Zacks Investment Research Downgrades Exactech Inc. (EXAC) to Hold
Exactech Inc. (NASDAQ:EXAC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Tuesday.
According to Zacks, “Exactech, Inc. develops, manufactures, markets and distributes and sells orthopedic implant devices, related surgical instrumentation and biologic services to hospitals and physicians in the United States and internationally. Its principal products include its knee and hip replacement systems. Exactech, Inc. is headquartered in Gainesville, Florida. “
Exactech (NASDAQ:EXAC) opened at 26.58 on Tuesday. The firm’s 50-day moving average price is $27.51 and its 200 day moving average price is $25.22. Exactech has a one year low of $16.11 and a one year high of $28.66. The firm has a market cap of $376.08 million, a P/E ratio of 23.95 and a beta of 0.86.
Exactech (NASDAQ:EXAC) last posted its earnings results on Monday, August 1st. The company reported $0.31 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.30 by $0.01. The company earned $66.10 million during the quarter, compared to analyst estimates of $64.18 million. Exactech had a return on equity of 6.84% and a net margin of 6.32%. The company’s revenue for the quarter was up 7.5% compared to the same quarter last year. During the same period in the previous year, the company earned $0.26 EPS. On average, equities research analysts forecast that Exactech will post $1.18 EPS for the current year.
In other news, CEO David W. Petty sold 3,550 shares of Exactech stock in a transaction dated Friday, August 19th. The stock was sold at an average price of $27.75, for a total transaction of $98,512.50. Following the transaction, the chief executive officer now owns 63,122 shares in the company, valued at approximately $1,751,635.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Bruce E. Thompson sold 1,433 shares of Exactech stock in a transaction dated Monday, August 22nd. The shares were sold at an average price of $27.97, for a total value of $40,081.01. Following the transaction, the senior vice president now owns 25,375 shares in the company, valued at approximately $709,738.75. The disclosure for this sale can be found here. Insiders own 29.80% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the stock. Public Employees Retirement System of Ohio boosted its position in Exactech by 36.3% in the second quarter. Public Employees Retirement System of Ohio now owns 3,740 shares of the company’s stock valued at $100,000 after buying an additional 997 shares during the period. Schwab Charles Investment Management Inc. boosted its position in Exactech by 1.1% in the second quarter. Schwab Charles Investment Management Inc. now owns 43,986 shares of the company’s stock valued at $1,177,000 after buying an additional 462 shares during the period. Numeric Investors LLC acquired a new position in Exactech during the second quarter valued at $1,341,000. Highbridge Capital Management LLC acquired a new position in Exactech during the second quarter valued at $292,000. Finally, Zacks Investment Management boosted its position in Exactech by 2.2% in the second quarter. Zacks Investment Management now owns 31,927 shares of the company’s stock valued at $854,000 after buying an additional 694 shares during the period. Institutional investors and hedge funds own 65.08% of the company’s stock.
Exactech Company Profile
Exactech, Inc develops, manufactures, markets, distributes and sells orthopedic implant devices, related surgical instrumentation and biologic services to hospitals and physicians. The Company’s segments include knee implants, hip implants, biologics and spine, extremity implants and other products. Its other products segment includes surgical instruments, bone cement and other implant product lines.
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