Palumbo Wealth Management LLC Buys Shares of 42,954 Orthofix Medical Inc. $OFIX

Palumbo Wealth Management LLC bought a new stake in shares of Orthofix Medical Inc. (NASDAQ:OFIX) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 42,954 shares of the medical device company’s stock, valued at approximately $629,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Paradigm Capital Management Inc. NY boosted its holdings in Orthofix Medical by 34.6% during the 2nd quarter. Paradigm Capital Management Inc. NY now owns 3,340,600 shares of the medical device company’s stock valued at $37,248,000 after acquiring an additional 858,900 shares during the period. Bank of America Corp DE lifted its position in shares of Orthofix Medical by 659.5% during the second quarter. Bank of America Corp DE now owns 687,410 shares of the medical device company’s stock worth $7,665,000 after purchasing an additional 596,907 shares during the last quarter. Engine Capital Management LP boosted its stake in shares of Orthofix Medical by 13.6% during the second quarter. Engine Capital Management LP now owns 4,251,671 shares of the medical device company’s stock valued at $47,406,000 after purchasing an additional 510,281 shares during the period. AYAL Capital Advisors Ltd boosted its stake in shares of Orthofix Medical by 74.7% during the second quarter. AYAL Capital Advisors Ltd now owns 943,203 shares of the medical device company’s stock valued at $10,517,000 after purchasing an additional 403,433 shares during the period. Finally, Gabelli Funds LLC grew its holdings in shares of Orthofix Medical by 70.8% in the second quarter. Gabelli Funds LLC now owns 257,123 shares of the medical device company’s stock worth $2,867,000 after purchasing an additional 106,623 shares during the last quarter. 89.76% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, CEO Massimo Calafiore sold 9,797 shares of the business’s stock in a transaction on Monday, January 12th. The stock was sold at an average price of $15.21, for a total value of $149,012.37. Following the completion of the transaction, the chief executive officer directly owned 217,237 shares of the company’s stock, valued at approximately $3,304,174.77. The trade was a 4.32% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Julie Andrews sold 4,873 shares of the company’s stock in a transaction on Friday, January 16th. The stock was sold at an average price of $14.38, for a total value of $70,073.74. Following the sale, the chief financial officer owned 58,039 shares of the company’s stock, valued at $834,600.82. This trade represents a 7.75% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 24,270 shares of company stock worth $370,958 over the last quarter. Company insiders own 1.30% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on OFIX shares. Stifel Nicolaus initiated coverage on shares of Orthofix Medical in a report on Tuesday, October 28th. They set a “buy” rating and a $22.00 price objective for the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Orthofix Medical in a research note on Thursday, January 22nd. TD Cowen assumed coverage on Orthofix Medical in a research note on Tuesday, January 27th. They issued a “hold” rating and a $14.00 price objective on the stock. Finally, Barrington Research restated an “outperform” rating and set a $18.00 price objective on shares of Orthofix Medical in a report on Tuesday, February 17th. Four research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $20.00.

Orthofix Medical Trading Down 2.0%

NASDAQ:OFIX opened at $13.59 on Tuesday. The firm has a 50-day simple moving average of $14.27 and a 200-day simple moving average of $14.72. Orthofix Medical Inc. has a one year low of $10.24 and a one year high of $20.48. The firm has a market cap of $538.16 million, a P/E ratio of -4.49 and a beta of 0.78. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.38 and a current ratio of 2.47.

Orthofix Medical (NASDAQ:OFIX) last issued its quarterly earnings data on Tuesday, February 24th. The medical device company reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.44 by ($0.50). The business had revenue of $219.91 million for the quarter, compared to analysts’ expectations of $218.72 million. Orthofix Medical had a negative net margin of 14.56% and a negative return on equity of 25.59%. Equities analysts anticipate that Orthofix Medical Inc. will post -2.81 EPS for the current fiscal year.

About Orthofix Medical

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.