Owens & Minor (NYSE:OMI) Shares Gap Up - Here's Why

Owens & Minor, Inc. (NYSE:OMI - Get Free Report) shares gapped up before the market opened on Thursday . The stock had previously closed at $6.66, but opened at $6.90. Owens & Minor shares last traded at $7.52, with a volume of 883,312 shares changing hands.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on OMI. Citigroup lowered their price target on Owens & Minor from $13.00 to $11.00 and set a "buy" rating on the stock in a research note on Thursday, April 17th. UBS Group reduced their target price on Owens & Minor from $25.00 to $13.00 and set a "buy" rating on the stock in a report on Thursday, February 13th. Robert W. Baird boosted their target price on Owens & Minor from $9.00 to $10.00 and gave the stock a "neutral" rating in a report on Friday. Finally, JPMorgan Chase & Co. reduced their target price on Owens & Minor from $14.00 to $10.00 and set an "underweight" rating on the stock in a report on Monday, March 10th. Two 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 stock. Based on data from MarketBeat.com, Owens & Minor has a consensus rating of "Hold" and an average price target of $12.33.

Owens & Minor Stock Performance

The firm has a fifty day simple moving average of $7.15 and a 200-day simple moving average of $9.99. The company has a current ratio of 1.09, a quick ratio of 0.45 and a debt-to-equity ratio of 2.11. The stock has a market cap of $616.80 million, a price-to-earnings ratio of -12.28, a P/E/G ratio of 0.20 and a beta of 1.31.

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

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

Insider Buying and Selling at Owens & Minor

In other news, major shareholder Coliseum Capital Management, L acquired 160,000 shares of the stock in a transaction that occurred on Thursday, April 3rd. The stock was acquired at an average price of $8.53 per share, for a total transaction of $1,364,800.00. Following the transaction, the insider now directly owns 10,784,599 shares in the company, valued at approximately $91,992,629.47. This represents a 1.51% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. In the last 90 days, insiders acquired 625,000 shares of company stock worth $4,909,150. Insiders own 3.69% of the company's stock.

Institutional Trading of Owens & Minor

A number of large investors have recently made changes to their positions in the company. Inspire Investing LLC increased its position in shares of Owens & Minor by 32.0% in the 1st quarter. Inspire Investing LLC now owns 44,270 shares of the company's stock valued at $400,000 after buying an additional 10,744 shares in the last quarter. Strs Ohio acquired a new position in Owens & Minor in the 1st quarter worth $537,000. Acadian Asset Management LLC acquired a new position in Owens & Minor in the 1st quarter worth $91,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Owens & Minor by 11.0% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 243,826 shares of the company's stock worth $2,202,000 after purchasing an additional 24,065 shares during the period. Finally, Woodline Partners LP acquired a new position in Owens & Minor in the 1st quarter worth $613,000. Institutional investors own 98.04% of the company's stock.

About Owens & Minor

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.