Barrington Research Cuts Orthofix Medical (NASDAQ:OFIX) Price Target to $15.00

Key Points

• Barrington Research cut its price target on Orthofix Medical to $15 from $17, while keeping an outperform rating. The new target still implies about 44% upside from the current share price.
• Other analysts are mixed on the stock, with recent moves including rating downgrades and price-target cuts. Overall, the consensus among analysts is currently Hold with a consensus target price of $15.50.
• Orthofix reported quarterly earnings of -$0.52 per share, beating expectations, and revenue of $196.71 million, slightly above estimates. The stock opened at $10.41, near its 52-week low of $9.50.

Orthofix Medical (NASDAQ:OFIX - Get Free Report) had its target price lowered by equities research analysts at Barrington Research from $17.00 to $15.00 in a note issued to investors on Friday,Benzinga reports. The brokerage presently has an "outperform" rating on the medical device company's stock. Barrington Research's price objective suggests a potential upside of 44.09% from the company's current price.

OFIX has been the subject of several other research reports. Wall Street Zen lowered shares of Orthofix Medical from a "buy" rating to a "hold" rating in a research report on Saturday, May 2nd. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Orthofix Medical in a report on Tuesday, April 21st. TD Cowen reaffirmed a "hold" rating on shares of Orthofix Medical in a report on Thursday. Stifel Nicolaus dropped their price objective on shares of Orthofix Medical from $18.00 to $15.00 and set a "buy" rating on the stock in a report on Friday. Finally, Canaccord Genuity Group set a $18.00 price objective on shares of Orthofix Medical in a report on Thursday. Three equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $15.50.

Orthofix Medical Price Performance

OFIX opened at $10.41 on Friday. The firm has a market cap of $420.77 million, a P/E ratio of -6.89 and a beta of 0.79. The firm has a 50-day moving average of $11.99 and a 200 day moving average of $13.61. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.76 and a current ratio of 2.87. Orthofix Medical has a fifty-two week low of $9.50 and a fifty-two week high of $16.99.

Orthofix Medical (NASDAQ:OFIX - Get Free Report) last posted its quarterly earnings results on Tuesday, May 5th. The medical device company reported ($0.52) earnings per share for the quarter, beating the consensus estimate of ($0.68) by $0.16. The company had revenue of $196.71 million during the quarter, compared to analyst estimates of $196.40 million. Orthofix Medical had a negative net margin of 7.27% and a negative return on equity of 13.44%. On average, research analysts expect that Orthofix Medical will post -1.37 EPS for the current year.

Insider Buying and Selling

In other news, major shareholder Engine Capital Management, Lp purchased 124,797 shares of the stock in a transaction dated Tuesday, February 24th. The shares were purchased at an average cost of $12.55 per share, with a total value of $1,566,202.35. Following the completion of the acquisition, the insider owned 3,663,133 shares in the company, valued at $45,972,319.15. This represents a 3.53% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Jorge Andres Cedron sold 3,743 shares of the stock in a transaction dated Thursday, April 16th. The stock was sold at an average price of $12.82, for a total transaction of $47,985.26. Following the completion of the sale, the insider directly owned 59,006 shares in the company, valued at approximately $756,456.92. The trade was a 5.97% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have acquired 327,754 shares of company stock worth $4,029,443 in the last 90 days. 2.70% of the stock is owned by company insiders.

Institutional Investors Weigh In On Orthofix Medical

A number of institutional investors and hedge funds have recently modified their holdings of the company. Engine Capital Management LP lifted its holdings in shares of Orthofix Medical by 3.2% in the first quarter. Engine Capital Management LP now owns 4,390,779 shares of the medical device company's stock worth $50,362,000 after buying an additional 137,858 shares in the last quarter. Quantinno Capital Management LP raised its stake in Orthofix Medical by 109.7% in the first quarter. Quantinno Capital Management LP now owns 37,494 shares of the medical device company's stock valued at $430,000 after purchasing an additional 19,610 shares in the last quarter. Renaissance Technologies LLC raised its stake in Orthofix Medical by 25.3% in the first quarter. Renaissance Technologies LLC now owns 101,991 shares of the medical device company's stock valued at $1,170,000 after purchasing an additional 20,600 shares in the last quarter. Gamco Investors INC. ET AL raised its stake in Orthofix Medical by 17.5% in the first quarter. Gamco Investors INC. ET AL now owns 201,800 shares of the medical device company's stock valued at $2,315,000 after purchasing an additional 30,000 shares in the last quarter. Finally, Public Employees Retirement System of Ohio raised its stake in Orthofix Medical by 960.1% in the first quarter. Public Employees Retirement System of Ohio now owns 33,393 shares of the medical device company's stock valued at $383,000 after purchasing an additional 30,243 shares in the last quarter. 89.76% of the stock is owned by hedge funds and other institutional investors.

About Orthofix Medical

Orthofix Medical Inc NASDAQ: OFIX is a global medical device company focused on the design and development of innovative orthopedic and spinal solutions. The company's core business is divided into two segments: spine and orthopedics. In the spine segment, Orthofix offers a range of titanium implants, biologics and portable bone growth stimulation devices designed to support spinal fusion, deformity correction and minimally invasive procedures. Its orthopedic segment encompasses products for fracture fixation, external fixation systems, trauma care and sports medicine, providing surgeons with implantable devices and instruments for complex bone reconstruction and healing.

Orthofix's product portfolio includes strut systems, bone growth stimulators, interbody fusion devices and fixation hardware that address various indications such as degenerative disc disease, spinal deformities, non-unions and long-bone fractures.

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