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

Envista Holdings Co. (NYSE:NVST) shares gapped up before the market opened on Thursday after the company announced better than expected quarterly earnings. 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 trading hands.

The company reported $0.24 earnings per share for the quarter, beating the consensus estimate 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 Ratings Changes

A number of research firms have commented on NVST. Wells Fargo & Company lifted their target price on Envista from $20.00 to $21.00 and gave the stock an “equal weight” rating in a report on Thursday. Needham & Company LLC restated a “hold” rating on shares of Envista in a research note on Thursday. Piper Sandler raised their target price on Envista from $17.00 to $18.00 and gave the stock a “neutral” rating in a research report on Monday. Leerink Partners raised shares of Envista from an “underperform” rating to a “market perform” rating and raised their price objective for the stock from $16.00 to $23.00 in a report on Thursday, October 31st. Finally, Stifel Nicolaus upped their price objective on Envista from $18.00 to $21.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $20.21.

Institutional Trading of Envista

A number of hedge funds and other institutional investors have recently made changes to their positions in NVST. Pacer Advisors Inc. increased its stake in Envista by 22.2% during the 3rd quarter. Pacer Advisors Inc. now owns 3,529,827 shares of the company’s stock worth $69,749,000 after buying an additional 642,401 shares during the period. Diamond Hill Capital Management Inc. grew its stake in 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. increased its holdings in Envista by 138.5% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 404,589 shares of the company’s stock worth $7,995,000 after purchasing an additional 234,941 shares during the period. Thurston Springer Miller Herd & Titak Inc. purchased a new position in shares of Envista in the 4th quarter valued at about $53,000. Finally, Hotchkis & Wiley Capital Management LLC acquired a new position in shares of Envista during the third quarter worth about $14,965,000.

Envista Stock Up 5.8 %

The business’s 50 day moving average is $19.97 and its 200-day moving average is $19.10. The company has a market cap of $3.75 billion, a PE ratio of -2.80, a P/E/G ratio of 1.82 and a beta of 1.34. The company has a debt-to-equity ratio of 0.42, a current ratio of 2.08 and a quick ratio of 1.77.

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.