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

Ingevity (NYSE:NGVT - Get Free Report) released its quarterly earnings results on Tuesday. The company reported $1.10 earnings per share for the quarter, topping 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 firm had revenue of $376.90 million during the quarter, compared to the consensus estimate of $376.95 million. During the same quarter in the prior year, the firm 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 Stock Up 17.9 %

Shares of Ingevity stock traded up $6.33 during trading hours on Wednesday, reaching $41.65. 1,076,836 shares of the company were exchanged, compared to its average volume of 261,389. Ingevity has a 1 year low of $30.90 and a 1 year high of $56.29. The firm has a market cap of $1.51 billion, a PE ratio of -3.52 and a beta of 1.62. The company has a debt-to-equity ratio of 4.92, a quick ratio of 1.07 and a current ratio of 1.92. The stock's fifty day moving average is $36.63 and its 200 day moving average is $42.43.

Analysts Set New Price Targets

NGVT has been the subject of a number of research reports. CJS Securities raised shares of Ingevity from a "market perform" rating to an "outperform" rating and set a $58.00 target price for the company in a report on Wednesday, August 7th. BMO Capital Markets lowered their price target on shares of Ingevity from $42.00 to $40.00 and set a "market perform" rating on the stock in a research report on Monday, September 30th. Oppenheimer cut 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. Finally, Wells Fargo & Company decreased their target price on shares of Ingevity from $45.00 to $40.00 and set an "equal weight" rating on the stock in a report on Monday, August 5th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price 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.