Ingevity (NYSE:NGVT) Issues Earnings Results

Ingevity (NYSE:NGVT) posted its quarterly earnings data on Wednesday. The company reported $1.52 earnings per share for the quarter, topping the consensus estimate of $1.14 by $0.38, Briefing.com reports. Ingevity had a negative net margin of 16.35% and a positive return on equity of 84.92%. The business had revenue of $333.10 million during the quarter, compared to analysts’ expectations of $360.43 million. During the same quarter in the prior year, the business posted $1.10 earnings per share. Ingevity’s revenue was down 3.9% compared to the same quarter last year.

Ingevity Stock Performance

Ingevity stock traded up $0.55 during mid-day trading on Friday, reaching $46.75. The company’s stock had a trading volume of 141,938 shares, compared to its average volume of 250,494. The firm’s fifty day moving average price is $55.76 and its two-hundred day moving average price is $48.25. The company has a market capitalization of $1.70 billion, a P/E ratio of -7.87 and a beta of 1.45. Ingevity has a 12-month low of $28.49 and a 12-month high of $60.77. The company has a debt-to-equity ratio of 10.24, a quick ratio of 0.80 and a current ratio of 1.36.

Analyst Upgrades and Downgrades

Several brokerages recently commented on NGVT. BMO Capital Markets upped their target price on Ingevity from $62.00 to $68.00 and gave the company an “outperform” rating in a research report on Friday, September 5th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Ingevity in a research note on Wednesday, October 8th. Wall Street Zen upgraded Ingevity from a “buy” rating to a “strong-buy” rating in a research note on Saturday, August 9th. Finally, Wells Fargo & Company increased their price target on Ingevity from $38.00 to $48.00 and gave the stock an “equal weight” rating in a report on Monday, July 14th. One research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Ingevity has an average rating of “Hold” and an average target price of $58.00.

Institutional Trading of Ingevity

A number of hedge funds have recently made changes to their positions in NGVT. Lighthouse Investment Partners LLC bought a new stake in shares of Ingevity in the 2nd quarter worth $3,878,000. Public Sector Pension Investment Board lifted its stake in shares of Ingevity by 7.9% in the 2nd quarter. Public Sector Pension Investment Board now owns 124,346 shares of the company’s stock valued at $5,358,000 after purchasing an additional 9,108 shares during the last quarter. Simcoe Capital Management LLC raised its stake in shares of Ingevity by 188.8% in the second quarter. Simcoe Capital Management LLC now owns 624,935 shares of the company’s stock valued at $26,928,000 after acquiring an additional 408,508 shares during the period. JPMorgan Chase & Co. raised its holdings in shares of Ingevity by 66.8% in the third quarter. JPMorgan Chase & Co. now owns 126,080 shares of the company’s stock worth $6,958,000 after buying an additional 50,498 shares during the period. Finally, Raymond James Financial Inc. lifted its position in shares of Ingevity by 20.9% during the second quarter. Raymond James Financial Inc. now owns 81,644 shares of the company’s stock worth $3,518,000 after purchasing an additional 14,086 shares during the last quarter. 91.59% of the stock is owned by institutional investors.

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.