Pro-Dex (NASDAQ:PDEX) Stock Bumped Down to Hold by Zacks Research

Key Points

• Zacks Research downgraded Pro-Dex from “strong buy” to “hold,” while other analysts were more positive; the consensus rating remains “Moderate Buy” with a $74 price target.
• Pro-Dex reported quarterly EPS of $0.92, beating the $0.67 estimate, and revenue of $20.56 million, slightly above expectations.
• Shares opened at $69.86 and were down 0.6%; company insiders sold 22,300 shares worth about $1.35 million over the past 90 days.

Pro-Dex (NASDAQ:PDEX - Get Free Report) was downgraded by Zacks Research from a "strong-buy" rating to a "hold" rating in a research report issued to clients and investors on Monday, Zacks reports.

A number of other analysts also recently weighed in on PDEX. Weiss Ratings raised shares of Pro-Dex from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Tuesday. Ascendiant Capital Markets raised their price target on shares of Pro-Dex from $70.00 to $74.00 and gave the stock a "buy" rating in a report on Friday, September 11th. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $74.00.

Pro-Dex Stock Down 0.6%

Shares of PDEX opened at $69.86 on Monday. The company has a market capitalization of $223.55 million, a PE ratio of 19.26 and a beta of 0.12. Pro-Dex has a 12 month low of $28.81 and a 12 month high of $77.00. The stock's 50-day moving average price is $64.66 and its two-hundred day moving average price is $57.26. The company has a current ratio of 4.19, a quick ratio of 2.49 and a debt-to-equity ratio of 0.25.

Pro-Dex (NASDAQ:PDEX - Get Free Report) last issued its quarterly earnings results on Thursday, October 29th. The medical instruments supplier reported $0.92 earnings per share for the quarter, beating the consensus estimate of $0.67 by $0.25. Pro-Dex had a return on equity of 26.18% and a net margin of 15.12%. The company had revenue of $20.56 million during the quarter, compared to analysts' expectations of $20.40 million. On average, analysts anticipate that Pro-Dex will post 3.09 EPS for the current year.

Insiders Place Their Bets

In other Pro-Dex news, CFO Alisha Charlton sold 2,300 shares of the stock in a transaction dated Wednesday, September 9th. The stock was sold at an average price of $61.30, for a total transaction of $140,990.00. Following the completion of the sale, the chief financial officer directly owned 21,870 shares in the company, valued at approximately $1,340,631. This trade represents a 9.52% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Kirk Richard Lee Van, Jr. sold 765 shares of Pro-Dex stock in a transaction dated Friday, September 11th. The stock was sold at an average price of $59.36, for a total value of $45,410.40. Following the completion of the transaction, the chief executive officer directly owned 79,228 shares of the company's stock, valued at approximately $4,702,974.08. This trade represents a 0.96% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 22,300 shares of company stock worth $1,351,657 in the last ninety days. Insiders own 48.00% of the company's stock.

Institutional Investors Weigh In On Pro-Dex

A number of hedge funds have recently added to or reduced their stakes in PDEX. Morgan Dempsey Capital Management LLC lifted its stake in Pro-Dex by 6.2% in the first quarter. Morgan Dempsey Capital Management LLC now owns 5,808 shares of the medical instruments supplier's stock valued at $286,000 after buying an additional 339 shares during the period. Punch & Associates Investment Management Inc. grew its position in shares of Pro-Dex by 2.9% during the 1st quarter. Punch & Associates Investment Management Inc. now owns 61,735 shares of the medical instruments supplier's stock worth $3,032,000 after buying an additional 1,735 shares during the period. Ritholtz Wealth Management grew its position in shares of Pro-Dex by 57.7% during the 3rd quarter. Ritholtz Wealth Management now owns 7,288 shares of the medical instruments supplier's stock worth $503,000 after buying an additional 2,668 shares during the period. James Investment Research Inc. bought a new stake in shares of Pro-Dex in the 3rd quarter valued at $207,000. Finally, Focus Financial Network Inc. bought a new stake in shares of Pro-Dex in the 3rd quarter valued at $207,000. 15.28% of the stock is currently owned by institutional investors.

Pro-Dex Company Profile

Pro-Dex, Inc. NASDAQ: PDEX designs, develops and manufactures powered surgical instruments and related products for the medical device industry. The company primarily serves original equipment manufacturers that incorporate Pro-Dex instruments into surgical systems sold under their own brands. Its products include battery-powered and pneumatic handpieces, rotary instruments, micro-drills, saws, controllers and other specialized equipment used in orthopedic, dental, ophthalmic and other surgical applications.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.