Cadence Capital Management LLC increased its position in shares of Orthofix Medical Inc (NASDAQ:OFIX) by 20.3% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 56,665 shares of the medical device company’s stock after purchasing an additional 9,562 shares during the period. Cadence Capital Management LLC’s holdings in Orthofix Medical were worth $3,276,000 at the end of the most recent quarter.
A number of other institutional investors have also recently added to or reduced their stakes in the stock. BlackRock Inc. increased its position in Orthofix Medical by 4.3% during the second quarter. BlackRock Inc. now owns 2,766,105 shares of the medical device company’s stock worth $157,170,000 after purchasing an additional 112,878 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Orthofix Medical by 0.8% during the second quarter. Dimensional Fund Advisors LP now owns 884,685 shares of the medical device company’s stock valued at $50,268,000 after acquiring an additional 7,436 shares during the last quarter. Renaissance Technologies LLC increased its position in shares of Orthofix Medical by 3.2% during the second quarter. Renaissance Technologies LLC now owns 677,500 shares of the medical device company’s stock valued at $38,496,000 after acquiring an additional 21,021 shares during the last quarter. Acadian Asset Management LLC increased its position in shares of Orthofix Medical by 7.2% during the second quarter. Acadian Asset Management LLC now owns 354,315 shares of the medical device company’s stock valued at $20,132,000 after acquiring an additional 23,923 shares during the last quarter. Finally, Northern Trust Corp increased its position in shares of Orthofix Medical by 1.1% during the second quarter. Northern Trust Corp now owns 352,172 shares of the medical device company’s stock valued at $20,010,000 after acquiring an additional 3,879 shares during the last quarter. Hedge funds and other institutional investors own 92.64% of the company’s stock.
Shares of OFIX opened at $60.70 on Tuesday. Orthofix Medical Inc has a 1-year low of $50.39 and a 1-year high of $63.57. The stock has a market cap of $1.16 billion, a price-to-earnings ratio of 37.47, a P/E/G ratio of 3.62 and a beta of 0.30.
Orthofix Medical (NASDAQ:OFIX) last announced its quarterly earnings results on Monday, October 29th. The medical device company reported $0.43 earnings per share for the quarter, beating analysts’ consensus estimates of $0.34 by $0.09. Orthofix Medical had a net margin of 1.45% and a return on equity of 10.97%. The business had revenue of $111.70 million during the quarter, compared to analysts’ expectations of $110.65 million. During the same period last year, the business earned $0.42 earnings per share. The business’s revenue for the quarter was up 6.2% on a year-over-year basis. Equities research analysts anticipate that Orthofix Medical Inc will post 1.75 EPS for the current year.
In other news, CFO Rice Doug sold 3,949 shares of the firm’s stock in a transaction that occurred on Thursday, October 11th. The shares were sold at an average price of $55.65, for a total value of $219,761.85. Following the completion of the transaction, the chief financial officer now owns 32,368 shares of the company’s stock, valued at $1,801,279.20. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Brad Mason sold 2,500 shares of the firm’s stock in a transaction that occurred on Wednesday, September 5th. The shares were sold at an average price of $53.02, for a total transaction of $132,550.00. The disclosure for this sale can be found here. 5.60% of the stock is owned by company insiders.
A number of equities research analysts have weighed in on OFIX shares. BidaskClub cut shares of Orthofix Medical from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, September 12th. Zacks Investment Research cut shares of Orthofix Medical from a “hold” rating to a “sell” rating in a research report on Thursday, August 9th. TheStreet cut shares of Orthofix Medical from a “b” rating to a “c+” rating in a research report on Wednesday, August 1st. Finally, Cantor Fitzgerald lifted their price target on shares of Orthofix Medical to $66.00 and gave the company an “overweight” rating in a research report on Tuesday, August 7th. Four investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $67.67.
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Orthofix Medical Company Profile
Orthofix Medical Inc, a medical device company, provides musculoskeletal healing products and value-added services worldwide. It operates through four segments: BioStim, Extremity Fixation, Spine Fixation, and Biologics. The BioStim 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-spine fractures.
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