Exactech Inc. (EXAC) Lowered to Hold at Zacks Investment Research
Exactech Inc. (NASDAQ:EXAC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Tuesday.
According to Zacks, “Exactech, Inc. develops, manufactures, markets and distributes and sells orthopedic implant devices, related surgical instrumentation and biologic services to hospitals and physicians in the United States and internationally. Its principal products include its knee and hip replacement systems. Exactech, Inc. is headquartered in Gainesville, Florida. “
Shares of Exactech (NASDAQ:EXAC) traded down 0.34% during mid-day trading on Tuesday, reaching $26.46. The company’s stock had a trading volume of 50,623 shares. The company has a 50-day moving average of $27.55 and a 200-day moving average of $25.21. The company has a market cap of $374.38 million, a P/E ratio of 23.84 and a beta of 0.86. Exactech has a 12 month low of $16.11 and a 12 month high of $28.66.
Exactech (NASDAQ:EXAC) last announced its quarterly earnings data on Monday, August 1st. The company reported $0.31 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.30 by $0.01. Exactech had a return on equity of 6.84% and a net margin of 6.32%. The firm had revenue of $66.10 million for the quarter, compared to analysts’ expectations of $64.18 million. During the same period last year, the firm earned $0.26 earnings per share. The company’s revenue for the quarter was up 7.5% compared to the same quarter last year. Equities research analysts forecast that Exactech will post $1.18 earnings per share for the current fiscal year.
In other news, CEO David W. Petty sold 3,550 shares of the stock in a transaction dated Friday, August 19th. The shares were sold at an average price of $27.75, for a total transaction of $98,512.50. Following the completion of the sale, the chief executive officer now directly owns 63,122 shares in the company, valued at $1,751,635.50. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Fern Watts sold 1,100 shares of the stock in a transaction dated Thursday, August 25th. The stock was sold at an average price of $27.68, for a total transaction of $30,448.00. Following the sale, the director now owns 4,936 shares of the company’s stock, valued at $136,628.48. The disclosure for this sale can be found here. Insiders own 29.80% of the company’s stock.
Several hedge funds have recently bought and sold shares of EXAC. Public Employees Retirement System of Ohio raised its stake in Exactech by 36.3% in the second quarter. Public Employees Retirement System of Ohio now owns 3,740 shares of the company’s stock worth $100,000 after buying an additional 997 shares in the last quarter. BlackRock Inc. raised its stake in Exactech by 1,291.6% in the second quarter. BlackRock Inc. now owns 5,274 shares of the company’s stock worth $141,000 after buying an additional 4,895 shares in the last quarter. Acrospire Investment Management LLC purchased a new stake in Exactech during the first quarter worth $143,000. American International Group Inc. raised its stake in Exactech by 0.6% in the second quarter. American International Group Inc. now owns 6,007 shares of the company’s stock worth $161,000 after buying an additional 38 shares in the last quarter. Finally, Metropolitan Life Insurance Co. NY purchased a new stake in Exactech during the first quarter worth $173,000. Institutional investors own 65.08% of the company’s stock.
Exactech Company Profile
Exactech, Inc develops, manufactures, markets, distributes and sells orthopedic implant devices, related surgical instrumentation and biologic services to hospitals and physicians. The Company’s segments include knee implants, hip implants, biologics and spine, extremity implants and other products. Its other products segment includes surgical instruments, bone cement and other implant product lines.
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