Envista (NYSE:NVST) Shares Gap Up on Strong Earnings

Shares of Envista Holdings Co. (NYSE:NVST) gapped up before the market opened on Thursday following a better than expected earnings announcement. The stock had previously closed at $19.23, but opened at $22.00. Envista shares last traded at $22.09, with a volume of 1,130,707 shares.

The company reported $0.12 EPS for the quarter, beating the consensus estimate of $0.09 by $0.03. The business had revenue of $601.00 million for the quarter, compared to the consensus estimate of $590.34 million. Envista had a positive return on equity of 4.86% and a negative net margin of 52.25%. The company’s revenue was down 4.8% on a year-over-year basis. During the same period last year, the business posted $0.43 EPS.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on NVST shares. Bank of America cut their price target on Envista from $22.00 to $19.00 and set a “buy” rating for the company in a research note on Thursday, August 8th. Wells Fargo & Company assumed coverage on Envista in a research report on Tuesday, October 8th. They issued an “equal weight” rating and a $20.00 price target on the stock. Piper Sandler dropped their price target on Envista from $18.00 to $16.00 and set a “neutral” rating on the stock in a research report on Tuesday, July 30th. Stifel Nicolaus lifted their price target on Envista from $18.00 to $21.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Envista in a research report on Thursday. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $20.63.

Insider Transactions at Envista

In related news, CFO Eric D. Hammes purchased 24,532 shares of the firm’s stock in a transaction that occurred on Monday, August 12th. The shares were acquired at an average price of $16.33 per share, with a total value of $400,607.56. Following the purchase, the chief financial officer now directly owns 24,532 shares in the company, valued at $400,607.56. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. 1.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Tweedy Browne Co LLC acquired a new position in Envista during the first quarter valued at approximately $21,053,000. SG Americas Securities LLC raised its stake in Envista by 3,271.2% in the first quarter. SG Americas Securities LLC now owns 144,522 shares of the company’s stock valued at $3,090,000 after buying an additional 140,235 shares during the period. M&G Plc raised its stake in Envista by 12.5% in the second quarter. M&G Plc now owns 306,253 shares of the company’s stock valued at $5,206,000 after buying an additional 33,923 shares during the period. Duality Advisers LP bought a new stake in Envista in the first quarter valued at approximately $1,903,000. Finally, Harbor Capital Advisors Inc. raised its stake in Envista by 287.4% in the second quarter. Harbor Capital Advisors Inc. now owns 169,648 shares of the company’s stock valued at $2,821,000 after buying an additional 125,861 shares during the period.

Envista Stock Up 11.9 %

The company has a quick ratio of 1.90, a current ratio of 2.22 and a debt-to-equity ratio of 0.47. The firm has a 50 day simple moving average of $18.54 and a 200-day simple moving average of $18.04. The stock has a market cap of $3.70 billion, a P/E ratio of -2.86 and a beta of 1.32.

Envista Company Profile

Envista Holdings Corporation, together with its subsidiaries, develops, manufactures, markets, and sells dental products in the United States, China, and internationally. The company operates in two segments, Specialty Products & Technologies, and Equipment & Consumables. The Specialty Products & Technologies segment offers dental implant systems, guided surgery systems, biomaterials, and prefabricated and custom-built prosthetics to oral surgeons, prosthodontists and periodontists, and general dentist; and brackets and wires, tubes and bands, archwires, clear aligners, digital orthodontic treatments, retainers, and other orthodontic laboratory products.