Orthofix Medical (NASDAQ:OFIX) Cut 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 published on Wednesday, 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 analysts also recently issued reports on the company. TheStreet downgraded Trade Desk from a b- rating to a c- rating in a report on Thursday, May 9th. ValuEngine downgraded Zymeworks from a buy rating to a hold rating in a report on Saturday, May 18th. Finally, BidaskClub downgraded Vertex Pharmaceuticals from a buy rating to a hold rating in a report on Tuesday, July 9th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the stock. Orthofix Medical presently has a consensus rating of Hold and an average price target of $60.00.

Shares of NASDAQ OFIX opened at $51.55 on Wednesday. Orthofix Medical has a twelve month low of $47.79 and a twelve 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 firm has a market cap of $982.85 million, a P/E ratio of 28.48, a price-to-earnings-growth ratio of 2.90 and a beta of 0.44. The firm has a 50-day simple moving average of $51.24.

Orthofix Medical (NASDAQ:OFIX) last issued its quarterly earnings results on Monday, May 6th. The medical device company reported $0.27 earnings per share for the quarter, missing the Zacks’ 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 during the quarter, compared to analyst estimates of $110.59 million. During the same period in the previous year, the company posted $0.39 earnings per share. Orthofix Medical’s revenue was up .4% compared to the same quarter last year. On average, sell-side analysts anticipate that Orthofix Medical will post 1.77 EPS for the current year.

In other Orthofix Medical news, CEO Brad Mason sold 10,668 shares of the business’s stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $53.71, for a total transaction of $572,978.28. Following the sale, the chief executive officer now owns 165,120 shares in the company, valued at approximately $8,868,595.20. The transaction was disclosed in a filing with the SEC, which is available through this link. In the last 90 days, insiders have sold 25,507 shares of company stock worth $1,338,776. Corporate insiders own 5.60% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Norges Bank acquired a new position in shares of Orthofix Medical in the 4th quarter valued at about $23,555,000. Dalton Greiner Hartman Maher & Co. acquired a new position in shares of Orthofix Medical in the 1st quarter valued at about $11,328,000. Victory Capital Management Inc. increased its holdings in shares of Orthofix Medical by 26.3% in the 1st quarter. Victory Capital Management Inc. now owns 411,688 shares of the medical device company’s stock valued at $23,223,000 after purchasing an additional 85,625 shares during the period. Assenagon Asset Management S.A. acquired a new position in shares of Orthofix Medical in the 1st quarter valued at about $4,738,000. Finally, BlackRock Inc. increased its holdings in shares of Orthofix Medical by 2.1% in the 4th quarter. BlackRock Inc. now owns 2,908,597 shares of the medical device company’s stock valued at $152,673,000 after purchasing an additional 60,189 shares during the period. Hedge funds and other institutional investors 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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