Ingevity (NYSE:NGVT) Issues Earnings Results

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

Ingevity Trading Up 0.1 %

NGVT traded up $0.06 during trading hours on Friday, reaching $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 cap of $1.52 billion, a PE ratio of -2.70 and a beta of 1.62. Ingevity has a fifty-two week low of $30.90 and a fifty-two week high of $56.29. The business’s 50-day moving average is $36.82 and its 200-day moving average is $42.42. The company has a debt-to-equity ratio of 6.52, a current ratio of 1.76 and a quick ratio of 1.07.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on NGVT. BMO Capital Markets increased 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 decreased their target price on shares of Ingevity from $58.00 to $50.00 and set an “outperform” rating for the company in a research report on Thursday, August 1st. Wells Fargo & Company decreased their price objective 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 raised Ingevity from a “market perform” rating to an “outperform” rating and set a $58.00 target price on the stock in a research report on Wednesday, August 7th. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $52.17.

About Ingevity

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.