Enovis Corporation (NYSE:ENOV) Shares Sold by Mutual of America Capital Management LLC

Key Points

• Mutual of America Capital Management LLC reduced its holdings in Enovis Corporation by 71.9% during the first quarter, selling 21,236 shares and ending with 8,280 shares valued at $316,000.
• Several hedge funds, including the Vanguard Group and DAVENPORT & Co LLC, increased their stakes in Enovis, indicating strong institutional interest in the company.
• Enovis reported earnings of $0.79 per share, exceeding estimates, with quarterly revenue of $564.50 million, reflecting a 7.5% year-over-year increase.

Mutual of America Capital Management LLC lowered its position in Enovis Corporation (NYSE:ENOV - Free Report) by 71.9% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 8,280 shares of the company's stock after selling 21,236 shares during the period. Mutual of America Capital Management LLC's holdings in Enovis were worth $316,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. grew its position in Enovis by 11.3% during the 1st quarter. Vanguard Group Inc. now owns 6,107,199 shares of the company's stock worth $233,356,000 after purchasing an additional 621,069 shares during the last quarter. DAVENPORT & Co LLC grew its position in Enovis by 10.4% during the 1st quarter. DAVENPORT & Co LLC now owns 3,071,985 shares of the company's stock worth $116,489,000 after purchasing an additional 289,644 shares during the last quarter. Royce & Associates LP grew its position in Enovis by 0.8% during the 1st quarter. Royce & Associates LP now owns 2,490,806 shares of the company's stock worth $95,174,000 after purchasing an additional 20,230 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in Enovis by 10.4% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 712,810 shares of the company's stock worth $27,236,000 after purchasing an additional 67,021 shares during the last quarter. Finally, Royal Bank of Canada grew its position in Enovis by 25.0% during the 4th quarter. Royal Bank of Canada now owns 707,361 shares of the company's stock worth $31,038,000 after purchasing an additional 141,517 shares during the last quarter. Hedge funds and other institutional investors own 98.45% of the company's stock.

Enovis Stock Performance

Shares of ENOV traded up $0.74 during trading hours on Friday, hitting $29.56. The stock had a trading volume of 1,055,470 shares, compared to its average volume of 1,203,965. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.15 and a current ratio of 2.25. The firm has a 50-day moving average price of $30.37 and a 200 day moving average price of $34.80. Enovis Corporation has a fifty-two week low of $25.47 and a fifty-two week high of $49.83. The firm has a market capitalization of $1.69 billion, a price-to-earnings ratio of -2.07 and a beta of 1.70.

Enovis (NYSE:ENOV - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported $0.79 earnings per share (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 firm had revenue of $564.50 million during the quarter, compared to analysts' expectations of $555.80 million. During the same period in the previous year, the business posted $0.62 EPS. The business's revenue was up 7.5% compared to the same quarter last year. As a group, research analysts anticipate that Enovis Corporation will post 2.79 EPS for the current year.

Analyst Ratings Changes

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