Zacks Investment Research lowered shares of Integer (NYSE:ITGR) from a buy rating to a hold rating in a research note released on Wednesday morning.
According to Zacks, “Integer Holdings’ outperformed its industry in a year’s time. An upbeat guidance instills investors’ optimism. The company is riding high on strong organic growth. The Cardio & Vascular arm has been delivering a solid performance. The divestment of the Advanced Surgical, Orthopedics & Portable Medical wing to Viant (formerly MedPlast LLC) is expected to prove profitable in the quarters ahead. Meanwhile, the company has a multi-year plan for long-term developments in place. An impressive guidance, declining operating expenses and the clearing of debt are other major positives. On the flip side, declining sales at the Non-Medical segment is concerning. The recent loss of some major customers and intense competition in the niche space are other concerns. Moreover, owing to persistent decline in reimbursement, the company expects rental revenue per patient to decline in the quarters ahead.”
Other equities research analysts have also recently issued reports about the stock. TheStreet upgraded shares of Integer from a c+ rating to a b rating in a research report on Monday, August 6th. Argus initiated coverage on shares of Integer in a research report on Wednesday, June 27th. They set a buy rating and a $78.00 price objective for the company. ValuEngine cut shares of Integer from a strong-buy rating to a buy rating in a research report on Tuesday, June 12th. Northcoast Research upgraded shares of Integer to a buy rating and set a $83.00 price objective for the company in a research report on Friday, July 20th. Finally, Royal Bank of Canada restated a hold rating and set a $72.00 price objective on shares of Integer in a research report on Friday, August 3rd. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The company has a consensus rating of Buy and a consensus target price of $76.80.
Integer (NYSE:ITGR) last released its quarterly earnings data on Thursday, August 2nd. The medical equipment provider reported $1.06 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.88 by $0.18. Integer had a net margin of 6.63% and a return on equity of 12.60%. The firm had revenue of $313.00 million during the quarter, compared to analysts’ expectations of $379.41 million. During the same period last year, the business earned $0.62 earnings per share. Integer’s revenue was up 11.4% compared to the same quarter last year. research analysts anticipate that Integer will post 3.57 earnings per share for the current year.
In other Integer news, CFO Jeremy Friedman sold 6,326 shares of Integer stock in a transaction dated Monday, August 6th. The shares were sold at an average price of $72.01, for a total transaction of $455,535.26. Following the completion of the sale, the chief financial officer now directly owns 8,366 shares in the company, valued at $602,435.66. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director William B. Summers, Jr. sold 26,661 shares of Integer stock in a transaction dated Friday, September 7th. The shares were sold at an average price of $81.07, for a total transaction of $2,161,407.27. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 107,311 shares of company stock valued at $8,201,676. 3.60% of the stock is owned by company insiders.
Institutional investors and hedge funds have recently made changes to their positions in the business. Point72 Hong Kong Ltd acquired a new stake in shares of Integer during the second quarter valued at about $111,000. Mount Yale Investment Advisors LLC acquired a new stake in shares of Integer during the first quarter valued at about $140,000. Federated Investors Inc. PA increased its position in shares of Integer by 236.3% during the second quarter. Federated Investors Inc. PA now owns 2,411 shares of the medical equipment provider’s stock valued at $156,000 after acquiring an additional 1,694 shares during the last quarter. BlueMountain Capital Management LLC acquired a new stake in shares of Integer during the second quarter valued at about $194,000. Finally, Verition Fund Management LLC acquired a new stake in shares of Integer during the first quarter valued at about $200,000. Institutional investors and hedge funds own 96.18% of the company’s stock.
Integer Company Profile
Integer Holdings Corporation operates as a medical device outsource manufacturer worldwide. It operates through two segments, Medical and Non-Medical. The company offers arthroscopic devices and components, such as shaver blades and burrs, ablation probes, and suture anchors; laparoscopic and general surgery products, including trocars, endoscopes and laparoscopes, closure devices, harmonic scalpels, bipolar energy delivery devices, radio frequency probes, thermal tumor ablation devices, and ophthalmic surgery devices; and biopsy and drug delivery products.
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