Integra LifeSciences (NASDAQ:IART) Shares Gap Up on Better-Than-Expected Earnings

Integra LifeSciences Holdings Co. (NASDAQ:IART)’s share price gapped up before the market opened on Monday after the company announced better than expected quarterly earnings. The stock had previously closed at $19.28, but opened at $22.00. Integra LifeSciences shares last traded at $23.30, with a volume of 340,208 shares.

The life sciences company reported $0.41 earnings per share for the quarter, topping the consensus estimate of $0.39 by $0.02. The company had revenue of $380.80 million during the quarter, compared to analyst estimates of $375.81 million. Integra LifeSciences had a return on equity of 14.07% and a net margin of 1.51%. The firm’s revenue for the quarter was down .4% on a year-over-year basis. During the same quarter last year, the firm posted $0.76 EPS.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on IART. Morgan Stanley boosted their target price on shares of Integra LifeSciences from $24.00 to $27.00 and gave the company an “underweight” rating in a report on Monday, July 15th. Citigroup increased their price objective on Integra LifeSciences from $16.00 to $22.00 and gave the stock a “sell” rating in a report on Tuesday. Bank of America reduced their target price on Integra LifeSciences from $26.00 to $18.00 and set an “underperform” rating for the company in a report on Monday, October 7th. JMP Securities lowered their price target on shares of Integra LifeSciences from $40.00 to $35.00 and set a “market outperform” rating on the stock in a report on Tuesday, July 30th. Finally, Truist Financial reduced their price objective on shares of Integra LifeSciences from $26.00 to $21.00 and set a “hold” rating for the company in a research note on Monday, October 14th. Three investment analysts have rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, Integra LifeSciences presently has an average rating of “Hold” and a consensus target price of $27.25.

Institutional Investors Weigh In On Integra LifeSciences

A number of institutional investors and hedge funds have recently bought and sold shares of IART. Capital Research Global Investors increased its holdings in shares of Integra LifeSciences by 37.7% in the 1st quarter. Capital Research Global Investors now owns 5,918,981 shares of the life sciences company’s stock worth $209,828,000 after buying an additional 1,621,655 shares during the last quarter. Boston Partners bought a new position in Integra LifeSciences in the first quarter valued at $19,383,000. Cooke & Bieler LP raised its position in Integra LifeSciences by 12.4% during the second quarter. Cooke & Bieler LP now owns 3,514,281 shares of the life sciences company’s stock valued at $102,406,000 after purchasing an additional 388,710 shares in the last quarter. D. E. Shaw & Co. Inc. lifted its stake in Integra LifeSciences by 64.6% during the second quarter. D. E. Shaw & Co. Inc. now owns 855,352 shares of the life sciences company’s stock worth $24,925,000 after purchasing an additional 335,557 shares during the last quarter. Finally, Systematic Financial Management LP lifted its stake in Integra LifeSciences by 540.6% during the second quarter. Systematic Financial Management LP now owns 397,474 shares of the life sciences company’s stock worth $11,582,000 after purchasing an additional 335,424 shares during the last quarter. 84.78% of the stock is owned by hedge funds and other institutional investors.

Integra LifeSciences Price Performance

The stock has a market capitalization of $1.93 billion, a PE ratio of 85.90, a PEG ratio of 0.66 and a beta of 1.08. The company has a current ratio of 3.39, a quick ratio of 2.10 and a debt-to-equity ratio of 1.17. The business has a fifty day moving average price of $18.68 and a 200-day moving average price of $24.41.

Integra LifeSciences Company Profile

Integra LifeSciences Holdings Corporation manufactures and sells surgical instruments, neurosurgical products, and wound care products for use in neurosurgery, neurocritical care, and otolaryngology. It operates in two segments, Codman Specialty Surgical and Tissue Technologies. The company offers neurosurgery and neuro critical care products, including tissue ablation equipment, dural repair products, cerebral spinal fluid management devices, intracranial monitoring equipment, and cranial stabilization equipment; and surgical headlamps and instrumentation, as well as after-market services.