Envista (NYSE:NVST) Shares Gap Up on Better-Than-Expected Earnings

Shares of Envista Holdings Co. (NYSE:NVST) gapped up prior to trading on Thursday following a stronger than expected earnings report. The stock had previously closed at $20.57, but opened at $22.47. Envista shares last traded at $22.00, with a volume of 366,005 shares changing hands.

The company reported $0.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.23 by $0.01. Envista had a positive return on equity of 3.76% and a negative net margin of 53.42%.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on NVST. Morgan Stanley boosted their price target on Envista from $19.00 to $20.00 and gave the company an “equal weight” rating in a report on Thursday. Jefferies Financial Group increased their target price on Envista from $20.00 to $22.00 and gave the stock a “hold” rating in a research report on Thursday, January 23rd. Leerink Partners raised shares of Envista from an “underperform” rating to a “market perform” rating and upped their price objective for the company from $16.00 to $23.00 in a research note on Thursday, October 31st. Needham & Company LLC reiterated a “hold” rating on shares of Envista in a report on Thursday. Finally, Stifel Nicolaus boosted their target price on shares of Envista from $18.00 to $21.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $20.13.

Institutional Investors Weigh In On Envista

Several institutional investors and hedge funds have recently made changes to their positions in NVST. Mirae Asset Global Investments Co. Ltd. bought a new position in Envista in the third quarter worth about $31,000. GAMMA Investing LLC grew its holdings in shares of Envista by 69.8% during the third quarter. GAMMA Investing LLC now owns 1,766 shares of the company’s stock valued at $35,000 after purchasing an additional 726 shares during the last quarter. Huntington National Bank raised its position in shares of Envista by 97.8% during the 3rd quarter. Huntington National Bank now owns 1,919 shares of the company’s stock worth $38,000 after purchasing an additional 949 shares during the period. Venturi Wealth Management LLC lifted its holdings in shares of Envista by 528.4% in the 4th quarter. Venturi Wealth Management LLC now owns 1,948 shares of the company’s stock worth $38,000 after purchasing an additional 1,638 shares during the last quarter. Finally, Blue Trust Inc. boosted its position in Envista by 69.7% during the 3rd quarter. Blue Trust Inc. now owns 1,957 shares of the company’s stock valued at $39,000 after purchasing an additional 804 shares during the period.

Envista Stock Performance

The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.77 and a current ratio of 2.08. The stock has a 50 day moving average of $19.97 and a 200 day moving average of $19.10. The stock has a market capitalization of $3.79 billion, a P/E ratio of -2.84, a P/E/G ratio of 1.82 and a beta of 1.34.

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.