Ingevity (NYSE:NGVT) Posts Earnings Results, Beats Expectations By $0.50 EPS

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

Ingevity Stock Performance

NGVT traded up $0.01 during trading on Friday, hitting $41.80. The company’s stock had a trading volume of 122,533 shares, compared to its average volume of 262,261. The company has a quick ratio of 1.07, a current ratio of 1.76 and a debt-to-equity ratio of 6.52. Ingevity has a one year low of $30.90 and a one year high of $56.29. The firm has a market cap of $1.52 billion, a PE ratio of -2.70 and a beta of 1.62. The business’s 50 day simple moving average is $36.82 and its 200-day simple moving average is $42.42.

Wall Street Analyst Weigh In

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