Punch & Associates Investment Management Inc. Reduces Stake in Pro-Dex, Inc. $PDEX

Key Points

• Punch & Associates Investment Management Inc. reduced its stake in Pro-Dex, Inc. by 15.6%, holding 54,000 shares worth approximately $2.68 million by the end of the first quarter.
• Pro-Dex's stock rating has been cut from "buy" to "hold" by Wall Street Zen, although the company maintains a consensus "buy" rating with a target price of $56.00 from Ascendiant Capital Markets.
• Pro-Dex reported a missed earnings estimate in its latest quarterly results, with EPS of $0.36 below the anticipated $0.47, reflecting a revenue of $17.49 million against estimates of $17.90 million.

Punch & Associates Investment Management Inc. lessened its stake in shares of Pro-Dex, Inc. (NASDAQ:PDEX - Free Report) by 15.6% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 54,000 shares of the medical instruments supplier's stock after selling 10,000 shares during the period. Punch & Associates Investment Management Inc. owned approximately 1.66% of Pro-Dex worth $2,677,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Cubist Systematic Strategies LLC bought a new position in Pro-Dex during the 1st quarter valued at approximately $170,000. Millennium Management LLC purchased a new stake in Pro-Dex during the 4th quarter valued at $260,000. OMERS ADMINISTRATION Corp purchased a new stake in Pro-Dex during the 4th quarter valued at $313,000. Bank of New York Mellon Corp boosted its stake in Pro-Dex by 48.5% during the 1st quarter. Bank of New York Mellon Corp now owns 6,415 shares of the medical instruments supplier's stock valued at $318,000 after purchasing an additional 2,096 shares during the last quarter. Finally, American Century Companies Inc. boosted its stake in Pro-Dex by 3.0% during the 1st quarter. American Century Companies Inc. now owns 12,301 shares of the medical instruments supplier's stock valued at $610,000 after purchasing an additional 355 shares during the last quarter. Institutional investors own 15.28% of the company's stock.

Wall Street Analysts Forecast Growth

PDEX has been the topic of several recent analyst reports. Wall Street Zen downgraded Pro-Dex from a "buy" rating to a "hold" rating in a research note on Saturday, August 16th. Ascendiant Capital Markets increased their target price on Pro-Dex from $54.00 to $56.00 and gave the company a "buy" rating in a research note on Tuesday, May 27th. One equities research analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $56.00.

Pro-Dex Stock Performance

Shares of PDEX stock traded down $1.98 on Friday, reaching $33.21. The stock had a trading volume of 20,127 shares, compared to its average volume of 45,851. The stock has a market cap of $108.26 million, a P/E ratio of 12.37 and a beta of -0.04. Pro-Dex, Inc. has a 1 year low of $23.68 and a 1 year high of $70.26. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.71 and a current ratio of 3.23. The company has a 50 day simple moving average of $45.44 and a 200 day simple moving average of $46.86.

Pro-Dex (NASDAQ:PDEX - Get Free Report) last released its quarterly earnings results on Thursday, September 4th. The medical instruments supplier reported $0.36 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.47 by ($0.11). The firm had revenue of $17.49 million during the quarter, compared to analysts' expectations of $17.90 million. Pro-Dex had a return on equity of 26.67% and a net margin of 13.48%. Equities research analysts expect that Pro-Dex, Inc. will post 2 EPS for the current year.

Pro-Dex Company Profile

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.