Envista (NYSE:NVST) Shares Gap Down After Earnings Miss

Envista Holdings Co. (NYSE:NVSTGet Free Report)’s stock price gapped down before the market opened on Thursday following a weaker than expected earnings announcement. The stock had previously closed at $24.24, but opened at $22.00. Envista shares last traded at $22.18, with a volume of 657,015 shares trading hands.

The company reported $0.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.33 by ($0.04). The business had revenue of $645.60 million for the quarter, compared to analysts’ expectations of $638.37 million. Envista had a net margin of 7.39% and a return on equity of 7.29%. The company’s revenue for the quarter was down 2.3% compared to the same quarter last year. During the same period in the prior year, the business earned $0.52 earnings per share.

Wall Street Analyst Weigh In

NVST has been the topic of a number of research analyst reports. The Goldman Sachs Group cut Envista from a “buy” rating to a “sell” rating and set a $22.00 target price on the stock. in a research report on Monday, December 11th. William Blair lowered shares of Envista from an “outperform” rating to a “market perform” rating in a research note on Thursday. Morgan Stanley dropped their target price on shares of Envista from $42.00 to $38.00 and set an “overweight” rating on the stock in a report on Thursday, November 2nd. JPMorgan Chase & Co. cut their price target on shares of Envista from $42.00 to $32.00 and set an “overweight” rating for the company in a report on Thursday, November 2nd. Finally, Stifel Nicolaus reduced their price target on shares of Envista from $45.00 to $36.00 and set a “buy” rating for the company in a report on Wednesday, November 1st. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, Envista has an average rating of “Hold” and an average target price of $33.00.

Read Our Latest Analysis on Envista

Insider Buying and Selling at Envista

In related news, SVP Eric Conley acquired 2,185 shares of the stock in a transaction dated Thursday, November 16th. The stock was acquired at an average cost of $22.89 per share, for a total transaction of $50,014.65. Following the completion of the purchase, the senior vice president now owns 47,376 shares of the company’s stock, valued at approximately $1,084,436.64. The purchase was disclosed in a document filed with the SEC, which is available through this link. Insiders own 1.20% of the company’s stock.

Institutional Trading of Envista

A number of institutional investors and hedge funds have recently modified their holdings of the business. Headinvest LLC acquired a new stake in Envista during the 3rd quarter valued at $28,000. Fifth Third Bancorp increased its position in shares of Envista by 98.1% during the 4th quarter. Fifth Third Bancorp now owns 1,254 shares of the company’s stock valued at $30,000 after purchasing an additional 621 shares during the last quarter. Eagle Bay Advisors LLC purchased a new position in shares of Envista in the 2nd quarter valued at approximately $35,000. Belpointe Asset Management LLC grew its holdings in shares of Envista by 80.6% in the first quarter. Belpointe Asset Management LLC now owns 901 shares of the company’s stock worth $37,000 after acquiring an additional 402 shares during the period. Finally, Itau Unibanco Holding S.A. bought a new stake in shares of Envista in the third quarter worth about $47,000.

Envista Stock Down 7.5 %

The company has a quick ratio of 1.82, a current ratio of 2.20 and a debt-to-equity ratio of 0.32. The company has a market capitalization of $3.84 billion, a P/E ratio of 20.77, a PEG ratio of 3.49 and a beta of 1.39. The company has a 50 day simple moving average of $23.95 and a two-hundred day simple moving average of $26.66.

About Envista

(Get Free Report)

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 brackets and wires, tubes and bands, archwires, clear aligners, digital orthodontic treatments, retainers, and other orthodontic laboratory products.

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