Bank of New York Mellon Corp Takes Position in Orthofix Medical Inc. $OFIX

Key Points

• Bank of New York Mellon acquired 119,129 Orthofix Medical shares worth approximately $1.09 million, representing about 0.29% of the company. Institutional investors and hedge funds collectively own 89.76% of OFIX.
• Analyst sentiment is mixed: three analysts rate OFIX a Buy, one rates it Hold and one rates it Sell. MarketBeat reports a consensus rating of Hold and an average price target of $14.75.
• OFIX opened at $8.69, near its 52-week low of $8.67, while its latest quarterly results modestly exceeded expectations with an adjusted loss of $0.39 per share and revenue of $210.93 million.

Bank of New York Mellon Corp bought a new stake in shares of Orthofix Medical Inc. (NASDAQ:OFIX - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 119,129 shares of the medical device company's stock, valued at approximately $1,089,000. Bank of New York Mellon Corp owned approximately 0.29% of Orthofix Medical as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of OFIX. Kestra Advisory Services LLC acquired a new stake in Orthofix Medical in the 4th quarter valued at about $56,000. Abel Hall LLC acquired a new position in shares of Orthofix Medical in the 1st quarter worth approximately $139,000. Mackenzie Financial Corp bought a new stake in shares of Orthofix Medical in the 3rd quarter worth approximately $148,000. Strs Ohio bought a new stake in shares of Orthofix Medical in the 1st quarter worth approximately $150,000. Finally, R Squared Ltd lifted its stake in Orthofix Medical by 7.2% during the first quarter. R Squared Ltd now owns 13,518 shares of the medical device company's stock valued at $155,000 after purchasing an additional 904 shares during the last quarter. 89.76% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

OFIX has been the topic of several recent research reports. Barrington Research lifted their price target on shares of Orthofix Medical from $15.00 to $17.00 and gave the stock an "outperform" rating in a research report on Monday, July 6th. Stifel Nicolaus reduced their target price on Orthofix Medical from $18.00 to $15.00 and set a "buy" rating for the company in a report on Friday, May 22nd. Canaccord Genuity Group decreased their price target on Orthofix Medical from $18.00 to $13.00 and set a "buy" rating for the company in a research report on Monday, August 10th. Weiss Ratings cut Orthofix Medical from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Wednesday, August 26th. Finally, TD Cowen restated a "hold" rating on shares of Orthofix Medical in a report on Thursday, May 21st. Three equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $14.75.

Orthofix Medical Stock Performance

Shares of OFIX stock opened at $8.69 on Friday. The company has a market capitalization of $353.94 million, a price-to-earnings ratio of -5.64 and a beta of 0.64. Orthofix Medical Inc. has a 1-year low of $8.67 and a 1-year high of $16.99. The company has a current ratio of 2.84, a quick ratio of 1.67 and a debt-to-equity ratio of 0.55. The stock's fifty day simple moving average is $10.62 and its 200-day simple moving average is $11.08.

Orthofix Medical (NASDAQ:OFIX - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The medical device company reported ($0.39) earnings per share (EPS) for the quarter, topping 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 firm had revenue of $210.93 million during the quarter, compared to the consensus estimate of $209.28 million. On average, sell-side analysts predict that Orthofix Medical Inc. will post -1.29 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Aviva McPherron sold 3,670 shares of the stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $9.38, for a total value of $34,424.60. Following the completion of the sale, the insider directly owned 66,330 shares of the company's stock, valued at $622,175.40. This represents a 5.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 5,115 shares of company stock valued at $48,900 over the last ninety days. 2.70% of the stock is owned by corporate insiders.

Orthofix Medical Profile

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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