Enpro (NYSE:NPO) Shares Gap Up on Earnings Beat

Enpro Inc. (NYSE:NPO) shares gapped up prior to trading on Tuesday following a stronger than expected earnings report. The stock had previously closed at $268.98, but opened at $300.21. Enpro shares last traded at $291.50, with a volume of 12,390 shares trading hands.

The industrial products company reported $2.66 earnings per share for the quarter, topping analysts’ consensus estimates of $2.42 by $0.24. The business had revenue of $350.80 million during the quarter, compared to the consensus estimate of $334.04 million. Enpro had a net margin of 3.60% and a return on equity of 11.83%. The company’s revenue was up 22.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.01 earnings per share.

Enpro Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 16th. Stockholders of record on Wednesday, December 2nd will be given a dividend of $0.32 per share. The ex-dividend date is Wednesday, December 2nd. This represents a $1.28 dividend on an annualized basis and a dividend yield of 0.4%. Enpro’s dividend payout ratio (DPR) is 62.44%.

Analyst Ratings Changes

A number of research firms recently weighed in on NPO. Zacks Research cut Enpro from a “strong-buy” rating to a “hold” rating in a report on Friday, September 18th. JPMorgan Chase & Co. initiated coverage on Enpro in a research report on Monday, July 20th. They set an “overweight” rating and a $420.00 price target on the stock. KeyCorp raised their price objective on Enpro from $345.00 to $370.00 and gave the company an “overweight” rating in a report on Monday, July 13th. Weiss Ratings cut Enpro from a “hold (c+)” rating to a “hold (c)” rating in a research report on Wednesday, August 12th. Finally, Wall Street Zen downgraded Enpro from a “buy” rating to a “hold” rating in a research note on Sunday, September 6th. Three investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $358.33.

Hedge Funds Weigh In On Enpro

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Kestra Advisory Services LLC increased its stake in shares of Enpro by 13.1% during the third quarter. Kestra Advisory Services LLC now owns 958 shares of the industrial products company’s stock worth $294,000 after purchasing an additional 111 shares in the last quarter. Conestoga Capital Advisors LLC raised its position in shares of Enpro by 92.6% during the 3rd quarter. Conestoga Capital Advisors LLC now owns 152,918 shares of the industrial products company’s stock worth $46,833,000 after purchasing an additional 73,528 shares during the last quarter. ProShare Advisors LLC raised its position in shares of Enpro by 40.9% during the 3rd quarter. ProShare Advisors LLC now owns 32,372 shares of the industrial products company’s stock worth $9,914,000 after purchasing an additional 9,404 shares during the last quarter. Vise Technologies Inc. raised its position in shares of Enpro by 59.0% during the 3rd quarter. Vise Technologies Inc. now owns 1,390 shares of the industrial products company’s stock worth $426,000 after purchasing an additional 516 shares during the last quarter. Finally, Laurel Wealth Advisors LLC purchased a new position in Enpro in the 3rd quarter valued at about $105,000. 98.31% of the stock is owned by hedge funds and other institutional investors.

Enpro Price Performance

The stock has a market capitalization of $6.23 billion, a PE ratio of 143.53, a price-to-earnings-growth ratio of 1.97 and a beta of 1.58. The stock’s 50 day moving average is $297.22 and its two-hundred day moving average is $295.92. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.43 and a current ratio of 2.28.

About Enpro

Enpro Inc (NYSE:NPO) is an industrial technology company that designs and manufactures engineered products for demanding applications. Its offerings are used in industries including semiconductor manufacturing, aerospace, power generation, chemical processing, oil and gas, and general industrial markets, where reliability, precision, and resistance to heat, pressure, and corrosive environments are important.

Enpro operates through businesses focused on sealing technologies and advanced surface technologies.