Bank of America Corp DE Acquires 153,465 Shares of Enviri Corporation $NVRI

Key Points

• Bank of America acquired 153,465 Enviri shares in the second quarter, worth approximately $3.37 million and representing about 0.54% of the company. Institutional investors collectively own 93.43% of NVRI.
• Enviri reported a weak quarter, with an adjusted loss of $0.63 per share versus the expected $0.31 loss and revenue of $324 million, down 66.7% year over year. Analysts expect a full-year loss of $1.55 per share.
• Analyst sentiment remains cautious: NVRI has a consensus “Hold” rating and a $24.50 target price, while insider buying included purchases by the CFO and a director.

Bank of America Corp DE purchased a new stake in shares of Enviri Corporation (NYSE:NVRI - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 153,465 shares of the company's stock, valued at approximately $3,369,000. Bank of America Corp DE owned approximately 0.54% of Enviri at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. KBC Group NV bought a new stake in shares of Enviri in the first quarter worth $31,000. Rockefeller Capital Management L.P. raised its position in Enviri by 204.5% during the 4th quarter. Rockefeller Capital Management L.P. now owns 1,882 shares of the company's stock worth $34,000 after purchasing an additional 1,264 shares during the last quarter. State of Wyoming acquired a new position in Enviri during the 2nd quarter worth about $46,000. Global Retirement Partners LLC acquired a new position in Enviri during the 2nd quarter worth about $107,000. Finally, Summit Securities Group LLC bought a new stake in shares of Enviri in the 1st quarter valued at about $102,000. 93.43% of the stock is currently owned by institutional investors and hedge funds.

Enviri Stock Performance

Shares of Enviri stock opened at $19.60 on Wednesday. Enviri Corporation has a one year low of $11.15 and a one year high of $24.20. The stock's 50-day moving average is $21.59 and its 200 day moving average is $20.70.

Enviri (NYSE:NVRI - Get Free Report) last released its earnings results on Tuesday, August 11th. The company reported ($0.63) EPS for the quarter, missing the consensus estimate of ($0.31) by ($0.32). The company had revenue of $324.00 million during the quarter, compared to analyst estimates of $370.97 million. During the same period in the prior year, the company earned $0.22 earnings per share. Enviri's revenue for the quarter was down 66.7% compared to the same quarter last year. Analysts expect that Enviri Corporation will post -1.55 EPS for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have recently weighed in on NVRI. Weiss Ratings raised Enviri from a "sell (d-)" rating to a "sell (d)" rating in a research note on Tuesday, August 25th. BMO Capital Markets upped their target price on Enviri from $21.00 to $24.00 and gave the company a "market perform" rating in a report on Wednesday, August 12th. Finally, Wall Street Zen cut Enviri from a "hold" rating to a "sell" rating in a report on Saturday, September 12th. One research analyst has rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $24.50.

Insider Activity at Enviri

In related news, CFO Peter Minan acquired 2,946 shares of the stock in a transaction dated Tuesday, August 18th. The stock was bought at an average price of $20.27 per share, for a total transaction of $59,715.42. Following the purchase, the chief financial officer directly owned 97,505 shares of the company's stock, valued at $1,976,426.35. The trade was a 3.12% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Carolann Haznedar bought 4,875 shares of the company's stock in a transaction that occurred on Monday, August 17th. The shares were bought at an average price of $20.46 per share, for a total transaction of $99,742.50. Following the transaction, the director directly owned 42,955 shares in the company, valued at $878,859.30. This trade represents a 12.80% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure.

Enviri Profile

Enviri Corporation, formerly known as Harsco Corporation, is an environmental solutions company that provides services for managing, processing and recycling industrial and regulated waste. The company serves customers in industries such as steelmaking, manufacturing, construction, energy and healthcare.

Enviri's Harsco Environmental business supports steel producers with services that include the handling and processing of steel slag and other byproducts, metal recovery, material recycling and the production of processed aggregates and other products.

Want to see what other hedge funds are holding NVRI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Enviri Corporation (NYSE:NVRI - Free Report).

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.