Enviri (NYSE:NVRI) Shares Gap Down Following Weak Earnings

Enviri Co. (NYSE:NVRI)’s stock price gapped down prior to trading on Thursday following a weaker than expected earnings announcement. The stock had previously closed at $10.04, but opened at $8.60. Enviri shares last traded at $8.05, with a volume of 96,949 shares trading hands.

The company reported ($0.01) earnings per share for the quarter, missing the consensus estimate of $0.06 by ($0.07). The firm had revenue of $573.60 million for the quarter, compared to the consensus estimate of $613.63 million. Enviri had a negative net margin of 4.27% and a negative return on equity of 0.31%. Enviri’s quarterly revenue was down 3.9% compared to the same quarter last year. During the same period in the previous year, the company earned $0.05 earnings per share.

Wall Street Analysts Forecast Growth

Separately, BMO Capital Markets cut their target price on shares of Enviri from $13.00 to $10.00 and set a “market perform” rating for the company in a research report on Friday.

Institutional Trading of Enviri

A number of hedge funds and other institutional investors have recently bought and sold shares of NVRI. Natixis Advisors LLC increased its holdings in Enviri by 3.4% in the 2nd quarter. Natixis Advisors LLC now owns 31,334 shares of the company’s stock worth $270,000 after acquiring an additional 1,036 shares in the last quarter. Essex Investment Management Co. LLC increased its stake in shares of Enviri by 0.3% in the third quarter. Essex Investment Management Co. LLC now owns 388,870 shares of the company’s stock worth $4,021,000 after purchasing an additional 1,056 shares in the last quarter. The Manufacturers Life Insurance Company raised its position in shares of Enviri by 4.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 31,034 shares of the company’s stock valued at $268,000 after purchasing an additional 1,273 shares during the period. Hsbc Holdings PLC lifted its stake in shares of Enviri by 10.1% during the 2nd quarter. Hsbc Holdings PLC now owns 15,174 shares of the company’s stock valued at $130,000 after buying an additional 1,397 shares in the last quarter. Finally, CWM LLC boosted its holdings in Enviri by 37.1% in the 3rd quarter. CWM LLC now owns 5,662 shares of the company’s stock worth $59,000 after buying an additional 1,532 shares during the period. Hedge funds and other institutional investors own 93.43% of the company’s stock.

Enviri Trading Down 5.1 %

The stock has a fifty day simple moving average of $10.33 and a 200 day simple moving average of $9.59. The firm has a market capitalization of $582.40 million, a P/E ratio of -6.01 and a beta of 2.19. The company has a quick ratio of 1.00, a current ratio of 1.32 and a debt-to-equity ratio of 2.68.

About Enviri

Enviri Corporation provides environmental solutions for industrial and specialty waste streams in the United States and internationally. The company operates through two segments: Harsco Environmental and Clean Earth. The Harsco Environmental segment offers on-site services under long-term contracts for material logistics, product quality improvement, and resource recovery for iron, steel, and metals manufacturing; manufactures and sells industrial abrasives, roofing granules, aluminum dross, and scrap processing systems; and meltshop and furnace services, such as under-vessel cleaning, removal of ladle slag, and general melt shop debris.