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

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

Ingevity Price Performance

Shares of NYSE:NGVT traded down $0.08 during trading on Wednesday, hitting $73.55. 724,958 shares of the company’s stock were exchanged, compared to its average volume of 302,196. The business’s 50-day simple moving average is $70.69 and its 200 day simple moving average is $71.28. The company has a market cap of $2.53 billion, a price-to-earnings ratio of 50.03 and a beta of 1.12. Ingevity has a 52-week low of $45.85 and a 52-week high of $79.29. The company has a debt-to-equity ratio of 22.52, a current ratio of 1.61 and a quick ratio of 1.15.

Analyst Upgrades and Downgrades

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

Insider Buying and Selling

In related news, CEO David Li sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $75.83, for a total value of $379,150.00. Following the transaction, the chief executive officer directly owned 120,636 shares of the company’s stock, valued at approximately $9,147,827.88. The trade was a 3.98% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 15,092 shares of company stock valued at $1,147,773. 0.88% of the stock is currently owned by insiders.

Ingevity Company Profile

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.