Fifth Third Bancorp Takes $3.10 Million Position in EVI Industries, Inc. $EVI

Key Points

• Fifth Third Bancorp disclosed a new first-quarter position in EVI Industries, buying 150,710 shares valued at about $3.1 million and ending with 1.17% ownership.
• Several other institutional investors also adjusted their stakes in EVI, and overall hedge funds and other institutions own 37.3% of the stock.
• Wall Street remains constructive on EVI despite a lower price target from DA Davidson, with the stock still carrying a consensus “Buy” rating and an average target of $32.

Fifth Third Bancorp acquired a new position in EVI Industries, Inc. (NYSEAMERICAN:EVI - Free Report) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 150,710 shares of the industrial products company's stock, valued at approximately $3,102,000. Fifth Third Bancorp owned 1.17% of EVI Industries at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the business. Tower Research Capital LLC TRC boosted its stake in shares of EVI Industries by 237.4% during the second quarter. Tower Research Capital LLC TRC now owns 2,001 shares of the industrial products company's stock valued at $44,000 after purchasing an additional 1,408 shares in the last quarter. BNP Paribas Financial Markets increased its holdings in shares of EVI Industries by 45.2% in the 3rd quarter. BNP Paribas Financial Markets now owns 1,577 shares of the industrial products company's stock valued at $50,000 after acquiring an additional 491 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of EVI Industries by 27.8% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 3,814 shares of the industrial products company's stock valued at $64,000 after acquiring an additional 829 shares during the period. Bank of America Corp DE raised its position in shares of EVI Industries by 39.6% in the 4th quarter. Bank of America Corp DE now owns 4,988 shares of the industrial products company's stock worth $82,000 after acquiring an additional 1,416 shares in the last quarter. Finally, Rhumbline Advisers raised its position in shares of EVI Industries by 21.4% in the 1st quarter. Rhumbline Advisers now owns 5,336 shares of the industrial products company's stock worth $90,000 after acquiring an additional 940 shares in the last quarter. 37.30% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Separately, DA Davidson dropped their price objective on EVI Industries from $35.00 to $32.00 and set a "buy" rating on the stock in a research report on Thursday, May 14th. One research analyst has rated the stock with a Buy rating, According to data from MarketBeat, the stock has a consensus rating of "Buy" and an average price target of $32.00.

EVI Industries Stock Performance

Shares of EVI opened at $16.52 on Monday. EVI Industries, Inc. has a 12 month low of $14.06 and a 12 month high of $34.82. The stock has a fifty day moving average price of $16.58 and a 200-day moving average price of $20.11. The company has a current ratio of 1.60, a quick ratio of 0.76 and a debt-to-equity ratio of 0.41. The firm has a market cap of $212.61 million, a PE ratio of 36.71 and a beta of 0.07.

EVI Industries (NYSEAMERICAN:EVI - Get Free Report) last announced its earnings results on Monday, May 11th. The industrial products company reported $0.05 earnings per share for the quarter, missing the consensus estimate of $0.16 by ($0.11). EVI Industries had a return on equity of 4.92% and a net margin of 1.63%.The business had revenue of $101.13 million for the quarter, compared to analysts' expectations of $111.30 million.

EVI Industries Profile

EVI Industries, Inc, through its subsidiaries, engages in the distribution, sale, rental, and lease of commercial and industrial laundry and dry-cleaning equipment in the United States, Canada, the Caribbean, and Latin America. The company sells and/or leases commercial laundry equipment specializing in washing, drying, finishing, material handling, water heating, power generation, and water reuse applications. It offers washroom equipment, such as washers and dryers, tunnel systems, and vended machines; finishing equipment comprising sheet feeders, flatwork ironers, automatic sheet folders, and stackers; and material handling equipment, including conveyor and rail systems.

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