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

Ingevity (NYSE:NGVT) released its quarterly earnings results on Tuesday. The company reported $1.10 earnings per share for the quarter, beating analysts’ consensus estimates of $0.60 by $0.50, Briefing.com reports. Ingevity had a negative net margin of 27.85% and a positive return on equity of 19.59%. The company had revenue of $376.90 million during the quarter, compared to the consensus estimate of $376.95 million. During the same period in the previous year, the business earned $1.21 earnings per share. The firm’s quarterly revenue was down 15.5% on a year-over-year basis. Ingevity updated its FY 2024 guidance to EPS.

Ingevity Price Performance

Shares of NYSE:NGVT traded up $6.68 during trading on Wednesday, hitting $42.00. 452,668 shares of the company were exchanged, compared to its average volume of 258,417. The business’s 50 day moving average is $36.63 and its 200-day moving average is $42.43. The company has a market capitalization of $1.53 billion, a P/E ratio of -3.52 and a beta of 1.62. The company has a quick ratio of 1.07, a current ratio of 1.92 and a debt-to-equity ratio of 4.92. Ingevity has a 1-year low of $30.90 and a 1-year high of $56.29.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on NGVT. BMO Capital Markets dropped their price target on shares of Ingevity from $42.00 to $40.00 and set a “market perform” rating for the company in a research report on Monday, September 30th. 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. Wells Fargo & Company lowered their price objective on shares of Ingevity from $45.00 to $40.00 and set an “equal weight” rating for the company in a research report on Monday, August 5th. Finally, Oppenheimer lowered their price objective 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. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $51.00.

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.