Ingevity (NYSE:NGVT) Announces Quarterly Earnings Results, Beats Estimates By $0.50 EPS

Ingevity (NYSE:NGVT) announced its quarterly earnings results on Tuesday. The company reported $1.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.60 by $0.50, Briefing.com reports. The company had revenue of $376.90 million during the quarter, compared to the consensus estimate of $376.95 million. Ingevity had a positive return on equity of 24.46% and a negative net margin of 38.11%. Ingevity’s revenue for the quarter was down 15.5% on a year-over-year basis. During the same period in the previous year, the business earned $1.21 EPS. Ingevity updated its FY 2024 guidance to EPS.

Ingevity Trading Up 0.1 %

Ingevity stock traded up $0.06 during trading on Friday, hitting $41.85. The company’s stock had a trading volume of 117,164 shares, compared to its average volume of 262,236. The stock has a market capitalization of $1.52 billion, a price-to-earnings ratio of -2.70 and a beta of 1.62. Ingevity has a 1-year low of $30.90 and a 1-year high of $56.29. The company has a debt-to-equity ratio of 6.52, a quick ratio of 1.07 and a current ratio of 1.76. The stock’s fifty day moving average is $36.82 and its 200 day moving average is $42.42.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on NGVT shares. BMO Capital Markets upped their price objective on shares of Ingevity from $40.00 to $47.00 and gave the company a “market perform” rating in a research note on Thursday. Oppenheimer lowered their target price on Ingevity from $58.00 to $50.00 and set an “outperform” rating on the stock in a research note on Thursday, August 1st. Wells Fargo & Company decreased their price target on Ingevity from $45.00 to $40.00 and set an “equal weight” rating for the company in a report on Monday, August 5th. Finally, CJS Securities upgraded shares of Ingevity from a “market perform” rating to an “outperform” rating and set a $58.00 price objective for the company in a research report on Wednesday, August 7th. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, Ingevity has an average rating of “Moderate Buy” and an average target price of $52.17.

Ingevity Company Profile

Ingevity Corporation manufactures and sells activated carbon products, derivative specialty chemicals, and engineered polymers in North America, the Asia Pacific, Europe, the Middle East, Africa, and South America. It operates through three segments: Performance Materials, Performance Chemicals, and Advanced Polymer Technologies.