State Street Corp raised its stake in shares of SeaSpine Holdings Co. (NASDAQ:SPNE) by 10.6% in the 2nd quarter, Holdings Channel reports. The firm owned 486,235 shares of the medical equipment provider’s stock after acquiring an additional 46,636 shares during the period. State Street Corp’s holdings in SeaSpine were worth $9,973,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Advisory Services Network LLC bought a new position in shares of SeaSpine during the 2nd quarter valued at about $33,000. Tradition Wealth Management LLC bought a new position in shares of SeaSpine in the 2nd quarter valued at about $70,000. Royal Bank of Canada lifted its holdings in shares of SeaSpine by 15.5% in the 1st quarter. Royal Bank of Canada now owns 3,916 shares of the medical equipment provider’s stock valued at $68,000 after acquiring an additional 525 shares during the last quarter. White Pine Capital LLC bought a new position in shares of SeaSpine in the 2nd quarter valued at about $196,000. Finally, GSA Capital Partners LLP bought a new position in shares of SeaSpine in the 2nd quarter valued at about $213,000. 73.37% of the stock is owned by institutional investors and hedge funds.
A number of research analysts recently commented on SPNE shares. BTIG Research lowered their price target on shares of SeaSpine from $28.00 to $23.00 and set a “buy” rating for the company in a report on Monday, September 27th. Loop Capital started coverage on shares of SeaSpine in a research note on Thursday, October 28th. They issued a “buy” rating and a $100.00 price objective for the company. Finally, Zacks Investment Research downgraded shares of SeaSpine from a “hold” rating to a “sell” rating in a research note on Wednesday, November 3rd. One investment analyst has rated the stock with a sell rating and five have issued a buy rating to the company. Based on data from MarketBeat, SeaSpine currently has an average rating of “Buy” and a consensus target price of $39.80.
SeaSpine (NASDAQ:SPNE) last issued its earnings results on Thursday, October 28th. The medical equipment provider reported ($0.48) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.31) by ($0.17). SeaSpine had a negative return on equity of 20.88% and a negative net margin of 25.18%. The firm had revenue of $46.45 million during the quarter, compared to analysts’ expectations of $45.66 million. During the same quarter in the prior year, the company posted ($0.24) earnings per share. SeaSpine’s quarterly revenue was up 7.5% compared to the same quarter last year. Analysts forecast that SeaSpine Holdings Co. will post -1.61 EPS for the current fiscal year.
SeaSpine Company Profile
SeaSpine Holdings Corp. operates as a medical technology company. The firm engages in the design, developmen and commercialization of surgical solutions for the treatment of patients suffering from spinal disorders. It products include thoracolumbar hardware, cervical hardware, orthobiologics, and spine pure strip.
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