Notable Price Action: Could Ingevity Corp Change Direction After Achieving 52-Week High?

Notable Price Action: Could Ingevity Corp Change Direction After Achieving 52 Week High?

The stock of Ingevity Corp (NYSE:NGVT) hit a new 52-week high and has $56.32 target or 9.00% above today’s $51.67 share price. The 9 months bullish chart indicates low risk for the $2.18 billion company. The 1-year high was reported on Nov, 22 by Barchart.com. If the $56.32 price target is reached, the company will be worth $196.20M more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 126,450 shares traded hands. Ingevity Corp (NYSE:NGVT) has risen 6.00% since October 23, 2016 and is uptrending. It has outperformed by 1.44% the S&P500.

Ingevity Corp (NYSE:NGVT) Ratings Coverage

Out of 4 analysts covering Ingevity (NYSE:NGVT), 3 rate it a “Buy”, 0 “Sell”, while 1 “Hold”. This means 75% are positive. Ingevity has been the topic of 4 analyst reports since June 1, 2016 according to StockzIntelligence Inc. The firm has “Buy” rating by BB&T Capital given on Friday, June 10. The rating was initiated by Oppenheimer with “Outperform” on Wednesday, June 1. The stock of Ingevity Corp (NYSE:NGVT) has “Neutral” rating given on Friday, September 23 by Buckingham Research. The firm has “Buy” rating given on Friday, September 23 by Jefferies.

According to Zacks Investment Research, “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.”

Another recent and important Ingevity Corp (NYSE:NGVT) news was published by Marketwatch.com which published an article titled: “Ingevity started at outperform with $33 stock price target at Oppenheimer” on May 19, 2016.

NGVT Company Profile

Ingevity Corporation is a maker of specialty chemicals, carbon materials and technologies. The Firm operates through two divisions: Performance Materials and Performance Chemicals. The Company’s specialty chemicals products serve as inputs used in a range of high performance applications, including asphalt paving, oil exploration and production, agrochemicals, adhesives, lubricants and printing inks. It is also engaged in expanding Warm Mix Asphalt (WAM) with its Evotherm family of products.

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