Integra LifeSciences Holdings Corporation (NASDAQ:IART) dropped 6.6% during trading on Thursday following a weaker than expected earnings announcement. The stock traded as low as $46.00 and last traded at $47.56. Approximately 2,346,645 shares changed hands during mid-day trading, an increase of 309% from the average daily volume of 574,218 shares. The stock had previously closed at $50.94.
The life sciences company reported $0.45 EPS for the quarter, missing the Zacks’ consensus estimate of $0.47 by ($0.02). Integra LifeSciences Holdings Corporation had a net margin of 6.27% and a return on equity of 16.79%. The company had revenue of $278.83 million during the quarter, compared to analyst estimates of $286.00 million. During the same quarter in the previous year, the firm earned $0.93 earnings per share. The business’s revenue was up 11.4% on a year-over-year basis.
IART has been the subject of a number of research reports. Cantor Fitzgerald restated an “overweight” rating and issued a $65.00 target price on shares of Integra LifeSciences Holdings Corporation in a research note on Monday, July 10th. Zacks Investment Research upgraded Integra LifeSciences Holdings Corporation from a “hold” rating to a “buy” rating and set a $57.00 price objective for the company in a research report on Tuesday, October 3rd. Raymond James Financial, Inc. boosted their price objective on Integra LifeSciences Holdings Corporation from $51.00 to $55.00 and gave the stock an “outperform” rating in a research report on Thursday, July 27th. Oppenheimer Holdings, Inc. reiterated a “buy” rating on shares of Integra LifeSciences Holdings Corporation in a research report on Wednesday, July 26th. Finally, BidaskClub downgraded Integra LifeSciences Holdings Corporation from a “buy” rating to a “hold” rating in a research report on Monday, July 24th. Five analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $54.27.
In other news, Director Donald E. Morel, Jr. bought 10,000 shares of the company’s stock in a transaction that occurred on Friday, August 4th. The shares were purchased at an average price of $49.25 per share, with a total value of $492,500.00. Following the completion of the acquisition, the director now directly owns 29,612 shares in the company, valued at $1,458,391. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Barbara B. Hill bought 5,050 shares of the company’s stock in a transaction that occurred on Tuesday, August 1st. The shares were purchased at an average cost of $49.33 per share, for a total transaction of $249,116.50. Following the acquisition, the director now owns 44,772 shares of the company’s stock, valued at $2,208,602.76. The disclosure for this purchase can be found here. In the last three months, insiders have purchased 17,550 shares of company stock worth $864,842. 21.50% of the stock is owned by corporate insiders.
A number of large investors have recently made changes to their positions in the stock. FMR LLC raised its holdings in Integra LifeSciences Holdings Corporation by 6.2% during the second quarter. FMR LLC now owns 8,084,562 shares of the life sciences company’s stock worth $440,690,000 after purchasing an additional 468,678 shares in the last quarter. BlackRock Inc. raised its holdings in Integra LifeSciences Holdings Corporation by 307,726.8% during the first quarter. BlackRock Inc. now owns 7,455,564 shares of the life sciences company’s stock worth $314,104,000 after purchasing an additional 7,453,142 shares in the last quarter. Vanguard Group Inc. raised its holdings in Integra LifeSciences Holdings Corporation by 116.7% during the first quarter. Vanguard Group Inc. now owns 5,656,048 shares of the life sciences company’s stock worth $238,289,000 after purchasing an additional 3,046,488 shares in the last quarter. Capital Research Global Investors raised its holdings in Integra LifeSciences Holdings Corporation by 227.0% during the second quarter. Capital Research Global Investors now owns 3,897,288 shares of the life sciences company’s stock worth $212,441,000 after purchasing an additional 2,705,488 shares in the last quarter. Finally, Janus Henderson Group PLC bought a new stake in Integra LifeSciences Holdings Corporation during the second quarter worth approximately $112,068,000. 84.90% of the stock is currently owned by hedge funds and other institutional investors.
The company has a 50 day moving average of $50.64 and a 200 day moving average of $49.97. The stock has a market cap of $3.71 billion, a PE ratio of 58.00 and a beta of 0.71.
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About Integra LifeSciences Holdings Corporation
Integra LifeSciences Holdings Corporation is a medical technology company. The Company focuses on the development, manufacturing, and marketing of surgical implants and medical instruments. Its segments include Specialty Surgical Solutions, which offers specialty surgical instrumentation for a range of specialties, including product portfolio used in the neurosurgery operating suite and critical care unit, and Orthopedics and Tissue Technologies, which includes differentiated soft tissue repair and tissue regeneration products, and small bone fixation and joint replacement solutions.
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