Enviri (NYSE:NVRI) Shares Gap Down Following Weak 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 traded.

The company reported ($0.22) earnings per share (EPS) for the quarter, missing the consensus estimate 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 during the quarter, compared to analysts' expectations of $576.50 million. During the same quarter in the previous year, the company posted $0.02 EPS. The company's revenue was down 7.9% compared to the same quarter last year.

Wall Street Analyst Weigh In

Separately, Wall Street Zen raised Enviri from a "sell" rating to a "hold" rating in a research note on Saturday, June 14th.

Hedge Funds Weigh In On Enviri

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. American Century Companies Inc. lifted its stake in shares of Enviri by 43.2% in the fourth quarter. American Century Companies Inc. now owns 29,391 shares of the company's stock worth $226,000 after acquiring an additional 8,865 shares in the last quarter. KLP Kapitalforvaltning AS bought a new position in Enviri during the 4th quarter valued at $102,000. JPMorgan Chase & Co. raised its stake in shares of Enviri by 33.8% in the 4th 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 shares of Enviri during the fourth quarter worth about $2,474,000. Finally, Wells Fargo & Company MN increased its holdings in Enviri by 23.7% in the fourth 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. Hedge funds and other institutional investors own 93.43% of the company's stock.

Enviri Price Performance

The company has a quick ratio of 0.94, a current ratio of 1.19 and a debt-to-equity ratio of 3.55. The company has a 50 day simple moving average of $8.77 and a 200-day simple moving average of $7.78. The stock has a market cap of $716.41 million, a price-to-earnings ratio of -4.52 and a beta of 1.77.

About Enviri

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.