Back to top

Image: Bigstock

Ingevity Announces $350M Share Repurchase Authorization

Read MoreHide Full Article

Ingevity Corporation’s (NGVT - Free Report) board has approved and authorized an additional share repurchase worth up to $350 million. The share repurchase is in addition to the $100 million share repurchase program approved in February 2017. As of Nov 1, 2018, the company had repurchased around $28 million total value of shares under the 2017 repurchase program, with around $72 million remaining available.

Ingevity, which is among the prominent specialty chemical companies along with Ashland Global Holdings Inc. (ASH - Free Report) , W.R. Grace & Co. and Ferro Corporation , is committed to deliver value to shareholders. The share repurchase program will provide flexibility to the company as Ingevity continually examines options for utilization of cash.

Ingevity Corporation Price and Consensus

 

Ingevity, last month, released its third-quarter results. The company increased the mid-point and narrowed the range for its 2018 guidance for adjusted EBITDA to $306-$314 million from $302-$314 million. The company reaffirmed sales guidance of between $1.10 billion and $1.13 billion for the year.

In third-quarter 2018, the company’s profit and revenues increased year over year. Adjusted EBITDA climbed year over on the back of increased volumes, better price and mix, and reduced raw materials and production costs. Revenues from Performance Chemicals and Performance Materials segments went up year over year.

Will You Make a Fortune on the Shift to Electric Cars?
 
Here's another stock idea to consider. Much like petroleum 150 years ago, lithium power may soon shake the world, creating millionaires and reshaping geo-politics. Soon electric vehicles (EVs) may be cheaper than gas guzzlers. Some are already reaching 265 miles on a single charge.
 
With battery prices plummeting and charging stations set to multiply, one company stands out as the #1 stock to buy according to Zacks research. It's not the one you think.

See This Ticker Free >>


See More Zacks Research for These Tickers


Normally $25 each - click below to receive one report FREE:


Ashland Inc. (ASH) - free report >>

Ingevity Corporation (NGVT) - free report >>

Published in