Enviri (NYSE:NVRI) Shares Gap Down on Disappointing Earnings

Key Points

• Enviri Corporation (NYSE:NVRI) saw its share price gap down from a previous close of $8.63 to open at $8.05 on Tuesday, with the stock last trading at $8.08.
• Despite the recent price decline, Wall Street Zen upgraded Enviri's shares from a "sell" rating to a "hold" rating on June 14th.
• Institutional investors own a significant majority of Enviri's stock, with 93.43% of shares held by this group, which includes substantial increases from several hedge funds recently.

Enviri Corporation (NYSE:NVRI - Get Free Report)'s share price gapped down before the market opened on Tuesday following a dissappointing earnings announcement. The stock had previously closed at $8.63, but opened at $8.05. Enviri shares last traded at $8.08, with a volume of 327,962 shares.

The company reported ($0.22) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.11) by ($0.11). Enviri had a negative return on equity of 7.86% and a negative net margin of 7.02%. The business had revenue of $562.25 million for the quarter, compared to the consensus estimate of $576.50 million. During the same period in the previous year, the company posted $0.02 earnings per share. Enviri's revenue for the quarter was down 7.9% compared to the same quarter last year.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen cut shares of Enviri from a "hold" rating to a "sell" rating in a research report on Saturday.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. American Century Companies Inc. lifted its stake in Enviri by 43.2% in the 4th quarter. American Century Companies Inc. now owns 29,391 shares of the company's stock valued at $226,000 after acquiring an additional 8,865 shares in the last quarter. KLP Kapitalforvaltning AS acquired a new position in Enviri during the fourth quarter worth $102,000. JPMorgan Chase & Co. grew its position in Enviri by 33.8% in the fourth quarter. JPMorgan Chase & Co. now owns 657,775 shares of the company's stock valued at $5,065,000 after purchasing an additional 166,125 shares in the last quarter. Norges Bank bought a new position in Enviri in the fourth quarter valued at $2,474,000. Finally, Wells Fargo & Company MN increased its stake in Enviri by 23.7% in the 4th quarter. Wells Fargo & Company MN now owns 47,222 shares of the company's stock valued at $364,000 after buying an additional 9,049 shares during the last quarter. 93.43% of the stock is owned by institutional investors and hedge funds.

Enviri Stock Down 1.9%

The firm's 50-day simple moving average is $8.78 and its 200 day simple moving average is $7.76. The company has a debt-to-equity ratio of 3.55, a quick ratio of 0.94 and a current ratio of 1.19. The stock has a market capitalization of $698.83 million, a P/E ratio of -4.42 and a beta of 1.77.

Enviri Company Profile

Enviri Corporation provides environmental solutions for industrial and specialty waste streams in the United States and internationally. The company operates through two segments: Harsco Environmental and Clean Earth. The Harsco Environmental segment offers on-site services under long-term contracts for material logistics, product quality improvement, and resource recovery for iron, steel, and metals manufacturing; manufactures and sells industrial abrasives, roofing granules, aluminum dross, and scrap processing systems; and meltshop and furnace services, such as under-vessel cleaning, removal of ladle slag, and general melt shop debris.