Jefferies Financial Group Analysts Reduce Earnings Estimates for Ingevity Co. (NYSE:NGVT)

Ingevity Co. (NYSE:NGVTGet Rating) – Research analysts at Jefferies Financial Group decreased their Q3 2022 EPS estimates for Ingevity in a research report issued on Wednesday, August 3rd. Jefferies Financial Group analyst D. Rizzo now expects that the company will earn $1.70 per share for the quarter, down from their previous estimate of $1.79. The consensus estimate for Ingevity’s current full-year earnings is $6.03 per share. Jefferies Financial Group also issued estimates for Ingevity’s FY2024 earnings at $6.65 EPS.

Several other analysts have also recently commented on the stock. TheStreet raised shares of Ingevity from a “c” rating to a “b-” rating in a research note on Friday, May 27th. StockNews.com raised shares of Ingevity from a “buy” rating to a “strong-buy” rating in a research note on Friday.

Ingevity Price Performance

NGVT opened at $68.72 on Friday. Ingevity has a one year low of $56.31 and a one year high of $84.28. The company has a debt-to-equity ratio of 1.80, a current ratio of 2.54 and a quick ratio of 0.86. The company’s 50 day simple moving average is $65.76 and its 200-day simple moving average is $65.09. The stock has a market capitalization of $2.66 billion, a P/E ratio of 18.47 and a beta of 1.85.

Ingevity (NYSE:NGVTGet Rating) last released its quarterly earnings results on Wednesday, May 4th. The company reported $1.62 EPS for the quarter, beating the consensus estimate of $1.11 by $0.51. Ingevity had a net margin of 9.61% and a return on equity of 33.97%. The business had revenue of $382.80 million for the quarter, compared to analysts’ expectations of $341.58 million. During the same period in the prior year, the firm earned $1.27 earnings per share. Ingevity’s revenue was up 19.5% compared to the same quarter last year.

Hedge Funds Weigh In On Ingevity

A number of hedge funds and other institutional investors have recently bought and sold shares of NGVT. Bessemer Group Inc. raised its holdings in Ingevity by 87.6% in the fourth quarter. Bessemer Group Inc. now owns 394 shares of the company’s stock worth $28,000 after purchasing an additional 184 shares during the period. Allspring Global Investments Holdings LLC acquired a new stake in Ingevity in the fourth quarter worth $6,810,000. State of New Jersey Common Pension Fund D raised its holdings in Ingevity by 5.2% in the fourth quarter. State of New Jersey Common Pension Fund D now owns 35,629 shares of the company’s stock worth $2,555,000 after purchasing an additional 1,753 shares during the period. Yousif Capital Management LLC acquired a new stake in Ingevity in the fourth quarter worth $1,499,000. Finally, Qube Research & Technologies Ltd raised its holdings in Ingevity by 28.9% in the fourth quarter. Qube Research & Technologies Ltd now owns 24,845 shares of the company’s stock worth $1,781,000 after purchasing an additional 5,563 shares during the period. 96.34% of the stock is owned by institutional investors.

About Ingevity

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Ingevity Corporation manufactures and sells specialty chemicals and activated carbon materials in North America, the Asia Pacific, Europe, the Middle East, Africa, and South America. The company operates through two segments, Performance Materials and Performance Chemicals. The Performance Materials segment engineers, manufactures, and sells hardwood-based and chemically activated carbon products primarily for use in gasoline vapor emission control systems in cars, motorcycles, trucks, and boats.

See Also

Earnings History and Estimates for Ingevity (NYSE:NGVT)

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