Ingevity (NYSE:NGVT) Releases Quarterly Earnings Results, Beats Expectations By $0.07 EPS

Ingevity (NYSE:NGVT) announced its earnings results on Wednesday. The company reported $1.63 EPS for the quarter, topping analysts’ consensus estimates of $1.56 by $0.07, FiscalAI reports. Ingevity had a return on equity of 284.70% and a net margin of 4.65%. The company had revenue of $305.10 million for the quarter, compared to analysts’ expectations of $303.91 million.

Ingevity Price Performance

Shares of NGVT stock traded down $0.08 during mid-day trading on Wednesday, hitting $73.55. The company had a trading volume of 724,958 shares, compared to its average volume of 302,196. The company has a debt-to-equity ratio of 22.52, a current ratio of 1.61 and a quick ratio of 1.15. The stock’s 50 day moving average price is $70.69 and its 200-day moving average price is $71.28. Ingevity has a 52-week low of $45.85 and a 52-week high of $79.29. The company has a market capitalization of $2.53 billion, a P/E ratio of 15.40 and a beta of 1.12.

Insiders Place Their Bets

In related news, CEO David Li sold 5,000 shares of the firm’s stock in a transaction on Monday, August 17th. The shares were sold at an average price of $75.83, for a total transaction of $379,150.00. Following the completion of the transaction, the chief executive officer directly owned 120,636 shares of the company’s stock, valued at approximately $9,147,827.88. This trade represents a 3.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 15,092 shares of company stock worth $1,147,773 over the last three months. Company insiders own 0.88% of the company’s stock.

Analyst Upgrades and Downgrades

NGVT has been the subject of a number of analyst reports. Wall Street Zen cut Ingevity from a “strong-buy” rating to a “buy” rating in a research report on Saturday, August 1st. Weiss Ratings cut Ingevity from a “hold (c)” rating to a “hold (c-)” rating in a research report on Friday, October 23rd. Two investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $80.00.

About Ingevity

Ingevity Corporation (NYSE: NGVT) is a specialty chemicals and materials company that develops products designed to improve performance, efficiency, and sustainability across a range of industrial and consumer applications. Its offerings serve markets including automotive, transportation, agriculture, coatings, adhesives, pavement markings, and industrial manufacturing.

The company is best known for activated carbon products used in automotive vapor-emission control systems, where they help capture fuel vapors and reduce emissions.