Ingevity (NYSE:NGVT) Issues Quarterly Earnings Results

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

Ingevity Stock Down 1.4 %

Shares of Ingevity stock traded down $0.60 on Thursday, hitting $41.05. 34,313 shares of the company traded hands, compared to its average volume of 260,282. The company has a 50-day moving average price of $36.72 and a 200 day moving average price of $42.42. 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 12-month low of $30.90 and a 12-month high of $56.29. The company has a market cap of $1.49 billion, a PE ratio of -3.50 and a beta of 1.62.

Analyst Upgrades and Downgrades

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