Thermo Fisher Scientific Inc. $TMO Stock: Summit Global Investments Grows Position

Summit Global Investments lifted its holdings in shares of Thermo Fisher Scientific Inc. (NYSE:TMO) by 72.3% during the 3rd quarter, Holdings Channel.com reports. The fund owned 2,178 shares of the medical research company’s stock after buying an additional 914 shares during the period. Summit Global Investments’ holdings in Thermo Fisher Scientific were worth $1,471,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the business. Bank OZK purchased a new position in shares of Thermo Fisher Scientific during the second quarter worth about $1,096,000. Ausdal Financial Partners Inc. purchased a new stake in shares of Thermo Fisher Scientific in the 2nd quarter valued at about $456,000. BlackRock Inc. purchased a new stake in shares of Thermo Fisher Scientific in the 2nd quarter valued at about $15,501,867,000. German American Bancorp Inc. acquired a new stake in shares of Thermo Fisher Scientific in the 2nd quarter valued at about $4,920,000. Finally, Parallax Volatility Advisers L.P. acquired a new stake in shares of Thermo Fisher Scientific in the 2nd quarter valued at about $814,000. Hedge funds and other institutional investors own 89.23% of the company’s stock.

Insider Activity

In other Thermo Fisher Scientific news, CAO Joseph Holmes sold 420 shares of the company’s stock in a transaction on Friday, August 7th. The shares were sold at an average price of $584.81, for a total transaction of $245,620.20. Following the completion of the transaction, the chief accounting officer owned 2,966 shares in the company, valued at approximately $1,734,546.46. This represents a 12.40% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Lisa Britt sold 11,440 shares of the firm’s stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $613.12, for a total transaction of $7,014,092.80. Following the completion of the sale, the vice president owned 14,784 shares of the company’s stock, valued at $9,064,366.08. This trade represents a 43.62% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 76,199 shares of company stock valued at $45,896,780. 0.33% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research firms have commented on TMO. Argus lifted their price target on Thermo Fisher Scientific from $560.00 to $780.00 and gave the stock a “buy” rating in a research report on Friday. Scotiabank assumed coverage on Thermo Fisher Scientific in a report on Wednesday, September 9th. They issued an “outperform” rating for the company. Piper Sandler began coverage on Thermo Fisher Scientific in a report on Wednesday, September 9th. They issued an “overweight” rating for the company. CLSA assumed coverage on shares of Thermo Fisher Scientific in a research report on Thursday, September 3rd. They set an “outperform” rating and a C$748.00 target price on the stock. Finally, Guggenheim assumed coverage on shares of Thermo Fisher Scientific in a research report on Thursday, October 15th. They issued a “buy” rating for the company. Two analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $689.10.

Thermo Fisher Scientific Trading Down 0.0%

NYSE:TMO opened at $696.78 on Monday. The firm has a market cap of $257.63 billion, a P/E ratio of 36.75, a PEG ratio of 2.84 and a beta of 0.84. The company has a current ratio of 1.81, a quick ratio of 1.41 and a debt-to-equity ratio of 0.71. The stock’s 50 day simple moving average is $654.87 and its 200-day simple moving average is $552.94. Thermo Fisher Scientific Inc. has a 12-month low of $435.27 and a 12-month high of $711.85.

Thermo Fisher Scientific (NYSE:TMO) last released its quarterly earnings results on Wednesday, October 21st. The medical research company reported $6.68 EPS for the quarter, topping the consensus estimate of $6.40 by $0.28. Thermo Fisher Scientific had a return on equity of 17.33% and a net margin of 14.94%. The business had revenue of $12.14 billion during the quarter, compared to analysts’ expectations of $11.95 billion. During the same quarter in the prior year, the business earned $5.79 earnings per share. The company’s quarterly revenue was up 9.1% compared to the same quarter last year. Equities analysts anticipate that Thermo Fisher Scientific Inc. will post 25.26 EPS for the current year.

About Thermo Fisher Scientific

Thermo Fisher Scientific Inc is a global supplier of laboratory products, analytical instruments, reagents, consumables, software and services used in scientific research, healthcare, pharmaceuticals, biotechnology and industrial applications. The company serves customers ranging from academic institutions and government agencies to hospitals, clinical laboratories and pharmaceutical manufacturers.

Its offerings include instruments and systems for genetic analysis, mass spectrometry, chromatography, electron microscopy and materials science, as well as molecular biology reagents, cell culture products, laboratory plastics and research chemicals.