Integer (NYSE:ITGR) Shares Down 7.2% After Earnings Miss

Integer Holdings Corporation (NYSE:ITGR - Get Free Report)'s share price was down 7.2% during mid-day trading on Thursday following a dissappointing earnings announcement. The stock traded as low as $107.42 and last traded at $107.38. Approximately 326,647 shares changed hands during mid-day trading, a decline of 33% from the average daily volume of 489,903 shares. The stock had previously closed at $115.77.

The medical equipment provider reported $1.55 EPS for the quarter, missing the consensus estimate of $1.57 by ($0.02). Integer had a return on equity of 11.95% and a net margin of 4.38%. During the same quarter in the prior year, the company earned $1.30 earnings per share. The firm's revenue was up 11.4% compared to the same quarter last year.

Analyst Ratings Changes

Several brokerages have issued reports on ITGR. Raymond James Financial raised their target price on Integer from $145.00 to $150.00 and gave the stock an "outperform" rating in a research report on Friday, April 25th. Wall Street Zen raised Integer from a "sell" rating to a "hold" rating in a research note on Monday, May 19th. KeyCorp lowered their price target on Integer from $154.00 to $145.00 and set an "overweight" rating on the stock in a report on Monday, April 21st. Citigroup upgraded Integer from a "hold" rating to a "strong-buy" rating and raised their target price for the company from $133.00 to $140.00 in a research note on Thursday, May 22nd. Finally, Truist Financial set a $150.00 price target on shares of Integer and gave the stock a "buy" rating in a research report on Friday, April 25th. Two analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $146.25.

Insiders Place Their Bets

In other Integer news, CEO Joseph W. Dziedzic sold 338,975 shares of the company's stock in a transaction that occurred on Thursday, May 1st. The stock was sold at an average price of $123.17, for a total transaction of $41,751,550.75. Following the completion of the sale, the chief executive officer directly owned 47,000 shares of the company's stock, valued at $5,788,990. This represents a 87.82% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Martin C. Maxwell sold 8,720 shares of the stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $120.56, for a total value of $1,051,283.20. Following the completion of the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold 362,434 shares of company stock valued at $44,577,115 in the last three months. 2.16% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. AdvisorNet Financial Inc purchased a new position in Integer during the 1st quarter worth approximately $28,000. Opal Wealth Advisors LLC bought a new stake in shares of Integer during the first quarter worth $28,000. Bessemer Group Inc. lifted 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 valued at $35,000 after acquiring an additional 125 shares during the last quarter. SVB Wealth LLC acquired a new stake in shares of Integer during the 1st quarter worth about $35,000. Finally, Sterling Capital Management LLC grew its holdings in shares of Integer by 472.9% during the 4th quarter. Sterling Capital Management LLC now owns 338 shares of the medical equipment provider's stock valued at $45,000 after purchasing an additional 279 shares during the last quarter. Institutional investors and hedge funds own 99.29% of the company's stock.

Integer Stock Performance

The stock has a market cap of $3.71 billion, a price-to-earnings ratio of 50.63, a P/E/G ratio of 0.98 and a beta of 0.98. The company's fifty day simple moving average is $119.27 and its two-hundred day simple moving average is $124.06. The company has a debt-to-equity ratio of 0.78, a current ratio of 3.40 and a quick ratio of 2.14.

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.

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