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

Envista Holdings Co. (NYSE:NVST) shares gapped up prior to trading on Thursday following a better than expected earnings announcement. 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 EPS for the quarter, beating the consensus estimate of $0.23 by $0.01. Envista had a negative net margin of 53.42% and a positive return on equity of 3.76%.

Analyst Upgrades and Downgrades

NVST has been the topic of a number of recent analyst reports. Robert W. Baird raised their price objective on Envista from $17.00 to $22.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. Mizuho initiated coverage on Envista in a research note on Wednesday, December 4th. They set an “underperform” rating and a $20.00 price target on the stock. Needham & Company LLC reissued a “hold” rating on shares of Envista in a report on Thursday. Leerink Partnrs raised Envista from a “strong sell” rating to a “hold” rating in a report on Thursday, October 31st. Finally, Jefferies Financial Group increased their price target on Envista from $20.00 to $22.00 and gave the stock a “hold” rating in a research report on Thursday, January 23rd. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, Envista has a consensus rating of “Hold” and a consensus price target of $20.21.

Institutional Investors Weigh In On Envista

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Pacer Advisors Inc. increased its position in shares of Envista by 22.2% in the third quarter. Pacer Advisors Inc. now owns 3,529,827 shares of the company’s stock valued at $69,749,000 after acquiring an additional 642,401 shares during the last quarter. Diamond Hill Capital Management Inc. raised its stake in shares of Envista by 8.1% during the 3rd quarter. Diamond Hill Capital Management Inc. now owns 1,335,710 shares of the company’s stock worth $26,394,000 after purchasing an additional 100,360 shares in the last quarter. Harbor Capital Advisors Inc. boosted its holdings in shares of Envista by 138.5% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 404,589 shares of the company’s stock valued at $7,995,000 after buying an additional 234,941 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in shares of Envista in the 4th quarter valued at approximately $53,000. Finally, Hotchkis & Wiley Capital Management LLC bought a new position in shares of Envista in the third quarter valued at $14,965,000.

Envista Stock Performance

The firm has a market capitalization of $3.75 billion, a price-to-earnings ratio of -2.80, a P/E/G ratio of 1.82 and a beta of 1.34. The company has a quick ratio of 1.77, a current ratio of 2.08 and a debt-to-equity ratio of 0.42. The stock’s fifty day moving average is $19.97 and its two-hundred day moving average is $19.10.

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.