Zacks: Brokerages Anticipate Ingevity Corp (NGVT) Will Announce Earnings of $1.04 Per Share

Brokerages expect that Ingevity Corp (NYSE:NGVT) will report earnings of $1.04 per share for the current quarter, according to Zacks Investment Research. Two analysts have made estimates for Ingevity’s earnings, with the highest EPS estimate coming in at $1.13 and the lowest estimate coming in at $0.94. Ingevity posted earnings per share of $0.86 in the same quarter last year, which suggests a positive year-over-year growth rate of 20.9%. The company is scheduled to report its next earnings results after the market closes on Wednesday, October 24th.

According to Zacks, analysts expect that Ingevity will report full year earnings of $3.72 per share for the current year, with EPS estimates ranging from $3.48 to $3.90. For the next year, analysts expect that the firm will report earnings of $4.67 per share, with EPS estimates ranging from $4.32 to $4.92. Zacks Investment Research’s EPS calculations are a mean average based on a survey of sell-side research analysts that that provide coverage for Ingevity.

Ingevity (NYSE:NGVT) last announced its quarterly earnings data on Wednesday, July 25th. The company reported $1.12 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.99 by $0.13. Ingevity had a return on equity of 46.65% and a net margin of 14.72%. The business had revenue of $308.60 million for the quarter, compared to the consensus estimate of $305.14 million. During the same period in the previous year, the business earned $0.78 earnings per share. The business’s revenue was up 18.6% on a year-over-year basis.

Several equities research analysts have recently issued reports on NGVT shares. Buckingham Research lifted their target price on Ingevity from $92.00 to $100.00 and gave the stock a “buy” rating in a report on Thursday, July 26th. SunTrust Banks lifted their target price on Ingevity from $90.00 to $92.00 and gave the stock a “buy” rating in a report on Monday, June 25th. KeyCorp lifted their target price on Ingevity from $90.00 to $95.00 and gave the stock an “overweight” rating in a report on Friday, July 13th. Berenberg Bank started coverage on Ingevity in a report on Thursday, July 12th. They issued a “buy” rating and a $100.00 target price on the stock. Finally, Oppenheimer lifted their target price on Ingevity from $90.00 to $100.00 and gave the stock an “outperform” rating in a report on Thursday, July 26th. Three equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $101.44.

Shares of Ingevity stock traded up $2.25 during trading hours on Friday, hitting $84.94. The company’s stock had a trading volume of 431,103 shares, compared to its average volume of 231,688. Ingevity has a 12-month low of $66.57 and a 12-month high of $106.59. The company has a market capitalization of $4.28 billion, a price-to-earnings ratio of 32.92, a PEG ratio of 2.28 and a beta of 1.22. The company has a quick ratio of 1.48, a current ratio of 2.58 and a debt-to-equity ratio of 2.09.

Hedge funds have recently modified their holdings of the company. Greenwood Capital Associates LLC grew its stake in shares of Ingevity by 12.6% during the second quarter. Greenwood Capital Associates LLC now owns 4,609 shares of the company’s stock valued at $373,000 after buying an additional 516 shares during the last quarter. State Board of Administration of Florida Retirement System grew its stake in shares of Ingevity by 2.1% during the second quarter. State Board of Administration of Florida Retirement System now owns 25,772 shares of the company’s stock valued at $2,084,000 after buying an additional 530 shares during the last quarter. First Midwest Bank Trust Division grew its stake in shares of Ingevity by 13.0% during the second quarter. First Midwest Bank Trust Division now owns 4,776 shares of the company’s stock valued at $386,000 after buying an additional 551 shares during the last quarter. Alps Advisors Inc. grew its stake in shares of Ingevity by 4.5% during the second quarter. Alps Advisors Inc. now owns 14,729 shares of the company’s stock valued at $1,191,000 after buying an additional 629 shares during the last quarter. Finally, Metropolitan Life Insurance Co. NY grew its stake in shares of Ingevity by 5.3% during the second quarter. Metropolitan Life Insurance Co. NY now owns 13,642 shares of the company’s stock valued at $1,103,000 after buying an additional 681 shares during the last quarter. 92.08% of the stock is currently owned by hedge funds and other institutional investors.

About Ingevity

Ingevity Corporation manufactures and sells specialty chemicals and carbon materials in the United States and internationally. The company operates through two segments, Performance Materials and Performance Chemicals. The Performance Materials segment engineers, manufactures, and sells wood-based chemically activated carbon products primarily for gasoline vapor emission control systems.

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