a $76.00 price target.
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Based on Ingevity’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $392.6 million and a net profit of $50.7 million. In comparison, last year the company earned a revenue of $382.8 million and had a net profit of $60.8 million
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Ingevity Corp engages in the manufacture of specialty chemicals and carbon materials. It operates through the following segments: Performance Chemicals and Performance Materials. The Performance Materials segment consists of automotive technologies and process purifications product families. Automotive technologies produces automotive carbon products used in gasoline vapor emission control systems in cars, trucks, motorcycles and boats. Process purifications produce a number of activated carbon products for food, water, beverage and chemical purification applications. The Performance Chemicals segment primarily addresses applications in three product families: pavement technologies, oilfield technologies, and industrial specialties. The company was founded on March 27, 2015 and is headquartered in North Charleston, SC.
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