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

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

The company reported $0.12 EPS for the quarter, topping analysts’ consensus estimates of $0.09 by $0.03. Envista had a positive return on equity of 4.86% and a negative net margin of 52.25%. The company had revenue of $601.00 million for the quarter, compared to analysts’ expectations of $590.34 million. During the same quarter in the previous year, the firm posted $0.43 earnings per share. The firm’s quarterly revenue was down 4.8% on a year-over-year basis.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on NVST shares. Wells Fargo & Company began coverage on shares of Envista in a research note on Tuesday, October 8th. They set an “equal weight” rating and a $20.00 price objective on the stock. Robert W. Baird raised their target price on Envista from $17.00 to $22.00 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 note on Monday, September 23rd. JPMorgan Chase & Co. downgraded Envista from an “overweight” rating to a “neutral” rating and reduced their price target for the company from $23.00 to $16.00 in a report on Thursday, August 8th. Finally, Stifel Nicolaus lifted their price objective on Envista from $18.00 to $21.00 and gave the stock 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, the stock presently has a consensus rating of “Hold” and a consensus target price of $20.71.

Insiders Place Their Bets

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Mirae Asset Global Investments Co. Ltd. bought a new stake in Envista in the third quarter valued at $31,000. GAMMA Investing LLC lifted its position in Envista by 69.8% in the 3rd 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. grew its position in Envista by 69.7% in the 3rd quarter. Blue Trust Inc. now owns 1,957 shares of the company’s stock worth $39,000 after purchasing an additional 804 shares during the last quarter. Allspring Global Investments Holdings LLC grew its position in Envista by 50.8% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 2,161 shares of the company’s stock worth $43,000 after purchasing an additional 728 shares during the last quarter. Finally, Versant Capital Management Inc increased its stake in shares of Envista by 1,420.3% in the second quarter. Versant Capital Management Inc now owns 3,147 shares of the company’s stock valued at $52,000 after purchasing an additional 2,940 shares during the period.

Envista Stock Performance

The company has a market cap of $3.61 billion, a P/E ratio of -2.72 and a beta of 1.32. The stock has a fifty day moving average price of $18.60 and a two-hundred day moving average price of $18.06. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.22 and a quick ratio of 1.90.

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.