LeMaitre Vascular, Inc. (LMAT) Stock Price Down 16% After Analyst Downgrade

LeMaitre Vascular, Inc. (NASDAQ:LMAT) fell 16% during mid-day trading on Friday after Canaccord Genuity lowered their price target on the stock from $30.00 to $29.00. Canaccord Genuity currently has a hold rating on the stock. LeMaitre Vascular traded as low as $28.23 and last traded at $31.26. 1,720,831 shares changed hands during trading, an increase of 795% from the average session volume of 192,231 shares. The stock had previously closed at $37.20.

LMAT has been the topic of a number of other research reports. Zacks Investment Research lowered shares of LeMaitre Vascular from a “buy” rating to a “hold” rating in a report on Thursday, September 28th. Stifel Nicolaus restated a “buy” rating and set a $32.00 price target (up previously from $29.00) on shares of LeMaitre Vascular in a report on Sunday, July 30th. Benchmark Co. upgraded shares of LeMaitre Vascular from a “hold” rating to a “buy” rating in a report on Friday, July 28th. First Analysis lowered shares of LeMaitre Vascular from an “overweight” rating to an “equal weight” rating and set a $34.00 price target on the stock. in a report on Friday. Finally, BidaskClub lowered shares of LeMaitre Vascular from a “strong-buy” rating to a “buy” rating in a report on Tuesday, July 25th. Seven equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $32.80.

In other LeMaitre Vascular news, CEO George W. Lemaitre sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, August 7th. The shares were sold at an average price of $33.62, for a total value of $336,200.00. Following the completion of the sale, the chief executive officer now directly owns 3,436,808 shares of the company’s stock, valued at $115,545,484.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Peter R. Gebauer sold 22,067 shares of the business’s stock in a transaction that occurred on Thursday, August 3rd. The stock was sold at an average price of $34.28, for a total transaction of $756,456.76. Following the completion of the sale, the insider now directly owns 4,486 shares of the company’s stock, valued at $153,780.08. The disclosure for this sale can be found here. In the last quarter, insiders sold 373,121 shares of company stock worth $12,825,992. Company insiders own 23.70% of the company’s stock.

A number of hedge funds have recently bought and sold shares of the business. Victory Capital Management Inc. grew its position in LeMaitre Vascular by 181.2% in the third quarter. Victory Capital Management Inc. now owns 4,139 shares of the medical instruments supplier’s stock worth $155,000 after acquiring an additional 2,667 shares in the last quarter. Crossmark Global Holdings Inc. bought a new stake in LeMaitre Vascular in the third quarter worth approximately $332,000. Nationwide Fund Advisors grew its position in LeMaitre Vascular by 71.7% in the third quarter. Nationwide Fund Advisors now owns 120,793 shares of the medical instruments supplier’s stock worth $4,520,000 after acquiring an additional 50,431 shares in the last quarter. LS Investment Advisors LLC grew its position in LeMaitre Vascular by 41.8% in the third quarter. LS Investment Advisors LLC now owns 4,510 shares of the medical instruments supplier’s stock worth $169,000 after acquiring an additional 1,330 shares in the last quarter. Finally, Eqis Capital Management Inc. grew its position in LeMaitre Vascular by 38.0% in the third quarter. Eqis Capital Management Inc. now owns 13,767 shares of the medical instruments supplier’s stock worth $515,000 after acquiring an additional 3,792 shares in the last quarter. 66.75% of the stock is owned by institutional investors.

The firm has a market capitalization of $594.63 million, a P/E ratio of 44.66 and a beta of 0.67. The company has a 50 day moving average of $37.81 and a 200-day moving average of $32.53.

LeMaitre Vascular (NASDAQ:LMAT) last released its quarterly earnings data on Thursday, October 26th. The medical instruments supplier reported $0.25 EPS for the quarter, topping the Zacks’ consensus estimate of $0.20 by $0.05. LeMaitre Vascular had a net margin of 14.19% and a return on equity of 15.02%. The firm had revenue of $24.80 million during the quarter, compared to analysts’ expectations of $25.49 million. During the same period in the previous year, the business posted $0.17 earnings per share. The company’s revenue for the quarter was up 6.9% compared to the same quarter last year. On average, analysts predict that LeMaitre Vascular, Inc. will post $0.80 EPS for the current fiscal year.

LeMaitre Vascular declared that its board has approved a share buyback program on Thursday, July 27th that authorizes the company to buyback $7.50 million in shares. This buyback authorization authorizes the medical instruments supplier to purchase up to 1.4% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

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LeMaitre Vascular Company Profile

LeMaitre Vascular, Inc is a provider of medical devices for the treatment of peripheral vascular disease. The Company develops, manufactures and markets medical devices and implants used primarily in the field of vascular surgery. It is engaged in the design, marketing, sales and technical support of medical devices and implants for the treatment of peripheral vascular disease industry segment.

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