BlackRock Inc. Takes Position in Orthofix Medical Inc. $OFIX

Key Points

• BlackRock acquired 3.33 million Orthofix Medical shares worth about $30.4 million, giving it an 8.23% stake. Institutional investors collectively own 89.76% of OFIX.
• Orthofix reported quarterly revenue of $210.93 million and an adjusted loss of $0.39 per share, slightly beating analyst expectations, but remained unprofitable with a 7.41% negative net margin.
• Analyst sentiment is mixed: the stock has a consensus “Hold” rating and a $14.75 price target, while shares recently traded near $9.43—close to their 52-week low.

BlackRock Inc. acquired a new position in Orthofix Medical Inc. (NASDAQ:OFIX - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 3,326,560 shares of the medical device company's stock, valued at approximately $30,405,000. BlackRock Inc. owned about 8.23% of Orthofix Medical at the end of the most recent quarter.

Several other large investors have also modified their holdings of OFIX. Paradigm Capital Management Inc. NY increased its stake in shares of Orthofix Medical by 34.6% in the second quarter. Paradigm Capital Management Inc. NY now owns 3,340,600 shares of the medical device company's stock worth $37,248,000 after purchasing an additional 858,900 shares during the period. Millennium Management LLC boosted its stake in Orthofix Medical by 86.6% during the 3rd quarter. Millennium Management LLC now owns 1,475,718 shares of the medical device company's stock valued at $21,605,000 after purchasing an additional 684,850 shares during the period. Juniper Investment Company LLC grew its holdings in Orthofix Medical by 23.3% in the 4th quarter. Juniper Investment Company LLC now owns 3,510,333 shares of the medical device company's stock valued at $53,217,000 after buying an additional 663,278 shares during the last quarter. Bank of America Corp DE increased its position in Orthofix Medical by 659.5% in the 2nd quarter. Bank of America Corp DE now owns 687,410 shares of the medical device company's stock worth $7,665,000 after buying an additional 596,907 shares during the period. Finally, Armistice Capital LLC lifted its holdings in shares of Orthofix Medical by 18.4% during the fourth quarter. Armistice Capital LLC now owns 2,648,000 shares of the medical device company's stock worth $40,144,000 after buying an additional 412,000 shares during the last quarter. 89.76% of the stock is owned by institutional investors.

Orthofix Medical Trading Up 0.4%

Shares of Orthofix Medical stock opened at $9.43 on Wednesday. Orthofix Medical Inc. has a 52-week low of $8.85 and a 52-week high of $16.99. The firm has a market capitalization of $384.08 million, a PE ratio of -6.12 and a beta of 0.65. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.84 and a quick ratio of 1.67. The company's fifty day moving average price is $10.67 and its two-hundred day moving average price is $11.30.

Orthofix Medical (NASDAQ:OFIX - Get Free Report) last posted its quarterly earnings results 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. The firm had revenue of $210.93 million during the quarter, compared to analyst estimates of $209.28 million. Orthofix Medical had a negative net margin of 7.41% and a negative return on equity of 14.05%. On average, analysts expect that Orthofix Medical Inc. will post -1.29 EPS for the current year.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on OFIX shares. Weiss Ratings downgraded shares of Orthofix Medical from a "sell (d-)" rating to a "sell (e+)" rating in a report on Wednesday, August 26th. Barrington Research boosted their price objective on shares of Orthofix Medical from $15.00 to $17.00 and gave the stock an "outperform" rating in a report on Monday, July 6th. Canaccord Genuity Group reduced their target price on shares of Orthofix Medical from $18.00 to $13.00 and set a "buy" rating for the company in a research note on Monday, August 10th. TD Cowen reiterated a "hold" rating on shares of Orthofix Medical in a research note on Thursday, May 21st. Finally, Stifel Nicolaus lowered their price target on Orthofix Medical from $18.00 to $15.00 and set a "buy" rating on the stock in a research note on Friday, May 22nd. Three research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, Orthofix Medical currently has a consensus rating of "Hold" and a consensus price target of $14.75.

Insider Activity

In related news, insider Aviva Mcpherron sold 3,670 shares of the firm's stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $9.38, for a total transaction of $34,424.60. Following the completion of the transaction, the insider owned 66,330 shares in the company, valued at $622,175.40. This trade represents a 5.24% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 2.70% of the company's stock.

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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