Bank of America Corp DE Buys New Holdings in Orthofix Medical Inc. $OFIX

Key Points

• Bank of America acquired 291,827 Orthofix Medical shares in the second quarter, worth approximately $2.67 million and representing about 0.72% of the company. Institutional investors collectively own 89.76% of OFIX.
• Analyst sentiment is mixed: three analysts rate the stock a Buy, one a Hold, and one a Sell. The consensus rating is Hold, with an average price target of $14.75.
• Orthofix reported quarterly revenue of $210.93 million and an adjusted loss of $0.39 per share, slightly beating estimates. The stock opened at $9.41, near its 12-month low of $8.50 and below its 50- and 200-day moving averages.

Bank of America Corp DE acquired a new position in shares of Orthofix Medical Inc. (NASDAQ:OFIX - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 291,827 shares of the medical device company's stock, valued at approximately $2,667,000. Bank of America Corp DE owned about 0.72% of Orthofix Medical as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Legal & General Group Plc purchased a new position in Orthofix Medical during the second quarter worth about $37,000. The Manufacturers Life Insurance Company purchased a new stake in shares of Orthofix Medical in the 2nd quarter valued at approximately $114,000. Paradigm Capital Management Inc. NY purchased a new stake in shares of Orthofix Medical in the 2nd quarter valued at approximately $30,167,000. Ieq Capital LLC acquired a new stake in shares of Orthofix Medical during the 2nd quarter worth approximately $341,000. Finally, Tejara Capital Ltd acquired a new stake in shares of Orthofix Medical during the 2nd quarter worth approximately $537,000. Institutional investors and hedge funds own 89.76% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Canaccord Genuity Group lowered their price target on Orthofix Medical from $18.00 to $13.00 and set a "buy" rating for the company in a report on Monday, August 10th. Barrington Research boosted their price objective on shares of Orthofix Medical from $15.00 to $17.00 and gave the company an "outperform" rating in a report on Monday, July 6th. Finally, Weiss Ratings raised shares of Orthofix Medical from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Friday, September 11th. Three equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, Orthofix Medical has a consensus rating of "Hold" and an average price target of $14.75.

Orthofix Medical Price Performance

OFIX opened at $9.41 on Thursday. The stock's 50-day moving average price is $9.99 and its 200 day moving average price is $10.72. Orthofix Medical Inc. has a 12-month low of $8.50 and a 12-month high of $16.99. The firm has a market cap of $383.27 million, a price-to-earnings ratio of -6.11 and a beta of 0.64. The company has a current ratio of 2.84, a quick ratio of 1.67 and a debt-to-equity ratio of 0.55.

Orthofix Medical (NASDAQ:OFIX - Get Free Report) last released its earnings results on Wednesday, August 5th. The medical device company reported ($0.39) earnings per share for the quarter, beating the consensus estimate of ($0.41) by $0.02. Orthofix Medical had a negative return on equity of 14.05% and a negative net margin of 7.41%.The company had revenue of $210.93 million during the quarter, compared to the consensus estimate of $209.28 million. As a group, sell-side analysts expect that Orthofix Medical Inc. will post -1.29 earnings per share for the current year.

Orthofix Medical Company Profile

Orthofix Medical Inc NASDAQ: OFIX is a global medical device company focused on spine and orthopedic care. The company develops and markets products intended to help physicians treat spinal disorders, support bone healing, and address orthopedic injuries and conditions.

Its portfolio includes spinal fixation and motion-preservation systems, interbody implants, bone graft and other biologic products, bone growth stimulation devices, and solutions for limb reconstruction and deformity correction.

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