LeMaitre Vascular (NASDAQ:LMAT) Shares Gap Up Following Better-Than-Expected Earnings

Key Points

• LeMaitre Vascular shares rose significantly, opening at $93.03 after reporting better-than-expected quarterly earnings with an EPS of $0.60, surpassing the consensus estimate of $0.57.
• The company's revenue of $63.15 million also exceeded analyst expectations, up 15% year-over-year, compared to a revenue expectation of $62.48 million.
• Barrington Research upgraded LeMaitre Vascular from a "market perform" to an "outperform" rating, setting a $95.00 price objective, reflecting investor confidence in the company's performance.

LeMaitre Vascular, Inc. (NASDAQ:LMAT - Get Free Report) shares gapped up before the market opened on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $85.60, but opened at $93.03. LeMaitre Vascular shares last traded at $96.37, with a volume of 147,766 shares changing hands.

The medical instruments supplier reported $0.60 EPS for the quarter, beating analysts' consensus estimates of $0.57 by $0.03. LeMaitre Vascular had a net margin of 19.96% and a return on equity of 13.53%. The business had revenue of $63.15 million for the quarter, compared to analysts' expectations of $62.48 million. During the same period last year, the business earned $0.52 earnings per share. The business's quarterly revenue was up 15.0% on a year-over-year basis.

Wall Street Analyst Weigh In

Separately, Barrington Research raised LeMaitre Vascular from a "market perform" rating to an "outperform" rating and set a $95.00 price objective for the company in a research note on Wednesday. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $98.17.

Insider Buying and Selling

In related news, CEO George W. Lemaitre sold 4,399 shares of the firm's stock in a transaction on Tuesday, May 20th. The stock was sold at an average price of $85.10, for a total value of $374,354.90. Following the completion of the sale, the chief executive officer owned 1,827,003 shares of the company's stock, valued at $155,477,955.30. This trade represents a 0.24% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders sold a total of 100,000 shares of company stock valued at $8,556,857 over the last ninety days. Company insiders own 9.50% of the company's stock.

Institutional Trading of LeMaitre Vascular

A number of institutional investors and hedge funds have recently added to or reduced their stakes in LMAT. Annex Advisory Services LLC lifted its position in LeMaitre Vascular by 535.2% during the second quarter. Annex Advisory Services LLC now owns 219,667 shares of the medical instruments supplier's stock valued at $18,243,000 after buying an additional 185,085 shares during the period. Raymond James Financial Inc. bought a new position in shares of LeMaitre Vascular during the fourth quarter valued at $14,900,000. Millennium Management LLC increased its holdings in shares of LeMaitre Vascular by 119.8% during the first quarter. Millennium Management LLC now owns 211,222 shares of the medical instruments supplier's stock valued at $17,722,000 after acquiring an additional 115,141 shares in the last quarter. Rockefeller Capital Management L.P. bought a new position in shares of LeMaitre Vascular during the fourth quarter valued at $7,787,000. Finally, Invesco Ltd. increased its holdings in shares of LeMaitre Vascular by 34.5% during the first quarter. Invesco Ltd. now owns 235,436 shares of the medical instruments supplier's stock valued at $19,753,000 after acquiring an additional 60,438 shares in the last quarter. Hedge funds and other institutional investors own 84.64% of the company's stock.

LeMaitre Vascular Price Performance

The company has a quick ratio of 13.83, a current ratio of 16.49 and a debt-to-equity ratio of 0.48. The firm has a fifty day moving average price of $82.64 and a two-hundred day moving average price of $86.68. The stock has a market capitalization of $2.13 billion, a P/E ratio of 47.91, a P/E/G ratio of 2.23 and a beta of 0.79.

LeMaitre Vascular Company Profile

LeMaitre Vascular, Inc develops, manufactures, and markets medical devices and implants used in the field of vascular surgery worldwide. It offers human cadaver tissue cryopreservation services; angioscope, a fiberoptic catheter used for viewing the lumen of a blood vessel; embolectomy catheters to remove blood clots from arteries; thrombectomy catheters for removing thrombi in the venous system; occlusion catheters that temporarily occlude the blood flow; and perfusion catheters to perfuse the blood and other fluids into the vasculature.

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