Brightline Capital Management LLC Invests $10.34 Million in Enviri Co. (NYSE:NVRI)

Brightline Capital Management LLC acquired a new position in shares of Enviri Co. (NYSE:NVRI) in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 1,000,000 shares of the company’s stock, valued at approximately $10,340,000. Enviri comprises about 4.4% of Brightline Capital Management LLC’s holdings, making the stock its 13th biggest position. Brightline Capital Management LLC owned 1.25% of Enviri as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in NVRI. BNP Paribas Financial Markets grew its stake in Enviri by 18.4% in the 3rd quarter. BNP Paribas Financial Markets now owns 34,296 shares of the company’s stock valued at $355,000 after acquiring an additional 5,342 shares during the last quarter. FMR LLC increased its holdings in shares of Enviri by 34.4% during the 3rd quarter. FMR LLC now owns 7,069 shares of the company’s stock worth $73,000 after buying an additional 1,809 shares during the last quarter. Dynamic Technology Lab Private Ltd purchased a new position in shares of Enviri in the 3rd quarter worth about $568,000. Intech Investment Management LLC lifted its position in Enviri by 413.2% during the third quarter. Intech Investment Management LLC now owns 164,836 shares of the company’s stock valued at $1,704,000 after buying an additional 132,718 shares in the last quarter. Finally, Quest Partners LLC acquired a new position in shares of Enviri during the 3rd quarter valued at $293,000. Institutional investors and hedge funds own 93.43% of the company’s stock.

Analysts Set New Price Targets

Separately, BMO Capital Markets decreased 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 note on Friday, November 1st.

Enviri Stock Performance

Shares of Enviri stock traded up $0.05 during trading hours on Wednesday, reaching $7.56. The company’s stock had a trading volume of 18,633 shares, compared to its average volume of 467,141. The company has a debt-to-equity ratio of 2.72, a quick ratio of 0.99 and a current ratio of 1.30. Enviri Co. has a one year low of $5.65 and a one year high of $12.79. The company’s 50 day simple moving average is $9.09 and its 200 day simple moving average is $9.52. The stock has a market cap of $605.86 million, a P/E ratio of -6.11 and a beta of 2.22.

Enviri (NYSE:NVRI) last announced its quarterly earnings results on Thursday, October 31st. The company reported ($0.01) earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.08). Enviri had a negative return on equity of 1.25% and a negative net margin of 4.28%. The company had revenue of $573.60 million for the quarter, compared to analyst estimates of $613.63 million. During the same quarter in the previous year, the company posted $0.05 earnings per share. The firm’s revenue for the quarter was down 3.9% compared to the same quarter last year. As a group, analysts expect that Enviri Co. will post -0.11 EPS for the current fiscal year.

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.