Integer (ITGR) Downgraded by Zacks Investment Research to Sell

Zacks Investment Research lowered shares of Integer (NYSE:ITGR) from a hold rating to a sell rating in a research note issued to investors on Friday, February 16th.

According to Zacks, “Over the last six months Integer Holdings has had an unimpressive performance on the bourses. Additionally, the company expects rental revenue per patient to decline in the future quarters owing to lower reimbursement rates in connection with the nationalization of competitive bidding and continued reimbursement declines. Revenue headwinds remain a concern, thanks to private insurance rate reductions, higher provisions for rental revenue adjustments, and lower net patient additions. However, the company has provided a positive guidance for full-year 2017. The company’s steadfast focus on customer relationship, spotlight on cost reduction, and burgeoning financial performance are the key catalysts in our view. Integer Holdings derives a significant portion of its revenues from Medicare’s service reimbursement programs.”

Several other brokerages have also recently issued reports on ITGR. Northcoast Research cut shares of Integer from a buy rating to a neutral rating in a research note on Monday, October 23rd. They noted that the move was a valuation call. ValuEngine upgraded shares of Integer from a hold rating to a buy rating in a report on Friday, February 2nd. BidaskClub lowered shares of Integer from a strong-buy rating to a buy rating in a report on Saturday, October 28th. Royal Bank of Canada reiterated a neutral rating on shares of Integer in a research note on Friday, October 27th. Finally, TheStreet lowered shares of Integer from a b- rating to a c+ rating in a research note on Thursday, November 9th. Five research analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company’s stock. The company has an average rating of Hold and a consensus target price of $51.00.

Integer (NYSE ITGR) traded up $0.90 during mid-day trading on Friday, reaching $57.10. 328,471 shares of the company were exchanged, compared to its average volume of 199,469. Integer has a one year low of $33.90 and a one year high of $57.45. The company has a quick ratio of 1.46, a current ratio of 2.55 and a debt-to-equity ratio of 1.77. The firm has a market cap of $1,768.89, a PE ratio of 27.72, a PEG ratio of 1.12 and a beta of 0.99.

Integer (NYSE:ITGR) last posted its earnings results on Thursday, February 22nd. The medical equipment provider reported $0.96 earnings per share for the quarter, beating the consensus estimate of $0.79 by $0.17. Integer had a net margin of 4.56% and a return on equity of 11.13%. The firm had revenue of $390.50 million during the quarter, compared to analyst estimates of $358.42 million. During the same period in the previous year, the firm earned $0.87 EPS. The business’s quarterly revenue was up 8.6% on a year-over-year basis. sell-side analysts anticipate that Integer will post 3.3 earnings per share for the current year.

In related news, CEO Joseph W. Dziedzic sold 3,182 shares of the stock in a transaction on Wednesday, January 3rd. The stock was sold at an average price of $44.89, for a total transaction of $142,839.98. Following the sale, the chief executive officer now owns 21,351 shares of the company’s stock, valued at $958,446.39. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Declan Smyth sold 1,112 shares of the firm’s stock in a transaction dated Wednesday, January 3rd. The stock was sold at an average price of $44.89, for a total value of $49,917.68. Following the completion of the sale, the insider now directly owns 11,656 shares in the company, valued at $523,237.84. The disclosure for this sale can be found here. Insiders sold 14,064 shares of company stock valued at $631,333 in the last quarter. 4.80% of the stock is currently owned by company insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ITGR. New York State Common Retirement Fund lifted its stake in shares of Integer by 68.4% in the 2nd quarter. New York State Common Retirement Fund now owns 56,931 shares of the medical equipment provider’s stock valued at $2,462,000 after purchasing an additional 23,130 shares in the last quarter. UBS Asset Management Americas Inc. raised its holdings in shares of Integer by 0.5% during the 2nd quarter. UBS Asset Management Americas Inc. now owns 18,967 shares of the medical equipment provider’s stock valued at $820,000 after buying an additional 98 shares during the period. Vanguard Group Inc. raised its holdings in shares of Integer by 2.6% during the 2nd quarter. Vanguard Group Inc. now owns 2,790,328 shares of the medical equipment provider’s stock valued at $120,682,000 after buying an additional 71,154 shares during the period. FMR LLC raised its holdings in shares of Integer by 101.5% during the 2nd quarter. FMR LLC now owns 11,316 shares of the medical equipment provider’s stock valued at $489,000 after buying an additional 5,701 shares during the period. Finally, California Public Employees Retirement System raised its holdings in shares of Integer by 4.9% during the 2nd quarter. California Public Employees Retirement System now owns 92,700 shares of the medical equipment provider’s stock valued at $4,009,000 after buying an additional 4,300 shares during the period. 95.76% of the stock is currently owned by institutional investors and hedge funds.

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About Integer

Greatbatch, Inc is a developer and manufacturer of medical devices and components. The Company operates through two segments: Greatbatch Medical and QiG Group (QiG). Greatbatch Medical designs and manufactures products where the Company either owns the intellectual property or has unique manufacturing and assembly expertise.

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