22,070 Shares in Pro-Dex, Inc. (NASDAQ:PDEX) Bought by Navellier & Associates Inc.

Key Points

• Navellier & Associates Inc. acquired 22,070 shares of Pro-Dex, Inc. valued at approximately $1,094,000, representing a 0.68% ownership stake as of their latest SEC filing.
• Multiple hedge funds, including Bank of New York Mellon Corp. and Ritholtz Wealth Management, have significantly increased their investments in Pro-Dex during the first quarter.
• Analysts have raised target prices for Pro-Dex stocks, with Ascendiant Capital Markets setting a new target of $56.00, reflecting a positive outlook for the company.

Navellier & Associates Inc. purchased a new position in shares of Pro-Dex, Inc. (NASDAQ:PDEX - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 22,070 shares of the medical instruments supplier's stock, valued at approximately $1,094,000. Navellier & Associates Inc. owned about 0.68% of Pro-Dex as of its most recent SEC filing.

Several other large investors also recently modified their holdings of PDEX. Bank of New York Mellon Corp grew its stake in Pro-Dex by 48.5% during the first quarter. Bank of New York Mellon Corp now owns 6,415 shares of the medical instruments supplier's stock valued at $318,000 after acquiring an additional 2,096 shares in the last quarter. Ritholtz Wealth Management boosted its holdings in Pro-Dex by 30.3% in the 1st quarter. Ritholtz Wealth Management now owns 15,944 shares of the medical instruments supplier's stock valued at $791,000 after purchasing an additional 3,711 shares during the period. OMERS ADMINISTRATION Corp purchased a new position in shares of Pro-Dex during the 4th quarter valued at $313,000. Millennium Management LLC bought a new position in shares of Pro-Dex in the fourth quarter worth $260,000. Finally, 683 Capital Management LLC bought a new position in shares of Pro-Dex in the fourth quarter worth $739,000. Hedge funds and other institutional investors own 15.28% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on PDEX shares. Ascendiant Capital Markets raised their target price on shares of Pro-Dex from $54.00 to $56.00 and gave the company a "buy" rating in a research note on Tuesday, May 27th. Wall Street Zen upgraded shares of Pro-Dex from a "hold" rating to a "buy" rating in a research report on Tuesday, May 13th.

Pro-Dex Trading Down 1.2%

Shares of Pro-Dex stock traded down $0.60 on Wednesday, hitting $50.93. The stock had a trading volume of 5,830 shares, compared to its average volume of 47,039. The stock's 50-day simple moving average is $44.52 and its two-hundred day simple moving average is $45.71. Pro-Dex, Inc. has a one year low of $17.81 and a one year high of $70.26. The company has a quick ratio of 1.45, a current ratio of 2.73 and a debt-to-equity ratio of 0.28. The stock has a market cap of $166.02 million, a price-to-earnings ratio of 18.19 and a beta of 0.19.

Pro-Dex (NASDAQ:PDEX - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The medical instruments supplier reported $0.98 EPS for the quarter, topping analysts' consensus estimates of $0.47 by $0.51. Pro-Dex had a return on equity of 29.08% and a net margin of 14.61%. The company had revenue of $17.41 million during the quarter, compared to analyst estimates of $17.70 million. As a group, sell-side analysts predict that Pro-Dex, Inc. will post 2 EPS for the current year.

About Pro-Dex

Pro-Dex, Inc designs, develops, manufactures, and sells powered surgical instruments for medical device original equipment manufacturers worldwide. The company offers autoclavable, battery-powered and electric, and multi-function surgical drivers and shavers that are primarily used in the orthopedic, thoracic, and craniomaxillofacial markets.