Orthofix Medical (NASDAQ:OFIX) Lifted to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Orthofix Medical (NASDAQ:OFIX) from a hold rating to a buy rating in a research report sent to investors on Thursday, Zacks.com reports. They currently have $59.00 price target on the medical device company’s stock.

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. “

A number of other equities analysts have also weighed in on the company. ValuEngine lowered Orthofix Medical from a buy rating to a hold rating in a research note on Saturday, May 18th. TheStreet lowered Orthofix Medical from a b+ rating to a c+ rating in a research note on Thursday, May 9th. Finally, BidaskClub upgraded Orthofix Medical from a sell rating to a hold rating in a research note on Thursday, August 1st. Four research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. The stock has an average rating of Hold and an average price target of $59.50.

Shares of NASDAQ:OFIX traded up $0.49 during mid-day trading on Thursday, hitting $54.25. 116,247 shares of the company traded hands, compared to its average volume of 173,533. The stock has a market cap of $1.02 billion, a PE ratio of 32.19, a P/E/G ratio of 3.04 and a beta of 0.42. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.28 and a current ratio of 3.42. Orthofix Medical has a 12-month low of $47.79 and a 12-month high of $74.44. The firm’s 50-day moving average price is $51.72.

Orthofix Medical (NASDAQ:OFIX) last announced its earnings results on Monday, August 5th. The medical device company reported $0.28 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.40 by ($0.12). Orthofix Medical had a net margin of 1.75% and a return on equity of 9.50%. The company had revenue of $115.85 million for the quarter, compared to analysts’ expectations of $115.17 million. During the same period in the previous year, the firm earned $0.42 EPS. The firm’s quarterly revenue was up 3.9% on a year-over-year basis. As a group, research analysts forecast that Orthofix Medical will post 1.77 earnings per share for the current year.

In other news, CEO Brad Mason sold 8,890 shares of the stock in a transaction dated Thursday, June 13th. The stock was sold at an average price of $51.11, for a total transaction of $454,367.90. Following the transaction, the chief executive officer now directly owns 159,053 shares in the company, valued at approximately $8,129,198.83. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 5.80% of the stock is currently owned by corporate insiders.

A number of hedge funds have recently modified their holdings of OFIX. Squarepoint Ops LLC boosted its holdings in Orthofix Medical by 47.3% during the 4th quarter. Squarepoint Ops LLC now owns 8,760 shares of the medical device company’s stock valued at $460,000 after acquiring an additional 2,813 shares during the period. Municipal Employees Retirement System of Michigan purchased a new stake in Orthofix Medical during the 4th quarter valued at about $287,000. Thrivent Financial for Lutherans boosted its holdings in Orthofix Medical by 2.2% during the 4th quarter. Thrivent Financial for Lutherans now owns 13,490 shares of the medical device company’s stock valued at $708,000 after acquiring an additional 296 shares during the period. Legal & General Group Plc boosted its holdings in Orthofix Medical by 0.4% during the 4th quarter. Legal & General Group Plc now owns 44,270 shares of the medical device company’s stock valued at $2,325,000 after acquiring an additional 180 shares during the period. Finally, Norges Bank purchased a new stake in Orthofix Medical during the 4th quarter valued at about $23,555,000. Institutional investors own 94.30% 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.

Recommended Story: How are the companies in the S&P 500 selected?

Get a free copy of the Zacks research report on Orthofix Medical (OFIX)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Orthofix Medical Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Orthofix Medical and related companies with MarketBeat.com's FREE daily email newsletter.