Short Interest in STERIS plc (NYSE:STE) Declines By 29.3%

STERIS plc (NYSE:STE) saw a large decline in short interest in the month of August. As of August 31st, there was short interest totalling 1,830,000 shares, a decline of 29.3% from the August 15th total of 2,590,000 shares. Based on an average trading volume of 458,200 shares, the short-interest ratio is presently 4.0 days. Approximately 1.9% of the company’s stock are sold short.

STERIS Price Performance

STERIS stock traded down $1.65 during midday trading on Friday, reaching $244.83. 271,263 shares of the stock were exchanged, compared to its average volume of 475,426. The company’s fifty day moving average is $234.02 and its 200-day moving average is $225.24. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.49 and a current ratio of 2.33. STERIS has a 52 week low of $195.47 and a 52 week high of $248.24. The firm has a market cap of $24.15 billion, a PE ratio of 64.09 and a beta of 0.83.

STERIS (NYSE:STE) last released its quarterly earnings results on Tuesday, August 6th. The medical equipment provider reported $2.14 earnings per share for the quarter, beating the consensus estimate of $1.98 by $0.16. The firm had revenue of $1.28 billion for the quarter, compared to analysts’ expectations of $1.27 billion. STERIS had a return on equity of 13.85% and a net margin of 7.36%. The company’s revenue was down .4% compared to the same quarter last year. During the same quarter last year, the firm posted $2.00 EPS. On average, sell-side analysts forecast that STERIS will post 9.05 EPS for the current year.

STERIS Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 20th. Shareholders of record on Thursday, September 5th will be paid a $0.57 dividend. The ex-dividend date is Thursday, September 5th. This is an increase from STERIS’s previous quarterly dividend of $0.52. This represents a $2.28 annualized dividend and a yield of 0.93%. STERIS’s payout ratio is currently 59.69%.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on STE. Stephens reiterated an “overweight” rating and issued a $260.00 target price on shares of STERIS in a research note on Wednesday, August 7th. StockNews.com upgraded shares of STERIS from a “hold” rating to a “buy” rating in a research note on Tuesday, August 13th. KeyCorp boosted their target price on STERIS from $255.00 to $265.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 3rd. Needham & Company LLC reaffirmed a “hold” rating on shares of STERIS in a research report on Thursday, August 8th. Finally, JMP Securities reiterated a “market outperform” rating and set a $265.00 price target on shares of STERIS in a report on Wednesday, August 7th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $246.00.

Insider Activity at STERIS

In other news, CFO Michael J. Tokich sold 23,332 shares of the stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $247.00, for a total transaction of $5,763,004.00. Following the transaction, the chief financial officer now owns 42,930 shares of the company’s stock, valued at approximately $10,603,710. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CFO Michael J. Tokich sold 23,332 shares of the company’s stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $247.00, for a total transaction of $5,763,004.00. Following the transaction, the chief financial officer now directly owns 42,930 shares of the company’s stock, valued at $10,603,710. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Christopher S. Holland sold 473 shares of STERIS stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $239.68, for a total transaction of $113,368.64. Following the completion of the sale, the director now directly owns 582 shares of the company’s stock, valued at approximately $139,493.76. The disclosure for this sale can be found here. 1.14% of the stock is owned by corporate insiders.

Institutional Trading of STERIS

Several hedge funds and other institutional investors have recently bought and sold shares of STE. Sanctuary Advisors LLC bought a new position in STERIS during the 2nd quarter valued at approximately $1,751,000. Cetera Investment Advisers increased its position in STERIS by 8.2% during the 2nd quarter. Cetera Investment Advisers now owns 13,343 shares of the medical equipment provider’s stock valued at $2,930,000 after purchasing an additional 1,013 shares during the period. Kimelman & Baird LLC bought a new position in STERIS in the 2nd quarter worth $6,456,000. Northwestern Mutual Wealth Management Co. lifted its position in shares of STERIS by 7.6% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 2,040 shares of the medical equipment provider’s stock worth $448,000 after purchasing an additional 144 shares during the period. Finally, NewEdge Advisors LLC increased its position in shares of STERIS by 22.9% during the second quarter. NewEdge Advisors LLC now owns 5,139 shares of the medical equipment provider’s stock valued at $1,128,000 after buying an additional 956 shares during the period. Institutional investors own 94.69% of the company’s stock.

About STERIS

STERIS plc provides infection prevention products and services worldwide. It operates through four segments: Healthcare, Applied Sterilization Technologies, Life Sciences, and Dental. The Healthcare segment offers cleaning chemistries and sterility assurance products; automated endoscope reprocessing system and tracking products; endoscopy accessories, washers, sterilizers, and other pieces of capital equipment for the operation of a sterile processing department; and equipment used directly in the operating room, including surgical tables, lights, and connectivity solutions, as well as equipment management services.