Enviri (NYSE:NVRI) Shares Down 7% Following Weak Earnings

Key Points

• Enviri shares fell 7% after the company reported quarterly EPS of $(0.63), missing expectations of $(0.31), while revenue of $324 million came in below the $370.97 million consensus and declined 66.7% year over year.
• Analysts maintain a broadly neutral outlook, with one Buy, three Hold and one Sell rating; the average rating is Hold with a $22.25 price target.
• Despite the weak results, CFO Peter Francis Minan purchased 8,333 shares at $19.25 each, while institutional investors own 93.43% of the company’s stock.

Shares of Enviri Corporation (NYSE:NVRI - Get Free Report) were down 7% during trading on Tuesday after the company announced weaker than expected quarterly earnings. The company traded as low as $20.42 and last traded at $20.3450. Approximately 750,060 shares traded hands during mid-day trading, a decline of 40% from the average session volume of 1,243,397 shares. The stock had previously closed at $21.87.

The company reported ($0.63) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.31) by ($0.32). The company had revenue of $324.00 million for the quarter, compared to analysts' expectations of $370.97 million. During the same quarter in the previous year, the company earned $0.22 earnings per share. Enviri's quarterly revenue was down 66.7% compared to the same quarter last year.

Enviri Announces Dividend

The company also recently declared a dividend, which was paid on Monday, June 1st. Investors of record on Friday, January 1st were paid a $15.00 dividend. The ex-dividend date was Monday, June 1st.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on NVRI. Weiss Ratings reiterated a "sell (d-)" rating on shares of Enviri in a research report on Tuesday, April 21st. BMO Capital Markets raised their price objective on Enviri from $19.00 to $19.50 and gave the stock a "market perform" rating in a research note on Tuesday, May 12th. Finally, Wall Street Zen raised shares of Enviri to a "hold" rating in a report on Saturday, June 13th. One research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Enviri has an average rating of "Hold" and an average price target of $22.25.

Insider Buying and Selling

In related news, CFO Peter Francis Minan bought 8,333 shares of the company's stock in a transaction on Friday, June 5th. The shares were purchased at an average cost of $19.25 per share, with a total value of $160,410.25. Following the completion of the transaction, the chief financial officer directly owned 16,434 shares of the company's stock, valued at approximately $316,354.50. This represents a 102.86% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website.

Institutional Trading of Enviri

Several hedge funds have recently bought and sold shares of NVRI. BlackRock Inc. acquired a new stake in shares of Enviri in the second quarter valued at approximately $45,735,000. Geode Capital Management LLC grew its holdings in Enviri by 0.4% in the 4th quarter. Geode Capital Management LLC now owns 1,854,838 shares of the company's stock worth $33,243,000 after buying an additional 7,203 shares in the last quarter. Newtyn Management LLC grew its holdings in Enviri by 69.1% in the 3rd quarter. Newtyn Management LLC now owns 1,692,967 shares of the company's stock worth $21,484,000 after buying an additional 691,949 shares in the last quarter. Davidson Kempner Capital Management LP acquired a new stake in Enviri in the 3rd quarter valued at approximately $21,367,000. Finally, Charles Schwab Investment Management Inc. raised its stake in Enviri by 10.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,535,519 shares of the company's stock valued at $27,516,000 after acquiring an additional 140,634 shares in the last quarter. 93.43% of the stock is currently owned by institutional investors.

Enviri Stock Performance

The stock has a 50-day simple moving average of $21.89 and a 200-day simple moving average of $20.07.

About Enviri

Enviri Inc NYSE: NVRI is a provider of environmental monitoring, data intelligence and sustainability solutions for critical infrastructure and industrial operations. The company integrates Internet of Things (IoT) sensor hardware, cloud-based analytics and field services to collect, process and visualize environmental data. Enviri’s platform supports real-time monitoring and historical trend analysis across water, air and wastewater streams to help clients meet regulatory requirements and manage environmental risk.

Enviri’s product suite includes ruggedized sensor networks, remote data loggers, automated sampling systems and a web-based analytics portal.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source