Cove Street Capital LLC Cuts Stock Holdings in Enovis Corporation $ENOV

Key Points

• Cove Street Capital LLC reduced its stake in Enovis Corporation by 22.2%, now holding 33,372 shares, representing 2.0% of its portfolio.
• Several institutional investors, including Vanguard Group Inc., have recently increased their stakes in Enovis, with Vanguard raising its position by 11.3% in the first quarter.
• Enovis reported a quarterly earnings surprise with $0.79 EPS, exceeding analysts' estimates, and forecasts a FY 2025 EPS range of 3.050-3.200.

Cove Street Capital LLC lowered its position in shares of Enovis Corporation (NYSE:ENOV - Free Report) by 22.2% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 33,372 shares of the company's stock after selling 9,521 shares during the quarter. Enovis accounts for approximately 2.0% of Cove Street Capital LLC's investment portfolio, making the stock its 18th biggest holding. Cove Street Capital LLC owned 0.06% of Enovis worth $1,275,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Farther Finance Advisors LLC grew its position in shares of Enovis by 266.7% during the 1st quarter. Farther Finance Advisors LLC now owns 737 shares of the company's stock valued at $27,000 after purchasing an additional 536 shares in the last quarter. GAMMA Investing LLC grew its position in shares of Enovis by 144.8% during the 1st quarter. GAMMA Investing LLC now owns 1,170 shares of the company's stock valued at $45,000 after purchasing an additional 692 shares in the last quarter. DekaBank Deutsche Girozentrale grew its position in shares of Enovis by 57.7% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 1,981 shares of the company's stock valued at $74,000 after purchasing an additional 725 shares in the last quarter. McIlrath & Eck LLC purchased a new position in shares of Enovis during the 4th quarter valued at $152,000. Finally, Snowden Capital Advisors LLC bought a new stake in shares of Enovis during the 4th quarter worth $219,000. 98.45% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Enovis

In related news, SVP Bradley J. Tandy purchased 3,200 shares of the firm's stock in a transaction that occurred on Friday, August 22nd. The stock was bought at an average cost of $31.41 per share, with a total value of $100,512.00. Following the completion of the purchase, the senior vice president directly owned 43,515 shares in the company, valued at approximately $1,366,806.15. This represents a 7.94% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Phillip Benjamin (Ben) Berry purchased 2,500 shares of the firm's stock in a transaction that occurred on Wednesday, August 20th. The stock was bought at an average cost of $29.71 per share, with a total value of $74,275.00. Following the completion of the purchase, the chief financial officer owned 116,729 shares of the company's stock, valued at $3,468,018.59. This represents a 2.19% increase in their ownership of the stock. The disclosure for this purchase can be found here. 2.70% of the stock is owned by corporate insiders.

Enovis Trading Down 0.4%

Shares of NYSE:ENOV traded down $0.12 during midday trading on Tuesday, hitting $31.28. 237,097 shares of the stock traded hands, compared to its average volume of 1,175,591. The stock has a market capitalization of $1.79 billion, a PE ratio of -2.19 and a beta of 1.68. The business's 50 day moving average is $30.02 and its two-hundred day moving average is $32.95. The company has a quick ratio of 1.15, a current ratio of 2.25 and a debt-to-equity ratio of 0.53. Enovis Corporation has a one year low of $25.47 and a one year high of $49.83.

Enovis (NYSE:ENOV - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The company reported $0.79 EPS for the quarter, beating the consensus estimate of $0.74 by $0.05. The firm had revenue of $564.50 million during the quarter, compared to the consensus estimate of $555.80 million. Enovis had a negative net margin of 37.80% and a positive return on equity of 6.78%. The company's quarterly revenue was up 7.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.62 earnings per share. Enovis has set its FY 2025 guidance at 3.050-3.200 EPS. As a group, research analysts forecast that Enovis Corporation will post 2.79 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Wells Fargo & Company dropped their price objective on shares of Enovis from $48.00 to $41.00 and set an "overweight" rating for the company in a report on Friday, August 8th. Evercore ISI dropped their price objective on shares of Enovis from $48.00 to $46.00 and set an "outperform" rating for the company in a report on Tuesday, July 8th. Needham & Company LLC dropped their price objective on shares of Enovis from $57.00 to $49.00 and set a "buy" rating for the company in a report on Thursday, August 7th. UBS Group dropped their price objective on shares of Enovis from $65.00 to $57.00 and set a "buy" rating for the company in a report on Friday, August 8th. Finally, Canaccord Genuity Group dropped their price objective on shares of Enovis from $70.00 to $58.00 and set a "buy" rating for the company in a report on Friday, August 8th. Six research analysts have rated the stock with a Buy rating, According to data from MarketBeat, Enovis currently has an average rating of "Buy" and an average price target of $51.00.

About Enovis

Enovis Corporation operates as a medical technology company focus on developing clinically differentiated solutions worldwide. It also manufactures and distributes medical devices which are used for reconstructive surgery, rehabilitation, pain management, and physical therapy. The company operates through Prevention and Recovery, and Reconstructive segments.