Orthofix Medical (NASDAQ:OFIX) Lowered to Hold at Zacks Investment Research

Zacks Investment Research downgraded shares of Orthofix Medical (NASDAQ:OFIX) from a strong-buy rating to a hold rating in a report released on Wednesday morning, Zacks.com reports.

According to Zacks, “Orthofix Medical Inc. develops, produces and markets medical devices. The Company offers spine fixation, biological and other orthopedic and spine solutions. Orthofix Medical Inc., formerly known as Orthofix International N.V., is headquartered in Lewisville, Texas. “

Several other equities research analysts also recently commented on OFIX. TheStreet downgraded shares of Trade Desk from a b- rating to a c- rating in a report on Thursday, May 9th. BidaskClub downgraded shares of Vertex Pharmaceuticals from a buy rating to a hold rating in a report on Tuesday. Finally, ValuEngine downgraded shares of Zymeworks from a buy rating to a hold rating in a report on Saturday, May 18th. One analyst has rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the company. The stock presently has an average rating of Hold and an average target price of $60.00.

NASDAQ OFIX traded up $0.79 during trading on Wednesday, hitting $51.86. 94,894 shares of the company’s stock traded hands, compared to its average volume of 128,313. The stock has a market capitalization of $972.37 million, a PE ratio of 26.46, a price-to-earnings-growth ratio of 2.87 and a beta of 0.44. Orthofix Medical has a 12-month low of $47.79 and a 12-month high of $74.44. The company has a quick ratio of 2.28, a current ratio of 3.52 and a debt-to-equity ratio of 0.06. The business’s 50 day simple moving average is $51.20.

Orthofix Medical (NASDAQ:OFIX) last released its quarterly earnings data on Monday, May 6th. The medical device company reported $0.27 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.40 by ($0.13). The business had revenue of $109.10 million for the quarter, compared to analysts’ expectations of $110.59 million. Orthofix Medical had a net margin of 2.09% and a return on equity of 10.45%. Orthofix Medical’s revenue for the quarter was up .4% compared to the same quarter last year. During the same period last year, the company earned $0.39 earnings per share. On average, research analysts expect that Orthofix Medical will post 1.77 earnings per share for the current fiscal year.

In other news, CEO Brad Mason sold 10,668 shares of the stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $53.71, for a total value of $572,978.28. Following the sale, the chief executive officer now directly owns 165,120 shares of the company’s stock, valued at $8,868,595.20. The sale was disclosed in a legal filing with the SEC, which is available at this link. Over the last three months, insiders sold 25,507 shares of company stock worth $1,338,776. Insiders own 5.60% of the company’s stock.

Several institutional investors have recently made changes to their positions in OFIX. Marshall Wace North America L.P. purchased a new stake in shares of Orthofix Medical in the first quarter worth about $25,000. PNC Financial Services Group Inc. lifted its holdings in shares of Orthofix Medical by 40.4% in the fourth quarter. PNC Financial Services Group Inc. now owns 598 shares of the medical device company’s stock worth $31,000 after buying an additional 172 shares in the last quarter. Exane Derivatives lifted its holdings in shares of Orthofix Medical by 92.9% in the first quarter. Exane Derivatives now owns 1,395 shares of the medical device company’s stock worth $79,000 after buying an additional 672 shares in the last quarter. Knott David M purchased a new stake in shares of Orthofix Medical in the first quarter worth about $113,000. Finally, Everence Capital Management Inc. bought a new position in shares of Orthofix Medical in the first quarter worth approximately $206,000. 94.39% of the stock is currently owned by hedge funds and other institutional investors.

Orthofix Medical Company Profile

Orthofix Medical Inc, a medical device company, provides musculoskeletal healing products and therapies worldwide. It operates through four segments: Bone Growth Therapies, Spinal Implants, Biologics, and Orthofix Extremities. The Bone Growth Therapies segment manufactures, distributes, and provides support services for bone growth stimulator devices that enhance bone fusion and are indicated as treatment to enhance fusion success rates in cervical and lumbar spine, as well as a therapeutic treatment for non-spinal appendicular fractures.

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