Ingevity (NYSE:NGVT) Issues Quarterly Earnings Results

Ingevity (NYSE:NGVT) released its quarterly earnings data on Wednesday. The company reported $0.52 earnings per share for the quarter, beating the consensus estimate of $0.37 by $0.15, Briefing.com reports. Ingevity had a positive return on equity of 18.65% and a negative net margin of 6.84%. The business had revenue of $340.10 million for the quarter, compared to analyst estimates of $319.15 million. During the same period in the previous year, the company posted $1.09 EPS. The company’s revenue was down 13.4% compared to the same quarter last year. Ingevity updated its FY 2024 guidance to EPS.

Ingevity Stock Performance

Shares of NGVT traded down $1.24 during mid-day trading on Friday, hitting $53.56. The stock had a trading volume of 374,454 shares, compared to its average volume of 221,028. The company has a debt-to-equity ratio of 2.48, a current ratio of 1.90 and a quick ratio of 0.96. Ingevity has a fifty-two week low of $36.66 and a fifty-two week high of $68.11. The company’s fifty day simple moving average is $46.99 and its two-hundred day simple moving average is $44.16.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on NGVT. Jefferies Financial Group raised shares of Ingevity from a “hold” rating to a “buy” rating and lifted their price target for the company from $52.00 to $62.00 in a research report on Monday, April 22nd. Wells Fargo & Company upped their price target on shares of Ingevity from $43.00 to $50.00 and gave the stock an “equal weight” rating in a research report on Friday, February 23rd. Finally, Oppenheimer raised their price objective on Ingevity from $50.00 to $58.00 and gave the company an “outperform” rating in a research report on Thursday. Five equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, Ingevity has an average rating of “Hold” and a consensus price target of $52.50.

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.