Enviri (NYSE:NVRI) Stock Price Down 7% Following Weak Earnings

Enviri Corporation (NYSE:NVRI) shares fell 7% during mid-day trading on Tuesday following a weaker than expected earnings announcement. The stock traded as low as $20.42 and last traded at $20.3450. 750,060 shares changed hands during mid-day trading, a decline of 40% from the average session volume of 1,243,397 shares. The stock had previously closed at $21.87.

The company reported ($0.63) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.32). The company had revenue of $324.00 million for the quarter, compared to analysts’ expectations of $370.97 million. During the same period in the previous year, the company earned $0.22 EPS. The firm’s quarterly revenue was down 66.7% compared to the same quarter last year.

Enviri Dividend Announcement

The company also recently declared a dividend, which was paid on Monday, June 1st. Stockholders of record on Friday, January 1st were given a dividend of $15.00 per share. The ex-dividend date was Monday, June 1st.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on NVRI. Weiss Ratings restated a “sell (d-)” rating on shares of Enviri in a report on Tuesday, April 21st. BMO Capital Markets boosted their price target on shares of Enviri from $19.00 to $19.50 and gave the stock a “market perform” rating in a research report on Tuesday, May 12th. Finally, Wall Street Zen raised shares of Enviri to a “hold” rating in a report on Saturday, June 13th. One investment analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $22.25.

Insider Activity at Enviri

In related news, CFO Peter Francis Minan acquired 8,333 shares of Enviri stock in a transaction dated Friday, June 5th. The stock was acquired at an average cost of $19.25 per share, with a total value of $160,410.25. Following the purchase, the chief financial officer directly owned 16,434 shares in the company, valued at $316,354.50. The trade was a 102.86% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Institutional Investors Weigh In On Enviri

Several hedge funds have recently modified their holdings of the stock. BlackRock Inc. purchased a new position in Enviri in the 2nd quarter worth about $45,735,000. Geode Capital Management LLC lifted its stake in Enviri by 0.4% during the fourth quarter. Geode Capital Management LLC now owns 1,854,838 shares of the company’s stock valued at $33,243,000 after buying an additional 7,203 shares in the last quarter. Newtyn Management LLC boosted its holdings in shares of Enviri by 69.1% in the third quarter. Newtyn Management LLC now owns 1,692,967 shares of the company’s stock worth $21,484,000 after buying an additional 691,949 shares during the period. Davidson Kempner Capital Management LP acquired a new position in shares of Enviri in the third quarter worth about $21,367,000. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Enviri by 10.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,535,519 shares of the company’s stock worth $27,516,000 after acquiring an additional 140,634 shares in the last quarter. 93.43% of the stock is owned by hedge funds and other institutional investors.

Enviri Stock Down 6.8%

The firm’s 50-day moving average price is $21.89 and its two-hundred day moving average price is $20.07.

About Enviri

Enviri Inc (NYSE: NVRI) is a provider of environmental monitoring, data intelligence and sustainability solutions for critical infrastructure and industrial operations. The company integrates Internet of Things (IoT) sensor hardware, cloud-based analytics and field services to collect, process and visualize environmental data. Enviri’s platform supports real-time monitoring and historical trend analysis across water, air and wastewater streams to help clients meet regulatory requirements and manage environmental risk.

Enviri’s product suite includes ruggedized sensor networks, remote data loggers, automated sampling systems and a web-based analytics portal.