Ingevity (NYSE:NGVT) Announces Quarterly Earnings Results

Ingevity (NYSE:NGVT) released its earnings results on Wednesday. The company reported $1.01 EPS for the quarter, missing analysts’ consensus estimates of $1.05 by ($0.04), Briefing.com reports. Ingevity had a negative net margin of 6.84% and a positive return on equity of 18.65%. The business had revenue of $390.60 million during the quarter, compared to analyst estimates of $407.58 million. During the same period last year, the business posted $1.41 EPS. Ingevity’s revenue was down 18.9% compared to the same quarter last year. Ingevity updated its FY 2024 guidance to EPS.

Ingevity Price Performance

Ingevity stock traded down $3.25 during mid-day trading on Thursday, hitting $42.64. 546,958 shares of the company were exchanged, compared to its average volume of 231,436. Ingevity has a 12-month low of $36.66 and a 12-month high of $62.23. The company has a market capitalization of $1.55 billion, a P/E ratio of -13.49 and a beta of 1.66. The business’s 50 day simple moving average is $45.26 and its two-hundred day simple moving average is $46.43. The company has a debt-to-equity ratio of 2.48, a current ratio of 1.90 and a quick ratio of 0.98.

Analyst Ratings Changes

Several brokerages recently commented on NGVT. BMO Capital Markets raised their price objective on shares of Ingevity from $50.00 to $55.00 and gave the company a “market perform” rating in a research note on Wednesday, May 8th. Wells Fargo & Company decreased their price target on Ingevity from $55.00 to $45.00 and set an “equal weight” rating on the stock in a research note on Thursday, July 11th. Loop Capital raised their price objective on Ingevity from $49.00 to $56.00 and gave the company a “hold” rating in a research note on Tuesday, May 7th. Oppenheimer decreased their target price on Ingevity from $58.00 to $50.00 and set an “outperform” rating on the stock in a research report on Thursday. Finally, Jefferies Financial Group upgraded Ingevity from a “hold” rating to a “buy” rating and raised their price target for the company from $52.00 to $62.00 in a research report on Monday, April 22nd. Five analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $52.83.

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.