Integer (NYSE:ITGR) Sees Unusually-High Trading Volume - Here's Why

Key Points

• Integer shares traded heavily, with about 728,754 shares changing hands at approximately $126.63, slightly below the prior close.
• Analysts have broadly turned cautious: multiple firms downgraded the stock to “Hold” or equivalent, while the consensus rating is Hold with an average price target of $109.86.
• Integer exceeded quarterly expectations, reporting $1.60 in EPS versus the $1.38 estimate and $464.11 million in revenue, though revenue declined 2.6% year over year; insiders have also sold roughly $5.17 million of stock over the past 90 days.

Integer Holdings Corporation (NYSE:ITGR - Get Free Report) shares saw strong trading volume on Friday. Approximately 728,754 shares changed hands during mid-day trading, a decline of 6% from the previous session's volume of 772,707 shares. The stock last traded at $126.6260 and had previously closed at $126.65.

Wall Street Analyst Weigh In

A number of research analysts have commented on the company. Benchmark cut Integer from a "buy" rating to a "hold" rating in a research note on Thursday, August 13th. Freedom Capital downgraded Integer from a "strong-buy" rating to a "hold" rating in a report on Tuesday, August 4th. Oppenheimer lowered Integer from an "outperform" rating to a "market perform" rating in a research note on Monday, August 3rd. Truist Financial cut Integer from a "buy" rating to a "hold" rating and raised their target price for the company from $110.00 to $127.00 in a report on Monday, August 3rd. Finally, Raymond James Financial cut Integer from a "moderate buy" rating to a "hold" rating in a report on Monday, August 3rd. One equities research analyst has rated the stock with a Buy rating and thirteen have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $109.86.

Integer Price Performance

The company has a debt-to-equity ratio of 0.75, a quick ratio of 2.41 and a current ratio of 3.73. The company has a market cap of $4.31 billion, a PE ratio of 34.60, a PEG ratio of 2.41 and a beta of 0.58. The company's 50-day simple moving average is $125.69 and its 200 day simple moving average is $102.85.

Integer (NYSE:ITGR - Get Free Report) last posted its quarterly earnings results on Monday, August 3rd. The medical equipment provider reported $1.60 EPS for the quarter, topping the consensus estimate of $1.38 by $0.22. The business had revenue of $464.11 million during the quarter, compared to the consensus estimate of $451.07 million. Integer had a net margin of 6.97% and a return on equity of 12.79%. The company's quarterly revenue was down 2.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.55 earnings per share. On average, sell-side analysts predict that Integer Holdings Corporation will post 6.09 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Kirk K. Thor sold 11,767 shares of the business's stock in a transaction dated Tuesday, September 15th. The stock was sold at an average price of $126.23, for a total transaction of $1,485,348.41. Following the completion of the transaction, the insider directly owned 7,153 shares of the company's stock, valued at approximately $902,923.19. The trade was a 62.19% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Andrew Senn sold 9,408 shares of the company's stock in a transaction that occurred on Tuesday, September 8th. The stock was sold at an average price of $126.30, for a total transaction of $1,188,230.40. Following the sale, the insider owned 5,405 shares in the company, valued at $682,651.50. The trade was a 63.51% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 40,948 shares of company stock worth $5,169,920. 1.10% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC increased its holdings in shares of Integer by 48.1% in the 1st quarter. EverSource Wealth Advisors LLC now owns 360 shares of the medical equipment provider's stock valued at $32,000 after acquiring an additional 117 shares during the period. Sequoia Financial Advisors LLC raised its stake in Integer by 4.7% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 3,180 shares of the medical equipment provider's stock valued at $297,000 after acquiring an additional 142 shares during the last quarter. Glenmede Trust Co. NA lifted its position in Integer by 3.6% during the 1st quarter. Glenmede Trust Co. NA now owns 4,805 shares of the medical equipment provider's stock worth $423,000 after acquiring an additional 166 shares during the period. Farther Finance Advisors LLC lifted its position in Integer by 64.4% during the 3rd quarter. Farther Finance Advisors LLC now owns 490 shares of the medical equipment provider's stock worth $62,000 after acquiring an additional 192 shares during the period. Finally, PNC Financial Services Group Inc. grew its stake in shares of Integer by 4.7% in the 1st quarter. PNC Financial Services Group Inc. now owns 4,912 shares of the medical equipment provider's stock valued at $432,000 after purchasing an additional 219 shares during the last quarter. Hedge funds and other institutional investors own 99.29% of the company's stock.

Integer Company Profile

Integer Holdings Corporation NYSE: ITGR is a medical device contract development and manufacturing company. The company designs, develops and manufactures components and finished products for medical device manufacturers, helping customers bring products from concept and development through commercial production.

Integer's products and technologies support a range of medical applications, including cardiac and vascular devices, neuromodulation systems, orthopedics, and other specialty medical products.

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