LeMaitre Vascular (NASDAQ:LMAT) Shares Gap Up After Earnings Beat

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 prior to trading 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 traded.

The medical instruments supplier reported $0.60 EPS for the quarter, beating analysts' consensus estimates of $0.57 by $0.03. The firm had revenue of $63.15 million during the quarter, compared to the consensus estimate of $62.48 million. LeMaitre Vascular had a return on equity of 13.67% and a net margin of 20.08%. LeMaitre Vascular's revenue for the quarter was up 15.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.52 earnings per share.

LeMaitre Vascular Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 4th. Investors of record on Thursday, August 21st will be issued a $0.20 dividend. The ex-dividend date of this dividend is Thursday, August 21st. This represents a $0.80 dividend on an annualized basis and a yield of 0.9%. LeMaitre Vascular's dividend payout ratio is currently 38.83%.

Analysts Set New Price Targets

LMAT has been the subject of a number of analyst reports. Barrington Research raised LeMaitre Vascular from a "market perform" rating to an "outperform" rating and set a $95.00 price target for the company in a report on Wednesday. Cantor Fitzgerald upped their price objective on LeMaitre Vascular from $92.00 to $95.00 and gave the company a "neutral" rating in a research note on Wednesday. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $98.00.

Insider Buying and Selling at LeMaitre Vascular

In other news, CEO George W. Lemaitre sold 100,000 shares of the stock in a transaction that occurred on Wednesday, August 6th. The stock was sold at an average price of $93.51, for a total transaction of $9,351,000.00. Following the sale, the chief executive officer directly owned 1,727,003 shares in the company, valued at approximately $161,492,050.53. This represents a 5.47% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last 90 days, insiders sold 200,000 shares of company stock worth $17,907,857. 9.50% of the stock is currently owned by corporate insiders.

Institutional Trading of LeMaitre Vascular

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Summitry LLC acquired a new stake in shares of LeMaitre Vascular during the 2nd quarter worth approximately $221,000. Cetera Investment Advisers raised its position in shares of LeMaitre Vascular by 44.6% during the 2nd quarter. Cetera Investment Advisers now owns 12,319 shares of the medical instruments supplier's stock worth $1,023,000 after purchasing an additional 3,797 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its position in shares of LeMaitre Vascular by 7.8% during the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 5,279 shares of the medical instruments supplier's stock worth $438,000 after purchasing an additional 383 shares during the period. Police & Firemen s Retirement System of New Jersey raised its position in shares of LeMaitre Vascular by 6.6% during the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 4,712 shares of the medical instruments supplier's stock worth $391,000 after purchasing an additional 293 shares during the period. Finally, Geode Capital Management LLC raised its position in shares of LeMaitre Vascular by 3.0% during the 2nd quarter. Geode Capital Management LLC now owns 519,792 shares of the medical instruments supplier's stock worth $43,174,000 after purchasing an additional 15,036 shares during the period. 84.64% of the stock is currently owned by institutional investors and hedge funds.

LeMaitre Vascular Price Performance

The company has a current ratio of 13.96, a quick ratio of 13.83 and a debt-to-equity ratio of 0.46. The business has a 50-day moving average price of $83.35 and a two-hundred day moving average price of $86.57. The firm has a market capitalization of $2.09 billion, a price-to-earnings ratio of 44.80, a PEG ratio of 2.37 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.