King Luther Capital Management Corp Acquires 114,303 Shares of Enovis Corporation (NYSE:ENOV)

Key Points

• King Luther Capital Management Corp significantly increased its stake in Enovis Corporation by 86.8% during the first quarter, owning 245,965 shares valued at approximately $9.4 million.
• Several hedge funds, including Vanguard Group Inc. and DAVENPORT & Co LLC, also boosted their positions in Enovis, indicating a strong interest among institutional investors.
• Enovis reported a quarterly earnings per share (EPS) of $0.79, exceeding analyst expectations, and its revenue increased by 7.5% year-over-year.

King Luther Capital Management Corp increased its position in Enovis Corporation (NYSE:ENOV - Free Report) by 86.8% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 245,965 shares of the company's stock after acquiring an additional 114,303 shares during the period. King Luther Capital Management Corp owned about 0.43% of Enovis worth $9,398,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. US Bancorp DE increased its stake in shares of Enovis by 2.5% in the 1st quarter. US Bancorp DE now owns 19,031 shares of the company's stock worth $727,000 after purchasing an additional 462 shares in the last quarter. Mariner LLC increased its stake in Enovis by 16.8% in the 4th quarter. Mariner LLC now owns 7,925 shares of the company's stock worth $348,000 after buying an additional 1,142 shares in the last quarter. Comerica Bank increased its stake in Enovis by 22.9% in the 4th quarter. Comerica Bank now owns 49,560 shares of the company's stock worth $2,175,000 after buying an additional 9,224 shares in the last quarter. Adage Capital Partners GP L.L.C. purchased a new stake in Enovis in the 4th quarter worth $10,970,000. Finally, Southeastern Asset Management Inc. TN increased its stake in Enovis by 60.6% in the 4th quarter. Southeastern Asset Management Inc. TN now owns 36,583 shares of the company's stock worth $1,605,000 after buying an additional 13,797 shares in the last quarter. Institutional investors own 98.45% of the company's stock.

Enovis Price Performance

Shares of ENOV traded up $0.90 during midday trading on Friday, hitting $29.72. 323,705 shares of the company traded hands, compared to its average volume of 1,199,348. The firm has a 50 day moving average of $30.37 and a 200-day moving average of $34.80. Enovis Corporation has a 52 week low of $25.47 and a 52 week high of $49.83. The stock has a market cap of $1.70 billion, a price-to-earnings ratio of -2.09 and a beta of 1.70. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.15 and a current ratio of 2.25.

Enovis (NYSE:ENOV - Get Free Report) last released 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. Enovis had a negative net margin of 37.80% and a positive return on equity of 6.78%. The business had revenue of $564.50 million during the quarter, compared to the consensus estimate of $555.80 million. During the same quarter in the prior year, the firm earned $0.62 EPS. The business's revenue was up 7.5% on a year-over-year basis. On average, analysts forecast that Enovis Corporation will post 2.79 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on ENOV. JMP Securities cut their price target on Enovis from $62.00 to $55.00 and set a "market outperform" rating for the company in a research note on Friday, May 9th. UBS Group cut their price target on Enovis from $65.00 to $57.00 and set a "buy" rating for the company in a research note on Friday, August 8th. Evercore ISI cut their price target on Enovis from $48.00 to $46.00 and set an "outperform" rating for the company in a research note on Tuesday, July 8th. Canaccord Genuity Group cut their price target on Enovis from $70.00 to $58.00 and set a "buy" rating for the company in a research note on Friday, August 8th. Finally, Wells Fargo & Company cut their price target on Enovis from $48.00 to $41.00 and set an "overweight" rating for the company in a research note on Friday, August 8th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has an average rating of "Buy" and a consensus target price of $51.00.

Enovis Profile

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.