Ingevity (NYSE:NGVT) Posts Quarterly Earnings Results, Beats Expectations By $0.15 EPS

Ingevity (NYSE:NGVT) announced its quarterly earnings data on Wednesday. The company reported $0.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.37 by $0.15, 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 $340.10 million during the quarter, compared to the consensus estimate of $319.15 million. During the same quarter last year, the firm earned $1.09 earnings per share. The firm’s quarterly 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 NYSE:NGVT traded down $1.24 during midday trading on Friday, reaching $53.56. 374,454 shares of the company’s stock traded hands, compared to its average volume of 221,028. The company has a fifty day simple moving average of $46.99 and a two-hundred day simple moving average of $44.16. The company has a current ratio of 1.90, a quick ratio of 0.96 and a debt-to-equity ratio of 2.48. Ingevity has a 1 year low of $36.66 and a 1 year high of $68.11.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. Oppenheimer raised their price target on shares of Ingevity from $50.00 to $58.00 and gave the stock an “outperform” rating in a research note on Thursday. Jefferies Financial Group raised shares of Ingevity from a “hold” rating to a “buy” rating and increased their target price for the company from $52.00 to $62.00 in a research report on Monday, April 22nd. Finally, Wells Fargo & Company lifted their target price on shares of Ingevity from $43.00 to $50.00 and gave the stock an “equal weight” rating in a research note on Friday, February 23rd. Five equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price 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.