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

Envista Holdings Co. (NYSE:NVST) shares gapped up prior to trading on Thursday after the company announced better than expected quarterly earnings. 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 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.09 by $0.03. The business had revenue of $601.00 million during the quarter, compared to analysts’ expectations of $590.34 million. Envista had a positive return on equity of 3.59% and a negative net margin of 53.42%. The company’s revenue for the quarter was down 4.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.43 EPS.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on NVST. Leerink Partnrs upgraded Envista from a “strong sell” rating to a “hold” rating in a report on Thursday. Piper Sandler increased their target price on Envista from $16.00 to $17.00 and gave the company a “neutral” rating in a research note on Thursday. Evercore ISI boosted their price target on Envista from $18.00 to $23.00 and gave the stock an “outperform” rating in a research report on Monday, September 23rd. Stifel Nicolaus increased their price objective on shares of Envista from $18.00 to $21.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Finally, Robert W. Baird lifted their price objective on shares of Envista from $17.00 to $22.00 and gave the company a “neutral” rating in a research note on Thursday. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $20.71.

Insiders Place Their Bets

In other news, CFO Eric D. Hammes bought 24,532 shares of Envista stock in a transaction on Monday, August 12th. The shares were bought at an average price of $16.33 per share, with a total value of $400,607.56. Following the acquisition, the chief financial officer now directly owns 24,532 shares in the company, valued at approximately $400,607.56. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Tweedy Browne Co LLC bought a new position in Envista in the first quarter worth about $21,053,000. SG Americas Securities LLC lifted its holdings in shares of Envista by 3,271.2% in the 1st quarter. SG Americas Securities LLC now owns 144,522 shares of the company’s stock worth $3,090,000 after purchasing an additional 140,235 shares during the last quarter. M&G Plc boosted its position in Envista by 12.5% during the 2nd quarter. M&G Plc now owns 306,253 shares of the company’s stock valued at $5,206,000 after purchasing an additional 33,923 shares during the period. Duality Advisers LP bought a new position in Envista during the 1st quarter worth $1,903,000. Finally, Harbor Capital Advisors Inc. increased its position in Envista by 287.4% in the second quarter. Harbor Capital Advisors Inc. now owns 169,648 shares of the company’s stock worth $2,821,000 after buying an additional 125,861 shares during the period.

Envista Price Performance

The company has a market capitalization of $3.60 billion, a P/E ratio of -2.69 and a beta of 1.32. 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 business has a 50 day simple moving average of $18.64 and a 200-day simple moving average of $18.08.

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.