Engine Capital Management, Lp Acquires 30,000 Shares of Orthofix Medical (NASDAQ:OFIX) Stock

Orthofix Medical Inc. (NASDAQ:OFIX) major shareholder Engine Capital Management, Lp purchased 30,000 shares of the stock in a transaction that occurred on Thursday, May 7th. The stock was bought at an average cost of $12.18 per share, for a total transaction of $365,400.00. Following the acquisition, the insider directly owned 3,848,573 shares in the company, valued at $46,875,619.14. This trade represents a 0.79% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Major shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.

Engine Capital Management, Lp also recently made the following trade(s):

• On Wednesday, May 6th, Engine Capital Management, Lp purchased 41,946 shares of Orthofix Medical stock. The stock was bought at an average cost of $12.23 per share, for a total transaction of $512,999.58.
• On Tuesday, May 5th, Engine Capital Management, Lp bought 112,950 shares of Orthofix Medical stock. The shares were acquired at an average cost of $11.99 per share, for a total transaction of $1,354,270.50.
• On Wednesday, February 25th, Engine Capital Management, Lp bought 13,061 shares of Orthofix Medical stock. The shares were acquired at an average cost of $12.96 per share, for a total transaction of $169,270.56.
• On Tuesday, February 24th, Engine Capital Management, Lp purchased 124,797 shares of Orthofix Medical stock. The shares were purchased at an average price of $12.55 per share, with a total value of $1,566,202.35.

Orthofix Medical Price Performance

Shares of OFIX traded down $0.12 during mid-day trading on Thursday, reaching $12.07. 446,930 shares of the stock traded hands, compared to its average volume of 268,323. The firm has a fifty day moving average price of $12.21 and a 200 day moving average price of $13.91. The company has a market cap of $484.49 million, a price-to-earnings ratio of -7.99 and a beta of 0.79. The company has a current ratio of 2.87, a quick ratio of 1.43 and a debt-to-equity ratio of 0.54. Orthofix Medical Inc. has a 1 year low of $10.24 and a 1 year high of $16.99.

Orthofix Medical (NASDAQ:OFIX) last released its quarterly earnings results on Tuesday, May 5th. The medical device company reported ($0.52) EPS for the quarter, beating analysts’ consensus estimates of ($0.68) by $0.16. Orthofix Medical had a negative net margin of 7.27% and a negative return on equity of 13.44%. The firm had revenue of $196.71 million during the quarter, compared to analyst estimates of $196.40 million. As a group, equities research analysts predict that Orthofix Medical Inc. will post -1.57 earnings per share for the current year.

Hedge Funds Weigh In On Orthofix Medical

A number of institutional investors have recently bought and sold shares of OFIX. CWM LLC raised its stake in Orthofix Medical by 99.0% in the third quarter. CWM LLC now owns 1,920 shares of the medical device company’s stock worth $28,000 after buying an additional 955 shares in the last quarter. State of Alaska Department of Revenue bought a new position in Orthofix Medical in the third quarter worth about $30,000. Kestra Advisory Services LLC bought a new position in Orthofix Medical in the fourth quarter worth about $56,000. Abel Hall LLC bought a new position in shares of Orthofix Medical during the first quarter valued at approximately $139,000. Finally, Mackenzie Financial Corp bought a new position in shares of Orthofix Medical during the third quarter valued at approximately $148,000. 89.76% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on OFIX. Canaccord Genuity Group cut their target price on shares of Orthofix Medical from $24.00 to $20.00 and set a “buy” rating for the company in a research report on Thursday, February 26th. Wall Street Zen lowered shares of Orthofix Medical from a “buy” rating to a “hold” rating in a research report on Saturday, May 2nd. TD Cowen began coverage on shares of Orthofix Medical in a research report on Tuesday, January 27th. They set a “hold” rating and a $14.00 price target for the company. Stifel Nicolaus cut their price target on shares of Orthofix Medical from $22.00 to $18.00 and set a “buy” rating for the company in a research report on Monday, March 9th. Finally, Barrington Research restated an “outperform” rating and set a $17.00 price target on shares of Orthofix Medical in a research report on Friday, April 10th. Three equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $17.25.

Orthofix Medical Company Profile

Orthofix Medical Inc (NASDAQ: OFIX) is a global medical device company focused on the design and development of innovative orthopedic and spinal solutions. The company’s core business is divided into two segments: spine and orthopedics. In the spine segment, Orthofix offers a range of titanium implants, biologics and portable bone growth stimulation devices designed to support spinal fusion, deformity correction and minimally invasive procedures. Its orthopedic segment encompasses products for fracture fixation, external fixation systems, trauma care and sports medicine, providing surgeons with implantable devices and instruments for complex bone reconstruction and healing.

Orthofix’s product portfolio includes strut systems, bone growth stimulators, interbody fusion devices and fixation hardware that address various indications such as degenerative disc disease, spinal deformities, non-unions and long-bone fractures.