Lord Abbett & CO. LLC Sells 6,069,075 Shares of Integer Holdings Corporation $ITGR

Key Points

• Lord Abbett & CO. LLC significantly reduced its stake in Integer Holdings Corporation by selling 6,069,075 shares, resulting in a 95.5% ownership decrease, leaving it with only 285,480 shares valued at $33.69 million.
• In the first quarter, other institutional investors also increased their holdings in Integer, with the Public Sector Pension Investment Board and Russell Investments Group Ltd. growing their stakes by 27.4% and 14.7%, respectively.
• Despite missing earnings estimates with $1.55 EPS, Integer reported 11.4% growth in revenue year-over-year, amounting to $476 million, showcasing potential resilience in its financial performance.

Lord Abbett & CO. LLC trimmed its holdings in Integer Holdings Corporation (NYSE:ITGR - Free Report) by 95.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 285,480 shares of the medical equipment provider's stock after selling 6,069,075 shares during the quarter. Lord Abbett & CO. LLC owned approximately 0.82% of Integer worth $33,689,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of ITGR. TD Private Client Wealth LLC lifted its stake in Integer by 5.8% in the 1st quarter. TD Private Client Wealth LLC now owns 1,524 shares of the medical equipment provider's stock valued at $180,000 after buying an additional 83 shares in the last quarter. Xponance Inc. grew its stake in Integer by 5.1% in the first quarter. Xponance Inc. now owns 2,518 shares of the medical equipment provider's stock worth $297,000 after purchasing an additional 122 shares in the last quarter. Bessemer Group Inc. grew its stake in Integer by 73.1% in the first quarter. Bessemer Group Inc. now owns 296 shares of the medical equipment provider's stock worth $35,000 after purchasing an additional 125 shares in the last quarter. Emerald Mutual Fund Advisers Trust raised its holdings in shares of Integer by 0.8% during the fourth quarter. Emerald Mutual Fund Advisers Trust now owns 19,867 shares of the medical equipment provider's stock valued at $2,633,000 after buying an additional 152 shares during the last quarter. Finally, Summit Investment Advisors Inc. raised its holdings in shares of Integer by 5.3% during the fourth quarter. Summit Investment Advisors Inc. now owns 3,488 shares of the medical equipment provider's stock valued at $462,000 after buying an additional 175 shares during the last quarter. 99.29% of the stock is currently owned by hedge funds and other institutional investors.

Integer Stock Performance

ITGR traded up $0.07 during midday trading on Friday, reaching $106.84. The company's stock had a trading volume of 202,340 shares, compared to its average volume of 458,150. The company has a fifty day simple moving average of $115.06 and a 200 day simple moving average of $120.05. The stock has a market cap of $3.74 billion, a P/E ratio of 47.07, a PEG ratio of 0.84 and a beta of 1.02. Integer Holdings Corporation has a twelve month low of $104.93 and a twelve month high of $146.36. The company has a current ratio of 3.41, a quick ratio of 2.18 and a debt-to-equity ratio of 0.72.

Integer (NYSE:ITGR - Get Free Report) last posted its earnings results on Thursday, July 24th. The medical equipment provider reported $1.55 EPS for the quarter, missing the consensus estimate of $1.57 by ($0.02). The firm had revenue of $476.00 million during the quarter, compared to analyst estimates of $464.37 million. Integer had a net margin of 4.61% and a return on equity of 12.27%. Integer's revenue for the quarter was up 11.4% compared to the same quarter last year. During the same period in the previous year, the company posted $1.30 EPS. Research analysts expect that Integer Holdings Corporation will post 6.01 earnings per share for the current year.

Analyst Ratings Changes

ITGR has been the subject of several recent analyst reports. Raymond James Financial dropped their price objective on shares of Integer from $150.00 to $143.00 and set an "outperform" rating for the company in a report on Friday, July 25th. Wall Street Zen raised shares of Integer from a "sell" rating to a "hold" rating in a report on Monday, May 19th. Benchmark decreased their price target on shares of Integer from $150.00 to $140.00 and set a "buy" rating for the company in a report on Friday, April 25th. KeyCorp decreased their price target on shares of Integer from $154.00 to $145.00 and set an "overweight" rating for the company in a report on Monday, April 21st. Finally, Wells Fargo & Company decreased their price target on shares of Integer from $152.00 to $132.00 and set an "overweight" rating for the company in a report on Friday, July 25th. Two investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Integer has an average rating of "Moderate Buy" and a consensus price target of $140.25.

Insider Activity

In other Integer news, Director Donald J. Spence sold 14,739 shares of Integer stock in a transaction that occurred on Wednesday, June 4th. The shares were sold at an average price of $120.38, for a total transaction of $1,774,280.82. Following the transaction, the director owned 18,781 shares of the company's stock, valued at $2,260,856.78. This trade represents a 43.97% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Martin C. Maxwell sold 8,720 shares of Integer stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $120.56, for a total transaction of $1,051,283.20. Following the completion of the sale, the director directly owned 22,170 shares in the company, valued at $2,672,815.20. This trade represents a 28.23% decrease in their position. The disclosure for this sale can be found here. Company insiders own 2.16% of the company's stock.

Integer Company Profile

Integer Holdings Corporation operates as a medical device outsource manufacturer in the United States, Puerto Rico, Costa Rica, and internationally. It operates through two segments, Medical and Non-Medical. The company offers products for interventional cardiology, structural heart, heart failure, peripheral vascular, neurovascular, interventional oncology, electrophysiology, vascular access, infusion therapy, hemodialysis, non-vascular, urology, and gastroenterology procedures.