Engineers Gate Manager LP Buys Shares of 89,288 Bausch + Lomb Corporation $BLCO

Key Points

• Engineers Gate Manager LP bought 89,288 shares of Bausch + Lomb during the second quarter, valued at approximately $1.48 million. Other institutional investors also increased their positions, with institutions collectively owning 11.07% of the stock.
• Bausch + Lomb shares were trading at $17.08, down 0.9%, and remain below the 52-week high of $18.92. The company’s latest quarterly revenue rose 9.1% year over year to $1.39 billion, though earnings of $0.15 per share narrowly missed analyst expectations.
• Analyst sentiment is mixed but leans positive: six analysts rate the stock a Buy, eight rate it a Hold, and one rates it a Sell. The consensus rating is Hold, with an average price target of $19.15.

Engineers Gate Manager LP purchased a new stake in shares of Bausch + Lomb Corporation (NYSE:BLCO - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 89,288 shares of the company's stock, valued at approximately $1,479,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Squarepoint Ops LLC lifted its holdings in Bausch + Lomb by 31.7% in the second quarter. Squarepoint Ops LLC now owns 24,379 shares of the company's stock valued at $404,000 after acquiring an additional 5,861 shares during the period. Handelsbanken Fonder AB grew its position in Bausch + Lomb by 5.3% during the second quarter. Handelsbanken Fonder AB now owns 22,000 shares of the company's stock valued at $364,000 after buying an additional 1,100 shares during the period. Bank of America Corp DE grew its position in Bausch + Lomb by 16.0% during the first quarter. Bank of America Corp DE now owns 65,765 shares of the company's stock valued at $1,046,000 after buying an additional 9,066 shares during the period. Royal Bank of Canada increased its holdings in Bausch + Lomb by 67.1% during the first quarter. Royal Bank of Canada now owns 3,657 shares of the company's stock valued at $58,000 after buying an additional 1,468 shares during the last quarter. Finally, Whitebox Advisors LLC increased its holdings in Bausch + Lomb by 15.8% during the first quarter. Whitebox Advisors LLC now owns 1,101,854 shares of the company's stock valued at $17,519,000 after buying an additional 150,641 shares during the last quarter. 11.07% of the stock is currently owned by hedge funds and other institutional investors.

Bausch + Lomb Trading Down 0.9%

Shares of BLCO stock opened at $17.08 on Thursday. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.02 and a current ratio of 1.55. The stock has a fifty day simple moving average of $16.95 and a two-hundred day simple moving average of $16.43. The firm has a market capitalization of $6.10 billion, a PE ratio of -35.59, a PEG ratio of 0.54 and a beta of 0.56. Bausch + Lomb Corporation has a 52-week low of $13.77 and a 52-week high of $18.92.

Bausch + Lomb (NYSE:BLCO - Get Free Report) last posted its quarterly earnings results on Wednesday, July 29th. The company reported $0.15 EPS for the quarter, missing analysts' consensus estimates of $0.16 by ($0.01). Bausch + Lomb had a positive return on equity of 4.14% and a negative net margin of 3.21%.The business had revenue of $1.39 billion during the quarter, compared to analysts' expectations of $1.37 billion. During the same period in the prior year, the firm posted ($0.18) earnings per share. The firm's revenue for the quarter was up 9.1% on a year-over-year basis. On average, analysts predict that Bausch + Lomb Corporation will post 0.81 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CAO Frederick Munsch sold 52,900 shares of the stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $16.78, for a total transaction of $887,662.00. Following the completion of the transaction, the chief accounting officer directly owned 45,831 shares of the company's stock, valued at approximately $769,044.18. This represents a 53.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Eschenbach Andrew C. Von sold 6,059 shares of the firm's stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $16.58, for a total value of $100,458.22. Following the transaction, the director owned 63,733 shares of the company's stock, valued at $1,056,693.14. This represents a 8.68% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 71,459 shares of company stock worth $1,194,370. 1.45% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several research analysts have recently weighed in on BLCO shares. Leerink Partners assumed coverage on shares of Bausch + Lomb in a research note on Wednesday, September 9th. They set an "outperform" rating and a $24.00 price target on the stock. HC Wainwright restated a "buy" rating and issued a $21.00 price objective on shares of Bausch + Lomb in a research note on Friday, August 28th. Needham & Company LLC reaffirmed a "hold" rating on shares of Bausch + Lomb in a report on Tuesday. UBS Group initiated coverage on Bausch + Lomb in a report on Thursday, July 30th. They issued a "buy" rating and a $21.00 target price on the stock. Finally, Weiss Ratings upgraded Bausch + Lomb from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Friday, August 21st. Six analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $19.15.

Bausch + Lomb Company Profile

Bausch + Lomb Corporation NYSE: BLCO is a global eye-health company that develops, manufactures and markets products for vision care, pharmaceuticals and surgical use. Its portfolio serves consumers, eye-care professionals and patients with a range of products designed to support eye health and improve vision.

The company's vision-care business includes contact lenses and lens-care products, while its pharmaceutical portfolio includes prescription and over-the-counter treatments for conditions affecting the eyes.

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