EVI Industries (NYSEAMERICAN:EVI) Share Price Crosses Above Two Hundred Day Moving Average - Here's Why

Key Points

• EVI Industries shares crossed above their 200-day moving average, reaching $20.54 and last trading at $20.33, compared with a 200-day average of $17.35.
• DA Davidson reaffirmed a Buy rating and a $32 price target; the analyst consensus is also “Buy” with an average target of $32.00.
• The company met quarterly earnings expectations at $0.17 per share and reported revenue of $121.87 million, above analysts’ $117.10 million estimate. Institutional investors and hedge funds own 37.30% of the stock.

EVI Industries, Inc. (NYSEAMERICAN:EVI - Get Free Report) passed above its two hundred day moving average during trading on Friday. The stock has a two hundred day moving average of $17.35 and traded as high as $20.54. EVI Industries shares last traded at $20.33, with a volume of 51,821 shares trading hands.

Wall Street Analysts Forecast Growth

Separately, DA Davidson reissued a "buy" rating and set a $32.00 price target on shares of EVI Industries in a research note on Friday, September 18th. One equities research analyst has rated the stock with a Buy rating, According to data from MarketBeat.com, the company has an average rating of "Buy" and an average target price of $32.00.

EVI Industries Stock Performance

The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.87 and a current ratio of 1.64. The stock's 50-day moving average is $15.41 and its 200 day moving average is $17.35. The firm has a market cap of $261.85 million, a P/E ratio of 42.35 and a beta of 0.09.

EVI Industries (NYSEAMERICAN:EVI - Get Free Report) last posted its earnings results on Tuesday, September 8th. The industrial products company reported $0.17 earnings per share for the quarter, hitting the consensus estimate of $0.17. EVI Industries had a return on equity of 5.31% and a net margin of 1.73%.The firm had revenue of $121.87 million for the quarter, compared to analyst estimates of $117.10 million.

Hedge Funds Weigh In On EVI Industries

Institutional investors and hedge funds have recently modified their holdings of the business. Hsbc Holdings PLC acquired a new position in shares of EVI Industries in the 2nd quarter valued at approximately $177,000. Bank of America Corp DE acquired a new stake in EVI Industries during the 2nd quarter worth approximately $217,000. Northwestern Mutual Wealth Management Co. bought a new position in EVI Industries in the second quarter valued at approximately $59,000. Bard Associates Inc. bought a new position in EVI Industries in the second quarter valued at approximately $216,000. Finally, BlackRock Inc. acquired a new position in shares of EVI Industries in the second quarter valued at approximately $5,217,000. 37.30% of the stock is currently owned by institutional investors and hedge funds.

EVI Industries Company Profile

EVI Industries, Inc is a distributor of commercial and industrial equipment and related services. The company primarily serves the textile-care industry, supplying commercial laundry and dry-cleaning equipment such as washers, dryers, finishing systems, ironers, folders and garment-care equipment.

In addition to equipment sales, EVI provides installation, maintenance, repair, technical support, replacement parts and operating supplies. Its customers include businesses and institutions in the hospitality, health care, correctional, retail laundry, dry-cleaning and other textile-service markets.

Headquartered in Miami, Florida, EVI serves customers through a network of operating companies and distribution locations in the United States and selected international markets.

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