SeaSpine (SPNE) Downgraded to Hold at Zacks Investment Research

Zacks Investment Research cut shares of SeaSpine (NASDAQ:SPNE) from a buy rating to a hold rating in a research note published on Friday.

According to Zacks, “SeaSpine Holdings Corporation is a medical technology company which focused on the design, development and commercialization of surgical solutions for the treatment of spinal disorders. The company also offers orthobiologics and spinal fusion hardware solutions. SeaSpine Holdings Corporation is headquartered in Vista, California. “

Other equities research analysts have also recently issued reports about the stock. HC Wainwright reissued a buy rating on shares of SeaSpine in a research report on Monday, July 16th. Cantor Fitzgerald reissued a buy rating and issued a $16.00 price objective on shares of SeaSpine in a research report on Monday, July 30th. Piper Jaffray Companies boosted their price objective on shares of SeaSpine from $16.00 to $20.00 and gave the company an overweight rating in a research report on Tuesday, October 2nd. LADENBURG THALM/SH SH set a $23.00 price objective on shares of SeaSpine and gave the company a buy rating in a research report on Wednesday, October 3rd. Finally, ValuEngine raised shares of SeaSpine from a buy rating to a strong-buy rating in a research report on Tuesday, September 11th. One analyst has rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock has an average rating of Buy and an average price target of $18.33.

SeaSpine stock opened at $17.86 on Friday. The stock has a market capitalization of $229.40 million, a price-to-earnings ratio of -6.92 and a beta of 0.46. The company has a debt-to-equity ratio of 0.04, a current ratio of 3.20 and a quick ratio of 1.48. SeaSpine has a 1 year low of $8.76 and a 1 year high of $18.42.

SeaSpine (NASDAQ:SPNE) last released its quarterly earnings data on Monday, July 30th. The medical equipment provider reported ($0.50) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.48) by ($0.02). The company had revenue of $36.41 million during the quarter, compared to analysts’ expectations of $34.12 million. SeaSpine had a negative net margin of 21.75% and a negative return on equity of 27.65%. As a group, research analysts expect that SeaSpine will post -1.95 earnings per share for the current fiscal year.

In other news, Director John B. Henneman III sold 3,407 shares of the company’s stock in a transaction that occurred on Wednesday, August 29th. The shares were sold at an average price of $14.65, for a total value of $49,912.55. Following the completion of the sale, the director now owns 60,144 shares of the company’s stock, valued at approximately $881,109.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John B. Henneman III sold 4,564 shares of the company’s stock in a transaction that occurred on Monday, August 27th. The stock was sold at an average price of $14.72, for a total transaction of $67,182.08. Following the completion of the sale, the director now directly owns 60,144 shares of the company’s stock, valued at approximately $885,319.68. The disclosure for this sale can be found here. Insiders sold a total of 51,467 shares of company stock valued at $726,039 in the last ninety days. Corporate insiders own 13.54% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the company. Rhumbline Advisers purchased a new stake in shares of SeaSpine in the 2nd quarter worth approximately $134,000. Northern Trust Corp raised its stake in shares of SeaSpine by 35.3% during the 1st quarter. Northern Trust Corp now owns 35,512 shares of the medical equipment provider’s stock worth $360,000 after acquiring an additional 9,271 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of SeaSpine by 261.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 37,185 shares of the medical equipment provider’s stock worth $470,000 after acquiring an additional 26,895 shares in the last quarter. Schwab Charles Investment Management Inc. raised its stake in shares of SeaSpine by 99.6% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 46,267 shares of the medical equipment provider’s stock worth $584,000 after acquiring an additional 23,090 shares in the last quarter. Finally, Wedge Capital Management L L P NC bought a new position in shares of SeaSpine during the 2nd quarter worth approximately $734,000. 53.39% of the stock is owned by hedge funds and other institutional investors.

SeaSpine Company Profile

SeaSpine Holdings Corporation, a medical technology company, focuses on the design, development, and commercialization of surgical solutions for the treatment of spinal disorders in the United States and internationally. The company provides orthobiologics and spinal implant solutions for the neurosurgeons and orthopedic spine surgeons to perform fusion procedures in the lumbar, thoracic, and cervical regions of the spine.

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