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

Envista Holdings Co. (NYSE:NVST)’s stock price 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 trading hands.

The company reported $0.12 earnings per share (EPS) for the quarter, topping the consensus estimate 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 negative net margin of 53.42% and a positive return on equity of 3.59%. The company’s revenue for the quarter was down 4.8% on a year-over-year basis. During the same period in the previous year, the company earned $0.43 EPS.

Analyst Upgrades and Downgrades

NVST has been the subject of several research reports. Robert W. Baird boosted their target price on Envista from $17.00 to $22.00 and gave the company a “neutral” rating in a report on Thursday. Leerink Partners upgraded Envista from an “underperform” rating to a “market perform” rating and boosted their price objective for the company from $16.00 to $23.00 in a research note on Thursday. Bank of America lowered their target price on shares of Envista from $22.00 to $19.00 and set a “buy” rating on the stock in a research report on Thursday, August 8th. Stifel Nicolaus upped their price target 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, Wells Fargo & Company initiated coverage on shares of Envista in a research report on Tuesday, October 8th. They set an “equal weight” rating and a $20.00 price objective on the stock. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, Envista currently has a consensus rating of “Hold” and a consensus price target of $20.71.

Insider Activity at Envista

In other news, CFO Eric D. Hammes purchased 24,532 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at $400,607.56. The purchase was disclosed in a legal filing with the SEC, which is available through this link. 1.30% of the stock is owned by insiders.

Hedge Funds Weigh In On Envista

Several hedge funds have recently bought and sold shares of NVST. Mirae Asset Global Investments Co. Ltd. acquired a new position in Envista in the 3rd quarter valued at $31,000. GAMMA Investing LLC increased its stake in Envista by 69.8% in 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. Blue Trust Inc. increased its stake in Envista by 69.7% in the third 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 last quarter. Allspring Global Investments Holdings LLC lifted its position in Envista by 50.8% during the third quarter. Allspring Global Investments Holdings LLC now owns 2,161 shares of the company’s stock worth $43,000 after buying an additional 728 shares during the period. Finally, Versant Capital Management Inc boosted its stake in Envista by 1,420.3% in the 2nd quarter. Versant Capital Management Inc now owns 3,147 shares of the company’s stock worth $52,000 after buying an additional 2,940 shares during the last quarter.

Envista Stock Down 0.1 %

The company has a market cap of $3.60 billion, a PE ratio of -2.69 and a beta of 1.32. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.90 and a current ratio of 2.22. The firm has a fifty day simple moving average of $18.64 and a 200 day simple moving average of $18.08.

About Envista

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.