Owens & Minor (NYSE:OMI) Shares Gap Down - Here's What Happened

Owens & Minor, Inc. (NYSE:OMI - Get Free Report) shares gapped down prior to trading on Wednesday . The stock had previously closed at $7.30, but opened at $7.07. Owens & Minor shares last traded at $6.98, with a volume of 229,969 shares traded.

Analyst Ratings Changes

Several equities analysts recently weighed in on the company. Robert W. Baird raised their price objective on Owens & Minor from $10.00 to $11.00 and gave the company a "neutral" rating in a research note on Monday, March 3rd. Citigroup cut their price target on Owens & Minor from $13.00 to $11.00 and set a "buy" rating for the company in a research note on Thursday, April 17th. JPMorgan Chase & Co. decreased their price objective on shares of Owens & Minor from $14.00 to $10.00 and set an "underweight" rating on the stock in a research report on Monday, March 10th. Finally, UBS Group dropped their target price on shares of Owens & Minor from $25.00 to $13.00 and set a "buy" rating for the company in a report on Thursday, February 13th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $12.50.

Owens & Minor Stock Performance

The company has a quick ratio of 0.45, a current ratio of 1.09 and a debt-to-equity ratio of 2.11. The stock has a fifty day moving average price of $7.78 and a two-hundred day moving average price of $10.50. The company has a market capitalization of $541.94 million, a price-to-earnings ratio of -10.79, a PEG ratio of 0.20 and a beta of 1.38.

Owens & Minor (NYSE:OMI - Get Free Report) last posted its quarterly earnings data on Saturday, May 10th. The company reported $0.23 EPS for the quarter, topping analysts' consensus estimates of $0.20 by $0.03. Owens & Minor had a positive return on equity of 14.60% and a negative net margin of 0.46%. The company's revenue for the quarter was up .7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.19 earnings per share. As a group, analysts forecast that Owens & Minor, Inc. will post 1.51 EPS for the current fiscal year.

Owens & Minor declared that its Board of Directors has initiated a stock repurchase plan on Friday, February 28th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 13.6% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's board believes its stock is undervalued.

Insider Buying and Selling

In other Owens & Minor news, major shareholder Coliseum Capital Management, L bought 1,738,511 shares of Owens & Minor stock in a transaction that occurred on Friday, February 28th. The shares were purchased at an average cost of $9.39 per share, for a total transaction of $16,324,618.29. Following the completion of the transaction, the insider now owns 9,469,698 shares of the company's stock, valued at $88,920,464.22. This represents a 22.49% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Over the last 90 days, insiders have bought 2,718,412 shares of company stock worth $24,495,308. 3.69% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Coliseum Capital Management LLC increased its position in Owens & Minor by 122.0% during the first quarter. Coliseum Capital Management LLC now owns 10,624,599 shares of the company's stock worth $95,940,000 after purchasing an additional 5,838,635 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Owens & Minor by 19.4% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 2,752,960 shares of the company's stock valued at $24,859,000 after buying an additional 447,917 shares during the period. Federated Hermes Inc. acquired a new stake in shares of Owens & Minor during the 1st quarter worth $3,870,000. Nuveen LLC purchased a new position in shares of Owens & Minor in the 1st quarter worth $3,729,000. Finally, Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Owens & Minor by 133.1% in the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 703,050 shares of the company's stock worth $6,349,000 after buying an additional 401,472 shares during the period. Institutional investors and hedge funds own 98.04% of the company's stock.

Owens & Minor Company Profile

Owens & Minor, Inc is a healthcare solutions company, which engages in the product manufacturing and delivery, home health supply, and perioperative services to support care through the hospital and into the home. It operates through the Products and Healthcare Services, and Patient Direct segments.

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