Envista (NYSE:NVST) Shares Gap Up After Insider Buying Activity

Envista Holdings Co. (NYSE:NVST)’s stock price gapped up prior to trading on Wednesday following insider buying activity. The stock had previously closed at $16.99, but opened at $17.82. Envista shares last traded at $17.57, with a volume of 215,998 shares traded.

Specifically, CFO Eric D. Hammes acquired 24,532 shares of the business’s stock in a transaction dated Monday, August 12th. The stock was acquired at an average cost of $16.33 per share, for a total transaction of $400,607.56. Following the completion of the transaction, 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 the SEC website. 1.30% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several research firms recently weighed in on NVST. Morgan Stanley downgraded shares of Envista from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $33.00 to $21.00 in a research report on Friday, April 26th. Evercore ISI lowered their price target on Envista from $19.00 to $18.00 and set an “outperform” rating on the stock in a research note on Thursday, August 8th. Piper Sandler reduced their price objective on Envista from $18.00 to $16.00 and set a “neutral” rating for the company in a research note on Tuesday, July 30th. 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 note on Thursday, August 8th. Finally, JPMorgan Chase & Co. downgraded shares of Envista from an “overweight” rating to a “neutral” rating and decreased their price target for the stock from $23.00 to $16.00 in a research note on Thursday, August 8th. Three research analysts have rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $19.14.

Envista Stock Performance

The company has a current ratio of 2.27, a quick ratio of 1.93 and a debt-to-equity ratio of 0.34. The stock has a market capitalization of $3.01 billion, a PE ratio of -23.60, a price-to-earnings-growth ratio of 14.74 and a beta of 1.31. The firm’s fifty day moving average is $16.74 and its 200-day moving average is $19.31.

Envista (NYSE:NVST) last issued its quarterly earnings data on Wednesday, August 7th. The company reported $0.11 EPS for the quarter, missing the consensus estimate of $0.27 by ($0.16). The company had revenue of $633.10 million during the quarter, compared to analyst estimates of $646.88 million. Envista had a positive return on equity of 5.84% and a negative net margin of 4.70%. The business’s revenue was down 4.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.43 earnings per share. As a group, research analysts anticipate that Envista Holdings Co. will post 1.15 earnings per share for the current year.

Hedge Funds Weigh In On Envista

Several hedge funds have recently bought and sold shares of NVST. Corbyn Investment Management Inc. MD lifted its position in shares of Envista by 0.6% during the fourth quarter. Corbyn Investment Management Inc. MD now owns 73,899 shares of the company’s stock worth $1,778,000 after purchasing an additional 462 shares in the last quarter. William Blair Investment Management LLC boosted its position in Envista by 4.0% in the 1st quarter. William Blair Investment Management LLC now owns 14,049 shares of the company’s stock valued at $300,000 after buying an additional 538 shares during the period. Wedge Capital Management L L P NC grew its stake in shares of Envista by 0.6% in the fourth quarter. Wedge Capital Management L L P NC now owns 102,309 shares of the company’s stock worth $2,462,000 after acquiring an additional 569 shares in the last quarter. Securian Asset Management Inc. grew its stake in shares of Envista by 4.3% in the fourth quarter. Securian Asset Management Inc. now owns 14,465 shares of the company’s stock worth $348,000 after acquiring an additional 590 shares in the last quarter. Finally, American International Group Inc. raised its stake in shares of Envista by 0.3% in the fourth quarter. American International Group Inc. now owns 231,461 shares of the company’s stock valued at $5,569,000 after acquiring an additional 650 shares in the last quarter.

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.