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

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Zacks Investment Research downgraded shares of Orthofix Medical (NASDAQ:OFIX) from a strong-buy rating to a hold rating in a research note 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. “

Other analysts have also issued research reports about the stock. ValuEngine lowered shares of Zymeworks from a buy rating to a hold rating in a research note on Saturday, May 18th. BidaskClub lowered shares of Vertex Pharmaceuticals from a buy rating to a hold rating in a research note on Tuesday, July 9th. Finally, TheStreet lowered shares of Trade Desk from a b- rating to a c- rating in a research note on Thursday, May 9th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company’s stock. The company currently has an average rating of Hold and an average target price of $60.00.

Shares of NASDAQ:OFIX opened at $51.55 on Wednesday. The company has a current ratio of 3.52, a quick ratio of 2.28 and a debt-to-equity ratio of 0.06. The stock has a fifty day moving average of $51.24. The company has a market capitalization of $982.85 million, a price-to-earnings ratio of 28.48, a PEG ratio of 2.90 and a beta of 0.44. Orthofix Medical has a 12-month low of $47.79 and a 12-month high of $74.44.

Orthofix Medical (NASDAQ:OFIX) last released its earnings results on Monday, May 6th. The medical device company reported $0.27 earnings per share for the quarter, missing the consensus estimate of $0.40 by ($0.13). Orthofix Medical had a net margin of 2.09% and a return on equity of 10.45%. The business had revenue of $109.10 million for the quarter, compared to the consensus estimate of $110.59 million. During the same quarter in the previous year, the firm earned $0.39 EPS. The firm’s revenue for the quarter was up .4% on a year-over-year basis. As a group, analysts forecast that Orthofix Medical will post 1.77 earnings per share for the current fiscal year.

In other Orthofix Medical news, CEO Brad Mason sold 8,890 shares of the business’s stock in a transaction on Thursday, June 13th. The shares were sold at an average price of $51.11, for a total transaction of $454,367.90. Following the completion of the sale, the chief executive officer now owns 159,053 shares in the company, valued at $8,129,198.83. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In the last quarter, insiders have sold 25,507 shares of company stock valued at $1,338,776. 5.60% of the stock is owned by insiders.

Institutional investors have recently added to or reduced their stakes in the company. Marshall Wace North America L.P. bought a new position in shares of Orthofix Medical during the first quarter worth about $25,000. PNC Financial Services Group Inc. grew its position in shares of Orthofix Medical by 40.4% during the fourth quarter. PNC Financial Services Group Inc. now owns 598 shares of the medical device company’s stock worth $31,000 after acquiring an additional 172 shares during the last quarter. Exane Derivatives grew its position in shares of Orthofix Medical by 92.9% during the first quarter. Exane Derivatives now owns 1,395 shares of the medical device company’s stock worth $79,000 after acquiring an additional 672 shares during the last quarter. Knott David M bought a new position in shares of Orthofix Medical during the first quarter worth about $113,000. Finally, Everence Capital Management Inc. bought a new position in shares of Orthofix Medical during the first quarter worth about $206,000. Institutional investors and hedge funds own 94.39% of the company’s stock.

About Orthofix Medical

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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