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

Ingevity (NYSE:NGVT) posted its quarterly earnings results on Tuesday. The company reported $1.10 EPS for the quarter, beating the consensus estimate 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 business had revenue of $376.90 million for the quarter, compared to analysts’ expectations of $376.95 million. During the same period in the previous year, the company posted $1.21 EPS. Ingevity’s revenue was down 15.5% on a year-over-year basis. Ingevity updated its FY 2024 guidance to EPS.

Ingevity Stock Performance

Ingevity stock traded down $0.60 on Thursday, reaching $41.05. 34,313 shares of the stock were exchanged, compared to its average volume of 260,282. The stock has a market cap of $1.49 billion, a PE ratio of -3.50 and a beta of 1.62. The company has a current ratio of 1.92, a quick ratio of 1.07 and a debt-to-equity ratio of 4.92. Ingevity has a twelve month low of $30.90 and a twelve month high of $56.29. The firm has a fifty day moving average price of $36.72 and a two-hundred day moving average price of $42.42.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on NGVT. CJS Securities raised 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 note on Wednesday, August 7th. Oppenheimer reduced their price objective on shares of Ingevity from $58.00 to $50.00 and set an “outperform” rating for the company in a research note on Thursday, August 1st. Wells Fargo & Company reduced 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 note on Monday, August 5th. Finally, BMO Capital Markets lifted 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. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, Ingevity 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.