Alberta Investment Management Corp Sells 22,500,000 Shares of Integer Holdings Corporation (NYSE:ITGR)

Key Points

• Alberta Investment Management Corp has drastically cut its stake in Integer Holdings Corporation by 99.9%, now holding only 17,936 shares after selling 22,500,000 shares during Q1.
• Despite the reduction by one of its major institutional investors, Integer Holdings reported strong quarterly revenue growth of 11.4% year-over-year, totaling $476 million in the latest quarter.
• Analysts remain optimistic about Integer, with upgrades to a "strong-buy" rating from Citigroup and various price adjustments, indicating a consensus target price of $140.25.

Alberta Investment Management Corp decreased its holdings in shares of Integer Holdings Corporation (NYSE:ITGR - Free Report) by 99.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 17,936 shares of the medical equipment provider's stock after selling 22,500,000 shares during the period. Alberta Investment Management Corp owned about 0.05% of Integer worth $2,117,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Opal Wealth Advisors LLC acquired a new stake in shares of Integer during the 1st quarter worth approximately $28,000. AdvisorNet Financial Inc acquired a new position in shares of Integer in the first quarter valued at approximately $28,000. Bessemer Group Inc. increased its stake in shares of Integer by 73.1% during the first quarter. Bessemer Group Inc. now owns 296 shares of the medical equipment provider's stock worth $35,000 after buying an additional 125 shares during the period. Sterling Capital Management LLC lifted its holdings in Integer by 472.9% during the 4th quarter. Sterling Capital Management LLC now owns 338 shares of the medical equipment provider's stock worth $45,000 after buying an additional 279 shares during the last quarter. Finally, Contravisory Investment Management Inc. boosted its holdings in shares of Integer by 103.9% in the 1st quarter. Contravisory Investment Management Inc. now owns 1,413 shares of the medical equipment provider's stock valued at $167,000 after buying an additional 720 shares in the last quarter. Institutional investors and hedge funds own 99.29% of the company's stock.

Insider Buying and Selling

In related news, Director Martin C. Maxwell sold 8,720 shares of the stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $120.56, for a total value of $1,051,283.20. Following the completion of the sale, the director owned 22,170 shares in the company, valued at approximately $2,672,815.20. This trade represents a 28.23% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Donald J. Spence sold 14,739 shares of the company's stock in a transaction on Wednesday, June 4th. The shares were sold at an average price of $120.38, for a total value of $1,774,280.82. Following the completion of the transaction, the director owned 18,781 shares of the company's stock, valued at $2,260,856.78. The trade was a 43.97% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.16% of the stock is owned by corporate insiders.

Integer Stock Up 0.7%

Integer stock traded up $0.75 during mid-day trading on Thursday, hitting $106.11. The company's stock had a trading volume of 90,108 shares, compared to its average volume of 491,697. Integer Holdings Corporation has a 52-week low of $104.93 and a 52-week high of $146.36. The company has a debt-to-equity ratio of 0.72, a current ratio of 3.41 and a quick ratio of 2.18. The company has a market cap of $3.72 billion, a PE ratio of 46.72, a price-to-earnings-growth ratio of 0.85 and a beta of 1.02. The firm's 50 day moving average is $117.14 and its 200 day moving average is $122.22.

Integer (NYSE:ITGR - Get Free Report) last posted its earnings results on Thursday, July 24th. The medical equipment provider reported $1.55 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.57 by ($0.02). Integer had a net margin of 4.61% and a return on equity of 12.27%. The business had revenue of $476.00 million during the quarter, compared to analyst estimates of $464.37 million. During the same quarter last year, the firm earned $1.30 earnings per share. Integer's revenue was up 11.4% compared to the same quarter last year. On average, analysts anticipate that Integer Holdings Corporation will post 6.01 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms have commented on ITGR. Truist Financial reduced their price objective on Integer from $145.00 to $137.00 and set a "buy" rating for the company in a research note on Friday, July 25th. Raymond James Financial reduced their target price on Integer from $150.00 to $143.00 and set an "outperform" rating on the stock in a research report on Friday, July 25th. Benchmark cut their price objective on Integer from $150.00 to $140.00 and set a "buy" rating on the stock in a research report on Friday, April 25th. Wells Fargo & Company cut their target price on Integer from $152.00 to $132.00 and set an "overweight" rating on the stock in a research report on Friday, July 25th. Finally, KeyCorp lowered their target price on Integer from $154.00 to $145.00 and set an "overweight" rating for the company in a report on Monday, April 21st. Two equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $140.25.

About Integer

Integer Holdings Corporation operates as a medical device outsource manufacturer in the United States, Puerto Rico, Costa Rica, and internationally. It operates through two segments, Medical and Non-Medical. The company offers products for interventional cardiology, structural heart, heart failure, peripheral vascular, neurovascular, interventional oncology, electrophysiology, vascular access, infusion therapy, hemodialysis, non-vascular, urology, and gastroenterology procedures.