Pro-Dex (NASDAQ:PDEX) Releases Quarterly Earnings Results, Beats Expectations By $0.20 EPS

Key Points

• Pro-Dex reported quarterly EPS of $0.87, exceeding analysts’ consensus estimate of $0.67 by $0.20. The company posted a 22.78% return on equity and a 16.08% net margin.
• Shares traded at $61.75, down $0.83, with the stock near its 12-month high of $69.86. Pro-Dex has a $196.98 million market capitalization and relatively low leverage, with a debt-to-equity ratio of 0.32.
• Institutional investors increased their holdings, but analyst sentiment remains mixed: Pro-Dex has an average “Hold” rating and a consensus price target of $70.00.

Pro-Dex (NASDAQ:PDEX - Get Free Report) released its quarterly earnings data on Thursday. The medical instruments supplier reported $0.87 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.67 by $0.20, Zacks reports. Pro-Dex had a return on equity of 22.78% and a net margin of 16.08%.

Pro-Dex Price Performance

NASDAQ:PDEX traded down $0.83 during mid-day trading on Thursday, reaching $61.75. 61,092 shares of the company were exchanged, compared to its average volume of 48,759. Pro-Dex has a 12 month low of $23.47 and a 12 month high of $69.86. The company has a fifty day moving average of $61.84 and a 200 day moving average of $56.57. The company has a quick ratio of 2.14, a current ratio of 3.67 and a debt-to-equity ratio of 0.32. The stock has a market cap of $196.98 million, a PE ratio of 17.06 and a beta of 0.06.

Hedge Funds Weigh In On Pro-Dex

A number of large investors have recently modified their holdings of PDEX. Geode Capital Management LLC increased its holdings in shares of Pro-Dex by 93.2% in the second quarter. Geode Capital Management LLC now owns 51,668 shares of the medical instruments supplier's stock valued at $2,255,000 after purchasing an additional 24,927 shares in the last quarter. JPMorgan Chase & Co. raised its position in Pro-Dex by 67.7% in the 2nd quarter. JPMorgan Chase & Co. now owns 35,877 shares of the medical instruments supplier's stock worth $1,566,000 after purchasing an additional 14,479 shares during the last quarter. Punch & Associates Investment Management Inc. increased its stake in shares of Pro-Dex by 42.1% in the 3rd quarter. Punch & Associates Investment Management Inc. now owns 48,608 shares of the medical instruments supplier's stock valued at $1,645,000 after buying an additional 14,408 shares during the period. Jane Street Group LLC bought a new stake in Pro-Dex during the 1st quarter worth about $321,000. Finally, LPL Financial LLC bought a new stake in Pro-Dex during the 4th quarter worth about $228,000. 15.28% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms recently issued reports on PDEX. Ascendiant Capital Markets increased their price target on shares of Pro-Dex from $56.00 to $70.00 and gave the stock a "buy" rating in a research report on Tuesday, May 12th. Wall Street Zen raised Pro-Dex from a "hold" rating to a "buy" rating in a report on Saturday, June 13th. Weiss Ratings cut shares of Pro-Dex from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Monday, August 24th. Finally, Zacks Research raised shares of Pro-Dex to a "hold" rating in a report on Tuesday, May 19th. One analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat, Pro-Dex currently has an average rating of "Hold" and an average price target of $70.00.

About Pro-Dex

Pro-Dex, Inc is a designer and manufacturer of precision drive systems and fluid management products serving the dental, medical, industrial and energy markets. The company specializes in high-speed, brushless micromotors and controllers, as well as pneumatic and fluid control devices, providing both standard and custom-engineered solutions for original equipment manufacturers.

Its product portfolio includes high-speed dental handpieces, turbine systems, rotary and reciprocating micro-drives, along with integrated fluid delivery systems.

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