Integer (NYSE:ITGR) Announces Quarterly Earnings Results, Beats Estimates By $0.22 EPS

Key Points

• Integer exceeded quarterly expectations: The medical equipment provider reported EPS of $1.60, beating the $1.38 consensus by $0.22, while revenue reached $464.11 million versus estimates of $450.67 million.
• Shares opened near a one-year high: Integer stock opened at $121.07, compared with a 52-week range of $62.00 to $123.50. Institutional investors own 99.29% of the company’s shares.
• Analyst sentiment remains positive: The stock has a consensus “Moderate Buy” rating and a $97.00 average price target, despite recent trading above that target.

Integer (NYSE:ITGR - Get Free Report) announced its quarterly earnings results on Monday. The medical equipment provider reported $1.60 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.38 by $0.22, FiscalAI reports. The company had revenue of $464.11 million during the quarter, compared to the consensus estimate of $450.67 million. Integer had a return on equity of 12.83% and a net margin of 7.64%.

Integer Stock Down 0.1%

Shares of Integer stock opened at $121.07 on Monday. Integer has a one year low of $62.00 and a one year high of $123.50. The company has a debt-to-equity ratio of 0.77, a quick ratio of 2.38 and a current ratio of 3.75. The company has a market cap of $4.11 billion, a P/E ratio of 30.19, a PEG ratio of 2.89 and a beta of 0.61. The firm has a fifty day moving average of $93.88 and a two-hundred day moving average of $88.98.

Hedge Funds Weigh In On Integer

Institutional investors and hedge funds have recently bought and sold shares of the stock. Alliancebernstein L.P. boosted its holdings in shares of Integer by 885.1% in the 2nd quarter. Alliancebernstein L.P. now owns 1,106,091 shares of the medical equipment provider's stock valued at $136,016,000 after buying an additional 993,810 shares during the period. Millennium Management LLC increased its stake in shares of Integer by 3,350.2% in the fourth quarter. Millennium Management LLC now owns 677,108 shares of the medical equipment provider's stock worth $53,106,000 after purchasing an additional 657,483 shares during the period. J. Goldman & Co LP acquired a new position in Integer during the 4th quarter valued at about $40,531,000. The Manufacturers Life Insurance Company grew its holdings in Integer by 168.7% during the fourth quarter. The Manufacturers Life Insurance Company now owns 704,600 shares of the medical equipment provider's stock worth $55,262,000 after purchasing an additional 442,355 shares during the period. Finally, Balyasny Asset Management L.P. bought a new stake in shares of Integer during the fourth quarter worth about $22,129,000. Hedge funds and other institutional investors own 99.29% of the company's stock.

Analyst Ratings Changes

ITGR has been the subject of several recent analyst reports. Weiss Ratings restated a "hold (c)" rating on shares of Integer in a research report on Thursday, June 18th. Piper Sandler reiterated an "overweight" rating and set a $97.00 target price (up from $87.00) on shares of Integer in a research note on Friday, May 1st. HC Wainwright reaffirmed a "buy" rating on shares of Integer in a research report on Friday, July 24th. Citigroup increased their price objective on Integer from $92.00 to $96.00 and gave the company a "neutral" rating in a report on Wednesday, July 8th. Finally, Truist Financial raised their target price on Integer from $97.00 to $110.00 and gave the stock a "buy" rating in a research report on Thursday, July 16th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and seven have given a Hold rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $97.00.

About Integer

Integer Holdings Corporation NYSE: ITGR is a global provider of outsourced medical device design, development and manufacturing solutions. The company partners with leading medical technology firms to deliver complex components, subsystems and finished devices across a range of therapeutic areas. Its services encompass concept and product design, precision machining, microelectronic assembly, terminal sterilization and regulatory support, enabling customers to accelerate time to market and optimize product performance.

Integer's product portfolio is organized into two core segments: Advanced Delivery and MedTech.

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