Pro-Dex (NASDAQ:PDEX) Rating Lowered to Hold at Zacks Research

Pro-Dex (NASDAQ:PDEX) was downgraded by investment analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Monday, Zacks reports.

Other research analysts have also recently issued research reports about the company. Ascendiant Capital Markets increased their price objective on Pro-Dex from $70.00 to $74.00 and gave the stock a “buy” rating in a research report on Friday, September 11th. Weiss Ratings raised shares of Pro-Dex from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Pro-Dex has a consensus rating of “Moderate Buy” and a consensus price target of $74.00.

Pro-Dex Stock Performance

NASDAQ:PDEX opened at $69.86 on Monday. The stock has a market cap of $223.55 million, a P/E ratio of 19.14 and a beta of 0.12. The stock has a 50 day simple moving average of $64.66 and a 200 day simple moving average of $57.26. The company has a current ratio of 4.19, a quick ratio of 2.49 and a debt-to-equity ratio of 0.25. Pro-Dex has a 1-year low of $28.81 and a 1-year high of $77.00.

Pro-Dex (NASDAQ:PDEX) last released its quarterly earnings results on Thursday, October 29th. The medical instruments supplier reported $0.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.67 by $0.25. Pro-Dex had a return on equity of 26.18% and a net margin of 15.12%. The business had revenue of $20.56 million during the quarter, compared to the consensus estimate of $20.40 million. Research analysts anticipate that Pro-Dex will post 3.09 earnings per share for the current year.

Insider Buying and Selling

In other news, CFO Alisha Charlton sold 2,300 shares of the firm’s stock in a transaction that occurred on Wednesday, September 9th. The shares were sold at an average price of $61.30, for a total transaction of $140,990.00. Following the transaction, the chief financial officer directly owned 21,870 shares of the company’s stock, valued at approximately $1,340,631. This trade represents a 9.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Kirk Richard Lee Van, Jr. sold 19,235 shares of Pro-Dex stock in a transaction that occurred on Wednesday, September 9th. The shares were sold at an average price of $60.58, for a total transaction of $1,165,256.30. Following the completion of the sale, the chief executive officer owned 79,993 shares of the company’s stock, valued at approximately $4,845,975.94. The trade was a 19.38% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 22,300 shares of company stock worth $1,351,657. Company insiders own 48.00% of the company’s stock.

Institutional Investors Weigh In On Pro-Dex

A number of large investors have recently added to or reduced their stakes in the stock. Global Retirement Partners LLC grew its position in Pro-Dex by 7,790.1% during the third quarter. Global Retirement Partners LLC now owns 78,901 shares of the medical instruments supplier’s stock worth $5,444,000 after buying an additional 77,901 shares in the last quarter. Punch & Associates Investment Management Inc. raised its holdings in Pro-Dex by 2.9% in the 1st quarter. Punch & Associates Investment Management Inc. now owns 61,735 shares of the medical instruments supplier’s stock valued at $3,032,000 after acquiring an additional 1,735 shares in the last quarter. Pekin Hardy Strauss Inc. raised its holdings in Pro-Dex by 38.2% in the 3rd quarter. Pekin Hardy Strauss Inc. now owns 22,800 shares of the medical instruments supplier’s stock valued at $1,573,000 after acquiring an additional 6,300 shares in the last quarter. Ellsworth Advisors LLC bought a new stake in shares of Pro-Dex during the 3rd quarter valued at $1,166,000. Finally, Russell Investments Group Ltd. lifted its position in shares of Pro-Dex by 1,443.6% during the 3rd quarter. Russell Investments Group Ltd. now owns 11,191 shares of the medical instruments supplier’s stock valued at $772,000 after acquiring an additional 10,466 shares during the period. Institutional investors and hedge funds own 15.28% of the company’s stock.

About Pro-Dex

Pro-Dex, Inc. (NASDAQ:PDEX) designs, develops and manufactures powered surgical instruments and related products for the medical device industry. The company primarily serves original equipment manufacturers that incorporate Pro-Dex instruments into surgical systems sold under their own brands. Its products include battery-powered and pneumatic handpieces, rotary instruments, micro-drills, saws, controllers and other specialized equipment used in orthopedic, dental, ophthalmic and other surgical applications.