State Street Corp Sells 2,373,332 Shares of Enviri Corporation $NVRI

Key Points

• State Street sharply reduced its Enviri position by selling 2.37 million shares, an 80.8% decline, though it still held 565,509 shares worth about $12.4 million. Institutional investors collectively own 93.43% of the company.
• Enviri insiders showed buying activity: CFO Peter Minan purchased 2,946 shares and Director Carolann Haznedar bought 4,875 shares. Corporate insiders own 2.50% of the stock.
• Recent operating results were weak: Enviri reported a quarterly loss of $0.63 per share versus a $0.31 consensus loss, while revenue fell 66.7% year over year to $324 million. Analysts maintain a consensus “Hold” rating with a $24.50 price target.

State Street Corp trimmed its holdings in shares of Enviri Corporation (NYSE:NVRI - Free Report) by 80.8% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 565,509 shares of the company's stock after selling 2,373,332 shares during the period. State Street Corp owned 2.01% of Enviri worth $12,413,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Integrated Wealth Concepts LLC acquired a new position in Enviri during the 2nd quarter worth about $25,000. KBC Group NV acquired a new position in Enviri during the 1st quarter worth $31,000. Rockefeller Capital Management L.P. lifted its holdings 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 buying an additional 1,264 shares in the last quarter. State of Wyoming bought a new position in Enviri in the 2nd quarter valued at $46,000. Finally, Global Retirement Partners LLC bought a new position in Enviri in the 2nd quarter valued at $107,000. Institutional investors own 93.43% of the company's stock.

Insider Activity at Enviri

In related news, CFO Peter Minan acquired 2,946 shares of the company's stock in a transaction that occurred on Tuesday, August 18th. The shares were acquired at an average cost of $20.27 per share, for a total transaction of $59,715.42. Following the completion of the acquisition, the chief financial officer directly owned 97,505 shares in the company, valued at approximately $1,976,426.35. The trade was a 3.12% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Carolann I. Haznedar acquired 4,875 shares of the business's stock in a transaction that occurred on Monday, August 17th. The stock was bought at an average cost of $20.46 per share, for a total transaction of $99,742.50. Following the completion of the transaction, the director directly owned 42,955 shares in the company, valued at $878,859.30. This represents a 12.80% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 2.50% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

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

Enviri Price Performance

NYSE:NVRI opened at $19.21 on Friday. Enviri Corporation has a 1 year low of $11.15 and a 1 year high of $24.20. The stock has a 50-day moving average price of $21.69 and a two-hundred day moving average price of $20.66.

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

About Enviri

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.

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