Owens & Minor, Inc. (NYSE:OMI) Holdings Increased by Connor Clark & Lunn Investment Management Ltd.

Key Points

• Connor Clark & Lunn Investment Management Ltd. significantly increased its holdings in Owens & Minor by 133.1%, raising its stake to 703,050 shares valued at approximately $6.35 million.
• Owens & Minor's quarterly earnings report showed a miss in earnings with $0.26 per share, falling short of analysts' expectations of $0.27, while revenue was significantly lower than anticipated at $681.9 million.
• Despite mixed analyst ratings, including both downgrades and upgrades, Owens & Minor currently has a consensus rating of "Hold" with an average price target of $9.29.

Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of Owens & Minor, Inc. (NYSE:OMI - Free Report) by 133.1% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 703,050 shares of the company's stock after buying an additional 401,472 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.91% of Owens & Minor worth $6,349,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also made changes to their positions in the company. Coliseum Capital Management LLC increased its holdings in Owens & Minor by 31.3% in the 4th quarter. Coliseum Capital Management LLC now owns 4,785,964 shares of the company's stock valued at $62,553,000 after purchasing an additional 1,141,483 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Owens & Minor by 19.4% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 2,752,960 shares of the company's stock valued at $24,859,000 after purchasing an additional 447,917 shares during the last quarter. Federated Hermes Inc. acquired a new stake in Owens & Minor in the 1st quarter valued at approximately $3,870,000. Freestone Grove Partners LP acquired a new stake in Owens & Minor in the 4th quarter valued at approximately $5,125,000. Finally, Vanguard Group Inc. increased its holdings in Owens & Minor by 2.7% in the 1st quarter. Vanguard Group Inc. now owns 9,156,759 shares of the company's stock valued at $82,686,000 after purchasing an additional 241,003 shares during the last quarter. Institutional investors and hedge funds own 98.04% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on OMI. Robert W. Baird dropped their target price on shares of Owens & Minor from $10.00 to $7.00 and set an "outperform" rating for the company in a report on Tuesday, August 12th. JPMorgan Chase & Co. set a $10.00 price target on shares of Owens & Minor in a research report on Monday, August 11th. Baird R W raised shares of Owens & Minor from a "hold" rating to a "strong-buy" rating in a research report on Friday, August 8th. Bank of America decreased their price target on shares of Owens & Minor from $7.50 to $4.75 and set an "underperform" rating for the company in a research report on Tuesday, August 12th. Finally, Citigroup reissued a "buy" rating and issued a $7.00 price target (down previously from $11.00) on shares of Owens & Minor in a research report on Tuesday, August 12th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating, three have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, Owens & Minor currently has a consensus rating of "Hold" and an average target price of $8.29.

Insider Activity at Owens & Minor

In other news, major shareholder Coliseum Capital Management, L acquired 720,000 shares of the business's stock in a transaction that occurred on Tuesday, August 12th. The shares were purchased at an average cost of $5.15 per share, for a total transaction of $3,708,000.00. Following the transaction, the insider directly owned 12,282,955 shares in the company, valued at $63,257,218.25. This trade represents a 6.23% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Over the last ninety days, insiders have bought 1,537,852 shares of company stock valued at $8,099,544. Insiders own 3.69% of the company's stock.

Owens & Minor Trading Up 4.8%

NYSE:OMI traded up $0.26 during trading hours on Friday, reaching $5.66. 2,877,316 shares of the company were exchanged, compared to its average volume of 1,682,434. Owens & Minor, Inc. has a 52-week low of $4.56 and a 52-week high of $16.63. The stock has a 50 day simple moving average of $7.62 and a 200 day simple moving average of $7.84. The firm has a market cap of $437.20 million, a price-to-earnings ratio of -0.36, a PEG ratio of 0.40 and a beta of 1.04. The company has a debt-to-equity ratio of 3.32, a current ratio of 0.86 and a quick ratio of 0.41.

Owens & Minor (NYSE:OMI - Get Free Report) last released its quarterly earnings results on Monday, August 11th. The company reported $0.26 earnings per share for the quarter, missing analysts' consensus estimates of $0.27 by ($0.01). The firm had revenue of $681.90 million for the quarter, compared to analyst estimates of $2.73 billion. Owens & Minor had a negative net margin of 13.78% and a positive return on equity of 26.59%. Owens & Minor's revenue for the quarter was up 3.3% on a year-over-year basis. During the same period in the previous year, the business posted $0.36 earnings per share. As a group, analysts predict that Owens & Minor, Inc. will post 1.51 EPS for the current year.

About Owens & Minor

Owens & Minor, Inc is a healthcare solutions company, which engages in the product manufacturing and delivery, home health supply, and perioperative services to support care through the hospital and into the home. It operates through the Products and Healthcare Services, and Patient Direct segments.