Ingevity (NYSE:NGVT) Announces Quarterly Earnings Results, Beats Estimates By $0.37 EPS

Key Points

• Ingevity (NYSE:NGVT) reported earnings of $1.39 per share for the quarter, exceeding analysts' expectations by $0.37.
• The company's stock price rose by 1.1%, reaching $40.84 during trading on Monday.
• Institutional investors and hedge funds own 91.59% of Ingevity's stock, indicating strong support from large investors.

Ingevity (NYSE:NGVT - Get Free Report) posted its quarterly earnings results on Monday. The company reported $1.39 earnings per share for the quarter, topping analysts' consensus estimates of $1.02 by $0.37, Zacks reports. Ingevity had a negative net margin of 16.35% and a positive return on equity of 75.62%. The business had revenue of $365.10 million for the quarter, compared to analysts' expectations of $378.70 million. During the same period in the prior year, the company posted $1.01 EPS. The business's revenue for the quarter was down 6.5% on a year-over-year basis. Ingevity updated its FY 2025 guidance to EPS.

Ingevity Trading Down 1.4%

Shares of Ingevity stock traded down $0.70 during mid-day trading on Wednesday, hitting $48.87. 189,922 shares of the stock were exchanged, compared to its average volume of 253,361. Ingevity has a twelve month low of $28.49 and a twelve month high of $51.67. The stock has a market capitalization of $1.78 billion, a price-to-earnings ratio of -8.21 and a beta of 1.36. The company has a 50-day simple moving average of $44.02 and a 200 day simple moving average of $42.03. The company has a current ratio of 2.00, a quick ratio of 1.08 and a debt-to-equity ratio of 5.68.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on NGVT shares. Wells Fargo & Company increased their price objective on shares of Ingevity from $38.00 to $48.00 and gave the company an "equal weight" rating in a research note on Monday, July 14th. Wall Street Zen cut shares of Ingevity from a "strong-buy" rating to a "buy" rating in a research note on Saturday, July 26th.

Institutional Investors Weigh In On Ingevity

Several hedge funds have recently modified their holdings of NGVT. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Ingevity by 311.8% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 600,380 shares of the company's stock worth $23,769,000 after acquiring an additional 454,579 shares during the period. Jane Street Group LLC lifted its holdings in shares of Ingevity by 306.1% during the 1st quarter. Jane Street Group LLC now owns 88,883 shares of the company's stock worth $3,519,000 after acquiring an additional 66,995 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Ingevity by 5.2% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 21,790 shares of the company's stock worth $863,000 after acquiring an additional 1,080 shares during the period. AQR Capital Management LLC lifted its holdings in shares of Ingevity by 10.9% during the 1st quarter. AQR Capital Management LLC now owns 13,410 shares of the company's stock worth $518,000 after acquiring an additional 1,323 shares during the period. Finally, Empowered Funds LLC lifted its holdings in shares of Ingevity by 12.9% during the 1st quarter. Empowered Funds LLC now owns 5,181 shares of the company's stock worth $205,000 after acquiring an additional 594 shares during the period. 91.59% of the stock is owned by institutional investors and hedge funds.

About Ingevity

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.